BTLG11 Fund Acquires Three Properties in a Million-Dollar Transaction

The BTG Pactual fund announced, in a relevant fact, an operation worth more than R$ 700 million (US$ 143 million)

André Santos Esteves, president of BTG Pactual

By: SiiLA News

11/29/2023

In a relevant fact, the BTG Pactual Logística fund (BTLG11) announced a R$ 760 million (US$ 143 million, approximately*) investment in the acquisition of three industrial properties. The officially disclosed information states that the developments are in São Paulo but does not specify the city or region.

Sources close to the matter report that the assets in question belong to GLP, a global developer of industrial properties that recently also had its name linked to a possible sale of 11 assets to Brookfield – however, the transaction has not been confirmed by the parties.

Read more: Brookfield Asset may acquire nine GLP developments for R$ 750 million; understand the market

BTG fund pays R$ 760 million for two already built properties and one project

According to BTLG11's official communication, the transaction value will be divided into two installments, the first being R$ 440 million (US$ 89 million, approximately*) at the deal's closing, and the second being R$ 320 million (US$ 65 million, approximately*) 18 months later.

The first two acquired assets, which are already operational, total 233,000 square meters and are within a 30 km radius of the capital of São Paulo. The third property purchased by the fund is still in the project phase, already approved, with approximately 74,000 square meters, and its location has not been disclosed. When contacted by the REsource team, representatives of the fund declined to comment on the operation.

About the fund

Currently, BTLG11 has a Gross Leasable Area (ABL) of 666,900 square meters and over 250,000 unit holders. Among the properties in the fund's portfolio are Class A+ developments, such as BTLG Jundiaí I, with tenants like MadeiraMadeira and Ceva, BTLG Guarulhos, with tenants like Dican and Nitronplast, and BTLG Mauá, housing companies like Petz, Braskem, Mercado Livre, and others.

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