Bluecap Log FII Acquires 100% Leased Industrial Property in Santa Catarina; See the Details

When asked about the transaction, BLOG11 stated that it could not disclose financial details due to confidentiality clauses but confirmed to REsource that the property would represent 10% of the fund’s portfolio.

In a joint effort, REsource’s journalism team and SiiLA’s intelligence unit analyzed public documents in search of clues. Recently, the fund carried out a R$180 million share offering without specifying how the funds would be allocated.

However, the offering memorandum stated that the fund would use the net proceeds according to its investment policy outlined in the regulations. It also indicated that the allocation would follow the guidelines in Section 3.1 of the prospectus.

Upon reviewing the prospectus, it was identified that the target asset was a fully leased property in Garuva, Santa Catarina. The document also referenced a price of R$3,000 per square meter, a figure considered consistent with market rates, according to experts.

The document suggests that acquiring the entire property would cost the fund R$220 million, but only one unit, covering 22,7 thousand m², was purchased. This indicates that the transaction was valued at approximately R$68.4 million. Based on these estimates, the deal’s cap rate would be around 9.47%.

The asset was developed in two phases, with the first built in 2021, totaling 22,7 thousand m²—the same area acquired by BLOG11. The second phase, comprising 40,3 thousand m², was completed in 2023.

A Class B industrial property, it is located near the Paraná border and benefits from proximity to two key highways, SC-417 and SC-416, which provide strategic connections to cities such as Joinville, Itapoá, and Boa Vista in Paraná, as well as Guaratuba.

Bluecap Log is managed by Galoppo Gestão de Recursos, with XP Investimentos serving as the fiduciary administrator. Recently, the FII made headlines on REsource after opting to terminate a lease agreement due to a tenant’s rent payment delays.