BTG acquires five Marq (ex-GLP) logistics assets for BRL 2.01 billion

The BRL 2.01 billion transaction involves five logistics assets acquired from Marq (ex-GLP), at a 7.52% cap rate, increasing BTLP11’s exposure to large corporate tenants

Ricardo Antoneli, Investment Director at GLP Capital Partners Brazil

By: SiiLA News

12/17/2025

BTG Pactual, together with its logistics real estate investment fund, BTLP11, announced today the completion of the acquisition of five properties from Marq, formerly GLP, for R$2.01 billion. According to the intelligence team at SiiLA, the transaction was recorded at a 7.52% cap rate.

Combined, the assets total more than 508,000 square meters. The portfolio comprises the GLP Cajamar IV, Embu I, Embu II, Duque de Caxias assets, as well as warehouse H at GLP Guarulhos II. Of the total acquired, only 13.65% of the assets will be allocated to BTG’s REIT, corresponding to an equity stake of approximately R$274 million. The remaining properties will be incorporated into BTG Pactual’s proprietary asset portfolio.

According to estimates from SiiLA’s intelligence team, Marq/GLP has recycled approximately R$8 billion of its portfolio over the past six years.

Tenants

Overall, the assets present low vacancy rates, with the exception of the Duque de Caxias property, in Rio de Janeiro, which reports vacancy of around 6%. The largest asset in the portfolio is the property located in Rio de Janeiro, totaling 177,000 sqm, followed by BTG’s stake in Building H at Guarulhos II, with 111,000 sqm.

In addition to being mostly located within a 30 km radius of São Paulo’s city center—except for the Rio de Janeiro asset—the developments also stand out for the quality of their tenant mix. The Guarulhos asset is home to the market’s current dream tenant, Mercado Livre, the company that currently leases the largest logistics footprint in Brazil.

At GLP Cajamar IV, another major e-commerce player is present: Amazon, which occupies the entire property. In Embu, Mercado Livre leases space at Embu I, while BRF occupies Embu II. In Duque de Caxias, tenants include companies such as Magalu, Grupo Pão de Açúcar, as well as transportation and logistics operators.

BTG and GLP/Marq

BTG’s logistics FII also began December on an expansion path. In the first week of the month, BTLG11 acquired two properties in the state of São Paulo—one in Osasco and another in Mauá—for BRL 385 million.

Overall, BTG maintained an active growth strategy throughout 2025. One of the highlights was the signing of a 12-year agreement with Mercado Livre for the development of a build-to-suit (BTS) asset in Cajamar.

For Marq, 2025 was also a strong year. Following the acquisition of global operations, the company underwent a strategic repositioning, which included a rebranding from GLP to Marq, marking a new phase for the company.

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