The launch of the BRPR Corporate Offices fund is a significant milestone for BR Properties, marking the company's entrance into the FII market and expanding its investment opportunities. It comes after almost one year that BR Properties sold part of its office portfolio to Brookfield for R$5.9 billion, to reduce its debt and focus on logistics properties.

The public offering of the first issue of fund shares was presented on April, 5, and intermediated by BTG Pactual. It included 11,610,812 quotas, each priced at R$106.35, with a total value of R$1,234,809,856.20. 

The BROF11 Fund includes two properties, one of them being Passeio Corporate, a Class A+ property located in Rio de Janeiro, with high occupancy rates and diverse tenants, stats SiiLA Market Analytics monitoring. Passeio Corporate offers 69,600 square meters of private area divided into three towers, with the first two having 15 floors and the third having 16. The building was completed in 2016 and has tenants such as Caixa Econômica Federal, Stone, KPMG, and others. 

The other asset is Águas Claras, located in Nova Lima, the metropolitan region of Belo Horizonte, with 8,932 square meters of private area. This is a Built-to-Suit property that is fully leased to Vale, a Brazilian mining company. The current lease agreement is long-term and has unique features that reduce revenue fluctuations during its term, including the inability to revise rent prices and a penalty equal to the remaining rent amount until the contract's end.

According to Martín Jacó, CEO of BR Properties, the fund's creation was planned for a long time: "We wanted to continue to be a major investor but at the same time manage not only our capital but also that of third parties. Joining a real estate investment fund was a natural path for us, given our extensive experience in property management."

With the backing of BTG Pactual, one of Brazil's leading investment banks, and the expertise of BR Properties, the BRPR Corporate Offices fund is poised to attract significant attention from investors looking to diversify their real estate holdings in Brazil. Currently, BR Properties owns 5 industrial assets and 2 office assets that integrated the company´s FII.

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