Rebouças on the rise: CPOF11 sells Oscar Freire Office building to Prime Offices FII for R$132 million

The acquiring fund has ALZR11, managed by Alianza Trust, as its main investor

Fabio Carvalho, Partner at Alianza Trust

By: SiiLA News

04/03/2026

This Wednesday (1), the real estate investment fund CPOF11 announced, through a material fact, the full sale of the Oscar Freire Office building to Prime Offices FII for R$132 million. The acquiring vehicle has ALZR11, managed by Alianza Trust, as its main unitholder.

The transaction will be carried out in two stages: R$99 million paid upfront upon fulfillment of precedent conditions, and R$33 million as a deferred payment, to be settled within up to 12 months, subject to the achievement of obligations established in the transaction documents (earn-out).

Additionally, the seller established a guaranteed minimum income (GMI) of R$50,000 per month for a period of 12 months, as a way to secure the buyer’s initial cash flow.

The stabilized cap rate of the transaction is 7.73%.

Oscar Freire Office Building

Facade of the Oscar Freire Office building

The property comprises approximately 5,200 sqm of gross leasable area (GLA), distributed across eight floors and one ground-floor retail unit, with average floor plates of approximately 575.82 sqm and a ceiling height of 2.8 meters.

The asset is currently 100% leased under long-term agreements. Tenants include BAT Brasil (Souza Cruz), with a monthly rent of approximately R$781,000, and the ground-floor restaurant Arturito, paying around R$85,000 per month. Lease expirations are scheduled for 2032 and 2033, and contracts include high termination penalties, ranging from 16 to 18 times the current rental value.

Asset Track Record

The property was acquired by Capitânia in 2023 for R$125 million in a transaction with Tishman Speyer, reflecting approximately R$23,700 per sqm and a cap rate of 7.42%. In the most recent transaction, in which Capitânia sold the asset to Alianza Trust, the property was traded for R$132 million — equivalent to approximately R$25,000 per sqm — with a stabilized cap rate of 7.73%.

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