Ri Happy to Vacate Berrini Offices Amid Business Restructuring
Retailer will vacate three suites at Thera Corporate in December after an ownership change and a revamp of its stores and logistics
Ri Happy will vacate three office suites at Thera Corporate in São Paulo’s Berrini district, with the handover scheduled for December 4, 2026. The move comes amid a broader business transformation involving debt restructuring, a logistics overhaul, changes to its store format and its recent acquisition by BluSun Capital Partners.
According to a material disclosure issued by Brazilian real estate investment fund Hedge AAA (HAAA11) on Tuesday, October 6, the retailer gave notice that it would terminate its leases for suites 32B-2, 161 and 162. The property is located at 105 Avenida Luís Carlos Berrini and is part of the Thera One complex.
The disclosure does not specify the total area to be vacated, but according to SiiLA’s Market Analytics, the company occupies approximately 1,900 square meters of exclusive-use office space in the building. Its total monthly occupancy cost is R$348,300, including rent, common area charges and municipal property taxes (IPTU).
Ri Happy has occupied the offices since 2021. Adjusted for cumulative inflation over that period, the total occupancy cost under the lease would now be R$185.10 per square meter per month, including common area charges and property taxes. SiiLA’s Market Rent indicator puts the market rate for the space at approximately R$183.30 per square meter per month on the same basis.
Neither the company’s next location nor the reason for its departure has been disclosed. Ri Happy did not respond to requests for comment by publication time. The company remains welcome to provide its perspective.
The toy retailer’s departure could push vacancy at Thera Corporate, which has approximately 28,300 square meters of exclusive-use floor area, from 9.93% to 16.6%. However, negotiations to lease some of the building’s available space were already at an advanced stage last month.
In September, HAAA11 reported that a lease for two suites in the building was being drafted. If the deal is completed before Ri Happy moves out, the net impact on occupancy would be substantially smaller, bringing the building’s vacancy rate to approximately 10.09%. That would be slightly above the 9.25% vacancy rate for A+ office properties in Berrini in Q3 2026, according to Market Analytics.
Without any additional leasing activity, Ri Happy’s departure alone would be enough to raise vacancy among the district’s A+ office buildings to approximately 10.0%, an increase of 0.77 percentage points.
Restructuring
The notice came just over a month after BluSun announced its acquisition of 100% of Grupo Ri Happy. Announced on August 31, the transaction included the Ri Happy and PB Kids retail chains and brought Héctor Núñez back as CEO, replacing Thiago Rebello. Financial terms were not disclosed.
The ownership change follows a financial restructuring. In August 2023, Ri Happy reached an agreement with nine banks to extend the maturities on R$289 million in debt to 2027 and 2028. The restructuring, undertaken with Starboard as an adviser, also included a commitment from Carlyle to inject R$75 million to bolster cash reserves and stock stores ahead of key shopping periods. Banco do Brasil, Santander and BV held approximately 75% of the renegotiated debt.
On the operational side, the company began rethinking how it uses its retail space. According to Exame, its Reset initiative dedicates portions of its stores to entertainment and services under the Divertudo brand. Across the 13 converted locations, the company reported a 77% increase in sales per square meter, a 9% reduction in inventory, 2.5% revenue growth and a 5.5-percentage-point improvement in EBITDA margin. Those results apply specifically to that group of stores.
Average customer dwell time increased from 11 to 42 minutes. The overhaul also extended to logistics: in January 2024, the retailer closed its distribution center and shifted online order fulfillment to its stores. As of August 2026, the group operated 293 locations, and e-commerce accounted for 8% to 9% of revenue, according to the publication. Those figures were released under former CEO Thiago Rebello, before the sale to BluSun.
Ri Happy’s occupancy at Thera Corporate dates back to early 2021. In an article published on December 28, 2020, SiiLA reported that the retailer had leased the entire 16th floor, previously occupied by International Paper, for an initial 60-month term beginning in January 2021. The current notice covers suites 161 and 162, as well as suite 32B-2.
Completed in 2014, Thera Corporate is an A+ office building with 15 floors and approximately 28,300 square meters of exclusive-use floor area.
Impact on the Real Estate Fund
Ri Happy’s departure is expected to have a negative financial impact of approximately R$0.10 per share per month on HAAA11, even though the fund has already sold the properties. The obligation stems from an income guarantee provided to the buyer as part of the transaction.
The completion of the R$249.3 million sale of ten office units at Thera Corporate was announced on September 23. Under the transaction structure, TRX Real Estate (TRXF11), the originally designated buyer, nominated Hedge Renda Corporativa to take over the acquisition and became an investor in that fund.
The purchase agreement requires HAAA11 to cover income shortfalls for 24 months after the buyer takes possession. During that period, HAAA11 must make up any difference between the guaranteed monthly amount of R$1.747 million and the properties’ monthly income, after deducting regular common area charges and municipal property taxes on vacant units.
The early termination penalty also remains unresolved. According to the disclosure, any amounts collected will reduce the compensation HAAA11 owes the buyer. However, in its notice to the fund, Ri Happy reserved its position on whether the penalty is payable.
