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Kinea Unveils New REIT Fund with a Portfolio of Corporate Towers Acquired for $865 Million from São Carlos
- The buyer of four São Carlos developments, previously shrouded in mystery, has been revealed
By: SiiLA News
11/07/2023 Kinea presents a new real estate investment fund, Kinea Opportunities Real Estate (KORE11), comprising a portfolio of four corporate towers acquired from São Carlos Empreendimentos in a $865 million deal.
This fresh fund is dedicated to acquiring corporate office buildings. Kinea indicates the offering size as $770 million, excluding additional shares and offering expenses.
During the initial portfolio sale by São Carlos, Kinea disclaimed any involvement in the transaction, and São Carlos noted that the buyer was covered by a strict confidentiality agreement.
In-Depth Analysis of the Assets Comprising the Kinea Opportunities Real Estate Fund (KORE11)
The KORE11 Fund is introduced with a portfolio of 4 properties, consisting of 3 located in São Paulo, and 1 in Rio de Janeiro.
The only Class A development is the Centro Empresarial Botafogo, located on the waterfront in the capital of Rio de Janeiro. This is an asset with a total private area of 17,291 m² and an 88% occupancy rate, with tenants ranging from telecommunications, legal firms, consulting, insurance, banking, oil and gas, healthcare, and more.
All the developments located in São Paulo are Class B. The Morumbi Office Tower is an asset with a total private area of 19,311 m² and a 92% occupancy rate, with tenants ranging from solar energy companies to agribusiness.
The Corporate Plaza, located in Chácara Santo Antônio, has 10,800 m² of private area and a 94% occupancy rate. With tenants ranging from pharmaceuticals to real estate companies, the development has the lowest vacancy rate in the fund.
With just 6,457 m², Alameda Santos 2477 is the smallest asset in KORE11. With a 67% occupancy rate, the development is in the Jardins area and has consulting firms, pension entities, and others as its tenants.
*Conversion conducted on November 6th, 18:13 UTC
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