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Tenant misses rent and hits cash flow at Brazil industrial fund

  • Tenant cites financial difficulties linked to the slowdown in the automotive industry and rising uncertainty in global trade
Rodrigo Moretti, CEO of Wetzel, the defaulting tenant at the Perini Business Park industrial property
Rodrigo Moretti, CEO of Wetzel, the defaulting tenant at the Perini Business Park industrial property
By: SiiLA News
01/26/2026

The Industrial do Brasil real estate investment fund (FIIB11), managed by Coinvalores, is facing a new default episode at the Perini Business Park industrial property, located in Joinville, in the state of Santa Catarina. A statement disclosed on Wednesday (22) reveals that one of the fund’s tenants, Wetzel, failed to fully pay rent between September and December 2025, settling only 50% of the amounts due during the period. 

According to the notice, the tenant requested a postponement of payment for the remaining balance, citing financial difficulties and negative impacts on cash flow attributed to the slowdown in the automotive industry and increased uncertainty in global trade, exacerbated by recent U.S. tariff hikes. The request included an installment plan starting in February 2026, spread over 18 monthly payments. 

The potential impact on the fund’s cash flow is not negligible. According to Coinvalores, a potential lease termination could result in an estimated loss of R$0.97 per share, in addition to lease-related charges estimated at R$0.18 per share, totaling a negative monthly impact of R$1.15 per share on cash flow. 

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