On Thursday evening (7th), Hedge announced that the insurance company HDI is ending its lease in Wing B of the WTorre Morumbi, vacating a total of 6.1 thousand m² of space.

The property is held by the HAAA11 fund, managed by Hedge, and SARE11, managed by Santander, which also issued a relevant notice on the case.

HDI has occupied the building since 2017, back when it was owned by Brookfield, and is currently the second-largest tenant.

According to released documents, the tenant is required to provide six months' notice and pay an early termination fee equivalent to 11 months’ rent, including condominium fees and property taxes.

Hedge’s fund owns 25% of the asset, and with HDI’s departure, HAAA11 will experience a negative impact of R$ 0.60 per share. Meanwhile, SARE11, holding 75% of the property, will see this vacancy impact 9.8% of its total revenue.