SPX Capital has announced the purchase of shares to acquire SYN Prop & Tech’s stake in the joint venture SPX SYN Participações S.A. As a result, the partnership, which was formed in 2021, is coming to an end, and the three funds previously shared will now be under SPX’s control.

The three Real Estate Investment Funds (FIIs) involved are: SPXL11 (Industrial Properties Development), SPXG11 (Feeder Private Development) and SPXS11 (Multi-strategy Fund).

According to the documents released, one of the conditions for the acquisition strategy is approval by CADE (Administrative Council for Economic Defense), which is the body responsible for analyzing mergers and acquisitions in Brazil.

The SPXS11 fund has an asset value of BRL 191 million and is primarily composed of CRIs (Real Estate Credit Bills), but also includes other FIIs and stocks. Some of the CRIs held by the fund include JK 1455, Miss Silvia Morizono, Faria Lima Square, and Faria Lima Financial Center.

On the other hand, SPXL11 focuses on developing industrial properties in São Paulo. According to its prospectus, the company is involved in 10 projects, some of which are commercially closed, others approved, and most of them under due diligence. The total area under development is expected to reach 396 thousand m², with an estimated investment of R$ 1.3 billion.

When contacted for comment, SYN declined to provide a statement. As of the time of publication, SPX had not released an official position either.