O GLOBO: The 10 largest real estate transactions of 2023 in Brazil — 1st on the list surpasses one billion

1. Credit Suisse Real Estate Fund acquires GTIS's entire portfolio for R$ 1.37 billion

In August, the transaction between the CSHG Logistics Fund (HGLG11) and the portfolio of the GTIS Brazil Logistics Fund (GTLG11) was confirmed, involving over 337,000 square meters. The portfolio included four logistic warehouses located in São Paulo.

2. Acquisition of four São Carlos buildings by Kinea for R$ 865 million

In November, Kinea announced its new real estate fund, Kinea Oportunidades Real Estate (KORE11), consisting of four corporate towers that were sold by São Carlos in September for R$ 865 million. São Carlos is controlled by Jorge Paulo Lemann and his main partners at 3G Capital. Among the buildings that changed hands was the Centro Empresarial Botafogo in the South Zone of Rio.

3. Acquisition of five BTG buildings by Valora Investimentos for R$ 750 million

The BTG Pactual Corporate Office Real Estate Fund (BRCR11) sold the high-end buildings Cidade Jardim and Brazilian Financial Center (BFC), as well as the Burity, Transatlântico, and Volkswagen buildings, all located in São Paulo, for R$ 750 million to Valora Investimentos.

4. LOG CP sells over 229,000 square meters of warehouses for R$ 733.6 million

In May, LOG CP announced a transaction with the real estate fund BTLG11 in which the warehouse developer sold two assets in the Northeast — in Fortaleza and Recife — and a logistic condominium in Goiânia for R$ 733.6 million.

5. Hedge pays R$ 444.4 million for stakes in two ALLOS malls

In October, ALLOS (a result of the merger between Aliansce Sonae and BR Malls) announced the sale of stakes in two malls, Jardim Sul Shopping in São Paulo and Boulevard Shopping Bauru in the state's interior. The buyer was the Hedge management, which paid R$ 343.8 million for 60% of Jardim Sul and R$ 100.6 million for 43% of the asset in Bauru.

6. JBS acquires Bresco Logística asset for R$ 325 million

In the first semester, the Bresco Logística Real Estate Fund (BRCO11) sold a warehouse to JBS for R$ 325 million. Located on Marginal Tietê, the asset has over 54,000 square meters and had previously been occupied by the Pão de Açúcar group.

7. AJ Malls Real Estate Fund acquires stake in six malls for R$ 299.4 million

The FII AJ Malls completed the acquisition of stakes in Neumarkt Shopping (6.20%), Garten Shopping (3.35%), Norte Shopping (14.02%), Continente Shopping (17.85%), Nações Shopping (17.75%), and Balneário Shopping (1%), all in the state of Santa Catarina, for R$ 299.4 million.

8. Kinea sells warehouse for R$ 299.1 million to Magazine Luiza

In February, the Kinea Renda Imobiliária Real Estate Fund (KNRI11) sold a warehouse in Jundiaí (SP) to Magazine Luiza for R$ 299.1 million.

9. Vinci Shopping Centers Fund acquires stake in three shopping centers for R$ 283.8 million

In October, the Vinci Shopping Centers Real Estate Fund completed the acquisition of stakes in three assets from Ancar Ivanhoe for R$ 283.8 million. The assets involved in the transaction were Shopping Conjunto Nacional (6%) in Brasília, Natal Shopping (29.99%) in Rio Grande do Norte, and Via Sul Shopping (45%) in Fortaleza.

10. Hedge acquires 40% of Jardim Sul Shopping for R$ 215 million

In July, the Hedge shopping fund paid R$ 215 million for a 40% stake in Jardim Sul Shopping. The seller was the Jardim Sul Shopping Fund (JRDM11).

Those left out...

Other substantial transactions did not make it to the list for technical reasons. In November, rumors in the press indicated that Brookfield Asset was the buyer of nine developments from GLP for R$ 750 million, but the transaction has not been confirmed so far.

The purchase of Credit Suisse's real estate funds by Patria for R$ 650 million was recently finalized, but it still needs approval from the Administrative Council for Economic Defense (CADE).

Also not included in the list was the purchase of a 30,000 square meter plot in Barra da Tijuca, Rio, by Tegra and Construtora São José for R$ 370 million, as its purpose will be residential.

As revealed by the column, another residential plot is the R$ 247 million land sold by Pão de Açúcar to a Rio entrepreneur in Barra da Tijuca.

Read full arcticle here (in portuguese)