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Last week, Brazilian real estate investment fund HGLG11, managed by Pátria Investimentos, completed the acquisition of nine industrial warehouses located in Goiânia, Goiás, marking a significant expansion into Brazil’s Central-West region.
The deal includes Log Goiânia I, a logistics hub boasting 78,000 square meters of gross leasable area (GLA). The total investment reached R$ 251.19 million (approximately USD 50 million), equating to R$ 3,200 per square meter.
This acquisition makes Log Goiânia I the 25th asset in HGLG11's portfolio, which spans key regions such as São Paulo, Santa Catarina, Rio de Janeiro, Minas Gerais, and Pernambuco.
According to Lana Santos, Research Analyst at Clube FII, this move represents a strategic geographic diversification for the fund. "The fund paid a fair price for this acquisition, which aligns with the most recent appraisal of the asset," she said.
“This purchase marks the fund's first exposure in Goiás, further diversifying its geographic footprint—an important move for a fund of this size. The rent levels and occupancy rates reflect the current market dynamics in the region,” Santos added.
Log Goiânia I is a 78,000 m² asset with tenants primarily from the Transportation and Logistics sector. Its three main tenants are Solística, occupying 14,000 m², Nova Casa Distribuidora, with 6,500 m², and Cargill, with 6,400 m².
The development enjoys a strategic location, with direct access to the Presidente João Goulart/Transbrasiliana highway and is next to the Goiânia International Airport – Santa Genoveva.
"Although it's not an obvious region [...], the proximity to the airport and the current tax benefits of the area are attractive factors for this asset. Of course, we know that these tax benefits could be revoked with the tax reform, but even if that happens, there will be an adjustment period for the economy to adapt to the new rules," says Santos.
Currently, the Goiânia region has a zero vacancy rate in A+, A, and B-class logistics parks. This low rate is due to the limited stock in the region, only 196,000 m².
"We see this transaction as a good purchase for HGLG, given the high-quality nature of the asset, which is top-notch and 100% leased, as LOG’s assets usually are," analyzes the Clube Fii analyst.
She also points out that "this acquisition will represent only 4.7% of HGLG's equity, so a reversal in the market scenario would not pose significant risks to the fund."











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