In the material facts — especially from RBRL11 — the fund stated that the sale is part of a portfolio repositioning strategy. Moving forward, the fund aims to focus on high-standard assets located within a 30 km radius of major urban centers.

In an interview with REsource, Franklin Tanioka, Partner and Co-PM of Real Estate Equity at RBR, outlined the rationale behind the decision and the next steps in the firm’s strategy.

“Our portfolio was 100% leased with zero delinquency, but when we looked at the trading prices on the stock exchange, there was a significant gap compared to the fair value of the assets. So, we decided to reprice the fund to reflect more realistic values — and the path we chose was to recycle the portfolio,” he explained.

According to Tanioka, the deal was equivalent to R$ 110 per share, about 40% above the trading price. The RBRL11 shares received from the transaction will be gradually sold on the secondary market.

Tanioka shared that the fund now plans to invest in logistics assets near major cities such as São Paulo, Belo Horizonte, and Brasília. Currently, ten assets are under negotiation, four of which are at an advanced stage.

“We believe these areas will continue to see strong demand over the next ten years, especially from e-commerce players. We also see greater difficulty in new supply in these markets — these plots compete directly with residential developments, which makes the environment even more competitive,” he said.

RBR expects the deal to close by September, with new acquisitions to be announced in the final quarter of the year.