Portfolio Transactions Surpass the Billion-Mark in 2023. Credit Suisse, GTIS, Kinea, and Other Names Involved. Check the Ranking.

The most substantial buying and selling transaction of the year was orchestrated by the Real Estate Investment Fund CSHG Logística (HGLG11), which invested a noteworthy R$1.37 billion in acquiring a portfolio from GTIS Brazil Logistics (GTLG11). This portfolio encompasses four strategically located logistics properties in São Paulo. The transaction has been duly confirmed and communicated by both funds through official statements, and it has garnered coverage in a detailed report by REsource.

Properties sold:

• Centro Logístico Embu (CLE): Class A property located in Embu with 91,651 m² of Gross Leasable Area (GLA) and over 90% occupancy, housing tenants in the pharmaceutical, food and beverage sectors, among others.
• Distribution Center Barueri: Class A property 100% leased with 90,484 m² and tenants from the retail and transport/logistics sectors.
• Distribution Center Rodoanel: Class A+ property also 100% occupied with 77,587 m² of GLA.
• Distribution Center Cajamar: The GTLG Fund holds a 66.70% stake in a total area of 153,975 m², with tenants from e-commerce, transport, logistics, and other sectors. 

Read: Credit Suisse Sells its Funds to Pátria; Behind the Scenes of this Operation.

In November, Kinea announced its new real estate fund, Kinea Oportunidades Real Estate (KORE11), initially composed of four corporate towers acquired from São Carlos Empreendimentos in September for R$865 million. The assets include:

• Centro Empresarial Botafogo: Located in the Botafogo neighborhood, Rio de Janeiro, this Class A property has over 17,000 m² of private area with current vacancy below 10%.
• Corporate Plaza: Located in the Chácara Santo Antônio region, São Paulo, with 10,800 m² and current vacancy below 10%.
• Morumbi Office Tower: Located in the Chucri Zaidan region, São Paulo, this Class B property has 19,311 m² with vacancy below 20%.
• Alameda Santos 2477: Located in the Jardins region, São Paulo, this property underwent recent retrofitting and is now classified as Class B, with approximately 35% vacancy.

Not yet confirmed by either company, the transaction involving the sale of nine GLP developments to Brookfield is considered certain by market sources. 

The nine properties involved have not been disclosed. Both GLP and Brookfield Asset adopted cautious postures when approached by the report in November. GLP stated it does not comment on market speculation, while Brookfield Properties revealed it does not comment on ongoing negotiations. The target assets of this potential transaction have a Gross Leasable Area (GLA) of 350,000 m².