BlueCap Sells R$ 165M Logistics Assets to Zagros in Brazil

Class B logistics condominiums in Bahia and Santa Catarina are the focus of the acquisition

SUBSCRIBER EXCLUSIVE

Pedro van den Berg, CEO and Managing Director of Zagros, which added two assets to its portfolio

By: SiiLA News

05/13/2026

BlueCap Fund (BLOG11) has sold two logistics assets from its portfolio to Zagros (GGRC11) for a total of R$ 165 million. The Class B logistics condominiums are located in the states of Bahia (BLOG Camaçari III) and Santa Catarina (Braspark / BLOG Garuva).

The first asset comprises a total gross leasable area of 28,100 square meters and is located in Dias d’Ávila, in the Camaçari region near the industrial hub. Another key advantage of the location is its proximity to BYD’s development, set to become the largest electric vehicle factory in Latin America. The warehouse is currently leased to Shopee, MRV, Cebrace, Simas Logística, and Gulft Logística. The transaction totaled R$ 82.5 million, equivalent to R$ 2,992.86 per square meter.

The...

History of Class B Transactions

Over the past four years, Class B logistics developments have experienced a decline in transaction cap rates. Since 2017, the average cap rate has stood at 8.5%, with figures recorded since 2024 falling below that level, as illustrated in the chart below.

Another relevant factor is the stability of transaction values per square meter, which has seen little variation in recent years, remaining at an average of approximately R$ 2,861/m². Market activity analyses do not currently indicate growth prospects for logistics condominiums within this asset class.

This full article is only available to SiiLA Market Analytics Subscribers.
Subscriber? Sign In

Interested in becoming a Market Analytics subscriber? Contact Us about the benefits of joining SiiLA’s Market Analytics.

Latam

Brazil

National

Industrial

SPOT

Transactions

ABOUT SiiLA

Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.