FM Logistic Brazil, a transportation and logistics company, announced last week that it will vacate the Bresco Canoas property in Rio Grande do Sul earlier than scheduled. The company, which signed the lease in April 2021 with plans to remain until March 2026, will fulfill a nine-month notice period, with rent set at approximately R$280,000, adjusted according to the IPCA/IBGE index. The early termination will also include a penalty equal to three months’ rent.

In response to inquiries from REsource about its exit, FM Logistic stated that due to commercial strategy and confidentiality, it could not disclose its plans for Rio Grande do Sul. However, the company affirmed its “commitment to the logistical growth of the state, a market with strong business potential.” FM Logistic also leases 66,942.75 m² at the Anhanguera Distribution Center – SERBOM, a class A+ property in São Paulo.

The property is part of the portfolio of the Bresco Logística Investment Fund, BRCO11. According to Bresco, the contract with the tenant stipulates a notice period, which provides time for re-marketing the property.

“The Canoas property has been receiving weekly visits from interested parties. With full vacancy of the property, we foresee increased liquidity and flexibility, including the possibility of dividing the asset into smaller units to enable cross-docking operations, given its strategic location to serve Greater Porto Alegre,” stated the management company.

Currently, the property is fully leased, with FM Logistic occupying 12,488 m². The remaining area of 20,807 m² is occupied by Natura, which is also in its notice period for early exit. The cosmetics company had a lease set to run until March 2029 but announced its early exit in September of this year.

With a six-month notice period, Natura will be required to pay a contract termination penalty exceeding R$2 million, along with rental costs of R$478,000 during the notice period.