GGRC11 Finalizes Acquisition of RELG11 Portfolio for R$133.4 Million

Transaction includes four industrial properties and was closed at a 9.4% cap rate

Pedro van den Berg, CEO and Head of Asset Management at Zagros, owner of the fund GGRC11

By: SiiLA News

05/13/2025

The industrial properties fund GGR Covepi, GGRC11, has completed the acquisition of the REC portfolio managed by RELG11. The transaction, previously reported by REsource in March, was finalized in less than a month for a total of R$133.4 million.

According to the official statement, the purchase was carried out through a combination of credit offsets and the issuance of 11,789,417 new shares. Data from SiiLA indicates that the transaction was closed at a cap rate of 9.4%.

GGRC11 now receives the rental income from all four properties included in the deal. The assets acquired are:

REC Log Cotia: A 18,000 sqm warehouse located on Estrada dos Estudantes in Cotia (São Paulo), currently leased to New Space under a contract valid through 2032.

REC Log Extrema: Located in Extrema (Minas Gerais), this 11,600 sqm asset is occupied by Máxima/Hinode and Arclad, with lease agreements running until 2028.

Disclosure

REC Log Queimados: Situated in the Queimados Industrial Park (Rio de Janeiro), this 12,300 sqm property is leased to tenants such as Pra Obra, Shalloon, TCI BPO, and Mauser. Lease expirations range from 2025 to 2033.

REC Log Contagem: Located in Contagem (Minas Gerais), this property offers 16,700 sqm of total gross leasable area, though only 8,000 sqm were included in the transaction. This portion is leased to P&P Distribuidora, with the lease valid until 2028.

The acquisition further diversifies GGRC11’s logistics portfolio and strengthens its recurring rental income base in key industrial hubs across Brazil.

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