GPA Exit Pushes BRCO11 Vacancy Rate can up to 13.4%

BRCO11 announced on Thursday (22) the termination of the lease agreement for Bresco Anhanguera CD4 GPA, a standalone Class A logistics warehouse occupied by Grupo Pão de Açúcar since 2018. According to the material fact notice, the asset represents 6% of the fund’s total gross leasable area, which may have a direct impact on investors.

The lease covered 100% of the 35,510 sqm property and was renewed in July 2024, with expiration scheduled for January 2032. The termination clauses include a nine-month prior notice period for the early vacancy of the property and a penalty equivalent to four and a half months of rent, adjusted by the IPCA inflation index, which may reach approximately BRL 5.5 million.

The asset’s rent stood at BRL 35 per sqm, totaling BRL 1.2 million per month. According to the material fact notice, the impact on distributions per share may result in a decline from BRL 1.05 to BRL 0.97. Bresco had not commented on potential negotiations with new tenants as of publication.

The fund entered the second quarter of 2026 with an 11% vacancy rate, which declined to 7.4% in June, according to its latest management report. Following the tenant’s departure, if no replacement tenant occupies the property, the fund’s vacancy rate could rise to its highest level since 2024, reaching 13.4%.

The termination of an established lease agreement such as this one is considered unusual. GPA was contacted by the publication but had not commented on the matter as of publication.