This Wednesday (13), the REC RENDA IMOBILIÁRIA fund, managed by BRL Trust, announced a proposal to sell three floors of the Torre Rio Claro Offices, part of the Cidade Matarazzo complex, located in the downtown area of São Paulo. The negotiation is underway with the FII Torre Rio Claro Offices, from Ouribank, and involves a transaction value of R$ 90 million.

The units have a total BOMA area of 2,426 m². According to REC, the asset was acquired for approximately R$ 68 million and, in its latest appraisal — in December 2024 — was valued at R$ 87 million. If the transaction is closed at this value, the gross profit compared to the acquisition price will be R$ 21 million, equivalent to 30.88%. Under these sale conditions, the stabilized Cap Rate expected is 7.29%.

In an interview with SiiLA, REC RENDA IMOBILIÁRIA’s Managing Partner, Moise Politi, stated:

“Our goal with the sale is to reduce the fund’s debt, which currently stands at R$ 175 million. This is not a portfolio repositioning strategy, nor does it signal an opening for acquisitions or the development of new projects. Our aim remains to reduce vacancy in the area and balance the fund’s accounts.”

However, the completion of the sale depends on the buyer securing funding — a condition that, according to Politi, is not a concern. “I believe the risk is very small. It is a good development and an excellent opportunity,” he said.

Regarding the current demand for high-end offices in São Paulo, he notes that demand is concentrated in two profiles: large-scale projects in prime areas, such as Faria Lima, and “boutique” buildings of high quality with certifications.

In the case of Torre Rio Claro Offices, the property is leased until 2032 to BM Varejo/Retail, the company responsible for developing Cidade Matarazzo and revitalizing the area. Details on the lease values of this operation and monitoring of office transactions across Brazil are available to subscribers of SiiLA’s Market Analytics platform.