EXCLUSIVE: Mercado Libre signs multimillion-real lease with XP fund, helping fund cut vacancy
- Argentine e-commerce company will occupy 62,400 square meters in São Bernardo do Campo, São Paulo state; average monthly rent during the first 24 months will be BRL 1.94 million, according to SiiLA data
The second half of August has been positive for XP Log (XPLG11). This week, the Brazilian real estate investment fund disclosed two lease agreements that together cover 75,500 square meters of gross leasable area (GLA), significantly reducing its portfolio vacancy rate. The newly leased properties are located in São Bernardo do Campo, São Paulo state, and Seropédica, Rio de Janeiro state.
The larger of the two recently announced deals involves CL Imigrantes V, a 62,457-square-meter logistics property in São Bernardo do Campo. The entire property has been leased. The official disclosure identified the tenant only as an e-commerce company. However, REsource has learned that the tenant is Mercado Libre, which signed a 60-month lease.
(All details, figures and exclusive analysis related to the lease are available exclusively to subscribers.)
According to the market intelligence team, the lease’s nominal rental rate is BRL 35.77 per square meter. During the first 24 months of the agreement, however, the average rate will be BRL 31.05 per square meter. The difference reflects discounts and rent-free periods included in the lease, although a detailed breakdown is not available in the database.
The Argentine retailer is expected to pay approximately BRL 1.94 million per month during the first 24 months. After that period, its monthly rent will rise to approximately BRL 2.23 million, excluding future inflation adjustments and other contractual increases.
In its regulatory filing, the fund estimates that the lease will generate cumulative revenue of BRL 0.8605 per unit during the first 24 months. Beginning in the 25th month, estimated monthly revenue will be BRL 0.0413 per unit.
Following the new lease, XPLG11’s physical vacancy rate fell to 3.9%.
Mercado Libre has steadily expanded its occupied logistics footprint. The total increased from 2.15 million square meters in the third quarter of 2025 to 2.30 million square meters in the following quarter and 2.58 million square meters at the beginning of 2026, reaching 2.99 million square meters in the second quarter. The company’s occupied area grew 15.8% in the latest period and 45.7% year over year, underscoring the rapid pace of its expansion.
Other leases
The second regulatory filing released by XPLG11 covers 13,118.44 square meters of GLA across modules B1, B2 and B3 at the Seropédica logistics complex in Rio de Janeiro state. The 60-month leases were signed with two companies operating in the logistics sector.
According to exclusive information obtained by REsource, one of the companies that will occupy the property is Comercial Hello. The lease’s nominal rental rate is BRL 16.91 per square meter, while the average rate during the first 24 months will be BRL 9.07 per square meter. As with the São Bernardo do Campo agreement, the difference reflects discounts and rent-free periods.
Taking into account the leases signed with Comercial Hello and the second, still-undisclosed company, the fund estimates cumulative revenue of BRL 0.0528 per unit during the first 24 months. Beginning in the 25th month, estimated monthly revenue will be BRL 0.0041 per unit.
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