GPA, Assaí, and Decathlon are in the midst of a multimillion transaction involving TRXF11 and HBCR11

The urban income real estate fund focused on retail properties, TRXF11, executed a transaction involving eight developments, seven leased by Assaí and one by Grupo Pão de Açúcar (GPA). According to the relevant fact released at the end of February, the operation amounted to R$800 million.

The transaction occurred between the TRX Investimentos fund and the HBCR11 fund. Besides the sale of the eight properties, the TRXF11 fund also acquired two assets leased by the sports retail company, Decathlon.

The entire negotiation can be summarized in two parts: the first involved the sale of the eight assets, where TRXF11 received R$613.4 million. The second part was the purchase of the two assets, for which R$181.6 million was paid.

According to the document, the expectation is that this transaction represents a reduction in leverage for both funds.

The company states to REsource, “In addition to unlocking significant profit from property sales (more than R$7.00 per share), two other major impacts of the operation will be the reduction of leverage, to the approximate value of R$330.0 million for TRXF11, and the diversification of the Fund's revenues, with the predominant sale of properties leased to Assaí and the entry of new tenants such as Decathlon, Cobasi, Kalunga, Bluefit, among others.”