Log CP's logistic real estate transaction with BTG's REIT involves over R$500 million

The transaction of two properties, one in Minas Gerais and the other in Bahia, for $509.7 million, was announced this Friday

Rui Ruivo, Executive Director at BTG Pactual, responsible for REITs.

By: SiiLA News

04/19/2024

In a relevant fact disclosed today (19), LOG CP announced the sale of two assets to BTG Pactual fund, the BTLC11 – a new REIT being structured between the financial institution and the company led by Sérgio Fischer. The assets in question are LOG Salvador and LOG Betim, one A+ class and the other B class, respectively. The transaction was for R$509.7 million on 139,000 sqm, 100% leased.

LOG Salvador is located in the city of Simões Filho, in the state of Bahia. The A+ asset has 88,000 sqm of GLA and was inaugurated in 2023. In the first quarter of 2024, an expansion was delivered, making the asset the only new stock outside the southeast region. Fully leased, the asset has tenants such as Mercado Livre, M. Dias Branco, and others.

With 50,000 sqm of GLA, LOG Betim is located in the city of Betim, in the metropolitan region of Belo Horizonte, Minas Gerais. Inaugurated in 2013, the asset has companies such as Mary Kay, Dac Cosméticos, and Unimed as its occupants.

Between the two assets, LOG Salvador represents two-thirds of the transaction and has three phases, two delivered and one under construction.

LOG Betim

According to a cross-analysis of Market Analytics data and information disclosed by the fund, the transaction recorded R$ 3,654.88 per square meter. The analysis conducted by SiiLA identified a cap rate of 7.9% in the transaction of the two assets.

The document reveals that the payment will be made in two installments: the first one, comprising 55.8%, equivalent to R$ 284.4 million, and the second installment of the remaining 44.2%, amounting to R$ 225.3 million.

This is the third transaction carried out by BTLC11, according to the relevant document. According to the document, the total transactions amounted to R$ 1.5 billion. The other assets traded were LOG Londrina and LOG Aracaju, in a transaction of R$ 207 million in August 2023, and LOG Fortaleza II, LOG Goiânia II, and LOG Recife, for R$ 733 million in May 2023.

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