Facing Billion-Real Losses, Correios Leaves Built-to-Suit Facility for Smaller Space in Contagem

State-owned postal service terminated 121,000 m² lease with TRBL11 citing structural issues and now occupies 15,000 m² at Bresco Contagem

Fabiano Silva, former president of Correios

By: SiiLA News

07/08/2025

In a statement released to the market, Bresco announced that Correios — Brazil’s state-owned postal service — has signed a lease for 15,000 m² at Bresco Contagem, in Minas Gerais. The property is part of the Bresco Logística fund’s (BRCO11) portfolio, and the lease agreement took effect on Monday (July 7).

The area now leased by Correios was previously occupied by retailer Americanas, which had requested early termination of the contract in November 2024, with an expected move-out date in August. With the arrival of the new tenant, Americanas vacated the premises early, keeping the property fully leased.

Correios will share the facility with companies such as Hidrau Torque, Bunzl, and Magalu — the latter being the largest tenant, occupying 43,900 m². With the new lease, Correios becomes the second-largest occupant of the property.

According to the statement, the lease signed by Correios is priced 29.4% higher than the amount previously paid by Americanas — approximately R$30 per square meter.

Downsizing

Disclosure

While the agreement marks a new lease, it also represents a significant downsizing for Correios. The company previously occupied a 121,700 m² built-to-suit (BTS) facility delivered in 2020, but opted to terminate the contract citing structural risks at the site. The move reduces the postal service’s occupied area by 87.4%.

A technical report at the time pointed to instability in the slope of the terrain. The property’s owner, the TRBL11 fund, stated that all required repairs were carried out promptly. The asset is now fully compliant with safety standards and is entirely available for lease.

Correios’ Financial Troubles

Correios is currently facing a crisis, having reported a loss of R$2.6 billion. The situation led to the resignation of its president, Fabiano Silva, last Friday (July 4).

Since 2024, the company has been undergoing cost-cutting measures, workforce reductions, and debt amortization. According to market sources, these efforts likely influenced the decision to vacate the TRBL11 facility and relocate to Bresco’s property.

Correios had been paying around R$2.5 million monthly for the TRBL11 facility. In the new Bresco space, that figure drops to approximately R$500,000 — about R$30/m².

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