Meet the Property That Was a Pillar of Financial Operations and Brought Down the Marabraz Empire

Group filed for judicial reorganization after losing its main source of collateral for credit operations.

Nasser Fares, CEO of Lojas Marabraz (image enhanced with AI)

By: SiiLA News

08/19/2026

The Marabraz Group’s filing for judicial reorganization, which covers five companies, attributes its financial crisis to the breakdown of the asset structure maintained by the Fares family. The Cajamar Centro Logístico (CCL) property was used as collateral in the retailer’s credit operations. According to the company, shareholder disputes caused the managers of the business to lose access to part of that collateral.

Spanning 500,970 sqm, the warehouse is owned by LP Bens, the Fares family’s real estate and asset-holding company. Because the property was part of the same corporate structure, the Marabraz Group was able to use it as collateral in bank credit operations. Given the asset’s market relevance, it helped reinforce and support the company’s overall financial structure.

Following the shareholder split, the companies ceased to be part of the same group. Without the asset serving as a financial anchor for the retailer, Marabraz became far more vulnerable to external pressures in an already challenging market, including high interest rates and the continued growth of e-commerce.

The asset

CCL is one of the market’s most prominent assets and the largest logistics property in the country. It is located 30 km from the city of São Paulo, Brazil’s largest consumer market. The development has a 14.5% vacancy rate and, based on SiiLA’s market value estimates, generates approximately R$11.21 million per month in rental income. Its main tenants include Luft, Lojas Americanas and Amazon. Marabraz is the second-largest tenant, occupying 65,314 sqm.

The complex was completed in 2008 and expanded in 2014. Consumer goods companies account for 46.1% of occupied space, followed by transportation and logistics at 37.05%, and food, beverages and tobacco at 12.42%.

Marabraz’s judicial reorganization

The filing was submitted by five companies in the group: Comercial de Móveis Jordanésia, S.V.C. Jaraguá Comercial, Comercial Móveis das Nações, Comercial Zena Móveis and Monta Móveis Prestadora de Serviços.

In its initial filing, Marabraz states that once the property was no longer available as collateral, banks began sharply reducing credit limits, increasing the cost of financing and declining to renew credit lines, making it more difficult to sustain the company’s existing financial model.

Asked about alternatives and its expectations following the judicial reorganization filing, Marabraz said in a statement that “the measure represents a responsible decision to restructure operations, organize commitments and create conditions for business continuity. [...] The company remains in operation, with stores open, and reaffirms its commitment to transparency.”

The company also emphasized that preserving jobs and maintaining relationships with customers, suppliers and business partners remain priorities.

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