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
By: SiiLA News
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.
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