LOG Commercial Properties and Participations (LOGG3) announced last week a proposal to sell LOG Fortaleza III in Ceará and LOG Viana II in Espírito Santo to BTG Pactual LOGCP Investment Fund. Both properties are high-end, classified as A+ and A, respectively.

The announcement states that the transaction, negotiated for R$ 484,167,011, encompasses a gross leasable area (GLA) of 149,000 square meters. The sale of the properties recorded cap rates of 8.77% for LOG Fortaleza III and 9.69% for LOG Viana II, both above the average cap rate of 8.30% recorded between 2023 and 2024, according to an analysis of transactions nationwide. Subscribers to the Market Analytics platform by SiiLA have complete access to transaction information and cap rate analyses.

Read more: After divesting assets, LOG CP's net profit in 2023 was 51% lower than the previous year.

According to the announcement, the sale is part of the company's strategy to optimize its assets and enhance its financial results. The properties are part of the company's portfolio, known for developing logistics assets in various regions of the country, but were not included in any Real Estate Investment Fund.

LOG also reported that this was the fifth transaction of the year, totaling R$ 1.5 billion and 413,554 square meters of GLA. The conclusion of the transaction is currently under review by regulatory authorities.

BTG Pactual LOGCP, the buyer of the assets, emphasizes in its feasibility studies the pursuit of decentralized assets in partnership with LOG CP and the rise of e-commerce in the country. The fund began with three assets: LOG Recife, LOG Fortaleza, and LOG Goiânia, with Amazon as one of its main tenants.