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HGRE11 sells Berrini One units at the asset’s lowest-ever cap rate
- The R$21.8 million deal was paid entirely upfront and closed at a cap rate 1.63 percentage points below the property’s historical average
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By: SiiLA News
07/20/2026 HGRE11, also known as Pátria Escritórios, completed the sale of two office units at Berrini One in São Paulo this week. The fund held a 21.37% stake in the property, corresponding to 918 sqm, and sold the units for 31.9% above the amount invested, at the lowest cap rate ever recorded for the asset.
Since the acquisition, the fund’s total investment in the property had reached R$16.55 million, including agreements and capital improvements. The units were sold for R$21.8 million, paid fully upfront, exceeding the property’s 2025 appraisal value by 19.2%. The buyer has not been disclosed.
The transaction generated a cash profit of R$5.29 million, equivalent to R$0.45 per unit. The building currently has an 8% vacancy rate, while Pátria will forgo monthly rental income totaling R$110,800.
(Full transaction details are available exclusively to subscribers).
In October 2025, the fund completed another sale in the same building, transferring the...
In an unprecedented result, the cap rate came in 1.63 percentage points below the asset’s historical average of 7.60% and 2.25 percentage points below the 8.22% recorded in the previous sale, completed in October 2025.
The transaction follows another disposal by the same asset manager in Rio de Janeiro, this time involving the RBRP11 fund, which generated a loss for unitholders. Contacted by REsource, Pátria did not comment on the strategies or negotiations that led to the sale.
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