BTG buys industrial properties portfolio for nearly R$1 billion; see the details

The transaction includes three assets occupied by Mercado Livre and Amazon, totaling 182,500 m² of gross leasable area

SUBSCRIBER EXCLUSIVE

Fernando Crestana, Associate Partner at BTG Pactual

By: SiiLA News

09/04/2026

BTG Pactual has agreed to acquire three industrial properties owned by Capitânia Logística (CPLG11) for approximately R$958.6 million. SiiLA REsource exclusively confirmed the identity of the buyer.

The agreement was formalized through a memorandum of understanding and is still subject to approval. In the disclosed document, Capitânia did not reveal the buyer’s identity.

The transaction includes the CPLG Meli Imigrantes, CPLG Meli Jacareí and CPLG Amazon SJP assets, which together total approximately 182,500 m² of gross leasable area (GLA). All three properties are fully occupied by major e-commerce companies.

The transaction increases BTG’s exposure to the logistics sector through properties occupied by Mercado Livre and Amazon. Based on the total amount established in the agreement, the deal is valued at approximately R$5,250 per m² of GLA.

Payment to be made in installments

Of the transaction’s total value, approximately R$671 million is expected to be paid at closing. The remaining R$287.6 million will be paid within 12 months. According to SiiLA’s market intelligence team, the transaction has a cap rate of 8.72%.

According to estimates from the fund manager, the sale is expected to generate a gain of approximately R$121.2 million for CPLG11, equivalent to R$2.15 per unit.

Following the sale of the three properties, the fund will no longer hold any directly owned real estate assets in its portfolio.

The market and the properties

Of the three properties, only the development in São Bernardo do Campo, São Paulo, has been completed. The 74,900 m² asset, of which 24,000 m² is included in the transaction, is fully leased to Mercado Livre. The property’s market value stands at R$38.20/m². It is located in the Greater ABC region, which has 1.2 million m² of inventory and a vacancy rate of 8.13%.

The other property leased to Mercado Livre, located in Jacareí, is still under construction and is scheduled for completion in April 2027. The Vale do Paraíba region, where the property is located, currently has no vacant space and a total inventory of 208,000 m². The development will add another 134,000 m² to the region.

The property leased to Amazon is expected to be completed by the end of 2026 and will add 60,000 m² of space in São José dos Pinhais, Paraná. The region currently has 441,000 m² of inventory and a vacancy rate of less than 1%.

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