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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.
Initially, the manager denied the request. Even so, the fund agreed to postpone the rent payments overdue between September and December 2025, as well as the rent due in January 2026. The total amount involved reaches R$1.66 million.
Under the proposed agreement, the debt would accrue interest at 1.70% per month until February 2026, reaching R$1.79 million, to be paid in 11 monthly installments of approximately R$179.7 thousand, starting on February 20. The formalization of the agreement, however, was conditional upon the renewal of the lease agreements—currently in force for an indefinite term—as well as the presentation of new guarantees.
So far, the tenant has not agreed to the conditions set by the fund. As a result, the owners stated that there was no alternative but to pursue legal measures to recover the overdue amounts, including the possibility of terminating the lease agreements and repossessing the properties.
Wetzel is a tenant with a history of litigation related to the properties it occupies, including eviction lawsuits, credit enforcement actions, and legal disputes that have dragged on for more than a decade.
Court documents cited by the manager point to significant amounts under dispute, with claims exceeding R$100 million, as well as recurrent requests for the suspension of enforcement proceedings and recognition of procedural connections.











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