GOL Linhas Aéreas to vacate RNGO11 property before lease expiration and relocate to Chácara Santo Antônio

In a material fact disclosed this Tuesday (24), the real estate fund RNGO11, managed by Rio Bravo, announced it has been notified by GOL Linhas Aéreas of the early termination of a lease agreement.

The affected property is Torre Padauiri, located at Centro Administrativo Rio Negro in Alphaville, where the company occupies approximately 2,000 sqm. GOL, which accounts for about 6% of the fund’s revenue, stated it will vacate the space on July 1st of this year, increasing the asset’s vacancy rate to 24.84%.

The move is expected to generate an estimated negative impact of R$0.05 per share, partially offset by a temporary gain of R$0.08 per share related to the termination penalty.

This movement may indicate a relocation strategy by GOL. In 2024, the company signed a full lease agreement for Edifício Verbo Divino, totaling 13,300 sqm, located in Chácara Santo Antônio, at a rate of R$44/sqm.

In an interview with REsource, Jaqueline Rodrigues, Real Estate Manager at Rio Bravo, stated that since early 2025 the manager has been executing a structured strategy to mitigate vacancy, focusing on adapting spaces to the predominant demand profile in Alphaville.

“The Fund already has a structured leasing strategy in place, focused on adapting currently vacant spaces to meet the prevailing demand in the region, characterized by companies seeking small and medium-sized areas.”

According to the manager, layout and furniture adjustments are being carried out to increase competitiveness and reduce vacancy periods, in line with the local trend of higher absorption for units ranging between 300 sqm and 600 sqm.

“The commercial team maintains close relationships with leading corporate real estate advisory firms and local partners, which we believe is a key differentiator.”

Regarding the impact of GOL Linhas Aéreas’ departure, Rodrigues stated:

“If the vacancy is not absorbed within the expected timeframe, there may be a potential revision of the distribution guidance.”

Even so, management observes recurring demand for smaller spaces and sees a gradual improvement in absorption in the local corporate market, driven by companies relocating in search of cost reductions.

“The Alphaville submarket remains relevant, with quality buildings, solid infrastructure, and more competitive pricing,” she concludes.