Prologis Left Behind After Tenant Exercises Right of First Refusal to Acquire Rio de Janeiro Property

The R$87 million deal, initially aligned with Prologis, strengthens the retailer’s presence in Rio’s hottest logistics hub, where vacancy has dropped to 3.19%

Armando Fregoso, CEO of Prologis

By: SiiLA News

09/19/2025

In August, it was announced that Prologis had acquired CL Duque, a logistics condominium in Duque de Caxias, Rio de Janeiro, for R$87 million. The property is leased to retailer O Amigão, and the transaction seemed well underway — until plans changed.

Earlier this week, the Ourinvest Logística FII (OULG11) reported that the asset had been sold to the tenant itself. Retailer O Amigão exercised its right of first refusal to purchase the property.

The amounts paid by the retailer were the same as those that would have been disbursed by Prologis. Under the previous agreement, the transaction would have become part of the Cosmic FII (CSMC11) portfolio, at the time yielding a cap rate of 8.59%.

The Region

Disclosure

Duque de Caxias, in Rio’s Baixada Fluminense region, is currently one of the state’s main logistics hubs, with nearly 981,000 square meters of Class A and A+ properties. Since 2023, local vacancy has plunged from 26.36% to just 3.19%, one of the sharpest drops in the market — equivalent to 23 percentage points.

The movement reflects the limited delivery of new projects — only Hlog Galeão, with 21,000 square meters, was completed in the third quarter of 2023. Demand, meanwhile, remains strong, driven by the area’s strategic location near Rio’s port, international airport, and key consumption centers across the state.

Despite the high occupancy rate, no new supply is expected in the short term. The only project underway is CL Duque itself, designed as a condominium with four warehouses. Two of them, G1 and G3, are already completed, while G2 and G4 remain without a defined timeline. If advanced, they could add about 100,000 square meters to the market.

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