Last Friday (28), the Cyrela Desenvolvimento Logístico fund (CYLD11) announced the sale of a portfolio of logistics assets to FII HGLG11, in a deal with a total potential economic value of up to R$ 807.9 million. The transaction covers warehouses located in Guarulhos, Embu das Artes, and Parque Novo Mundo, all structured through Special Purpose Entities (SPEs).

According to the material fact notice, CYLD11 sold 100% of the quotas of three of these SPEs: Alpina, owner of Parque Logístico Guarulhos; Embu, owner of Cy.Log Embu; and CY PQNM, responsible for Cy.Log São Paulo. Additionally, the fund sold its indirect 65.27% stake in M Patri SPE 01.

The amount that CYLD11 will effectively receive from the sale totals R$ 263.7 million, subject to adjustments related to the companies’ indebtedness. Payment will be divided into an initial installment of R$ 140.9 million—mostly composed of 868,944 shares of HGLG11 and a residual cash portion—a second installment of R$ 69.2 million at closing, and two future installments adjusted by the IPCA inflation index: R$ 14 million in the first year and R$ 39.5 million in the second.

The transaction also includes a Guaranteed Minimum Income (RMG) to be provided by the sellers for a two-year period, until the projects reach the contractually stipulated minimum revenue. As collateral for the future installments, HGLG11 will pledge a property under fiduciary alienation until full payment of the amounts due.

The stabilized cap rate of the transaction is approximately 7.98%.