TRBL11 leases asset in Brazil to e-commerce giant, cuts vacancy

The lease comes at an opportune moment for Tellus and Rio Bravo, following a period of uncertainty involving the asset. The property had previously been at the center of a dispute with Correios, after the state-owned company alleged the existence of a structural issue in order to suspend rent payments. Technical reports, however, indicated that the issue did not compromise the integrity of the asset—an argument that was ultimately used to justify the default. 

“A Tellus integra a gestão do Fundo desde sua concepção, em 2012, tendo atravessado diferentes ciclos de mercado, com fases de expansão e início de reciclagem do portfólio. Nesse contexto, destaco a alienação do empreendimento em Duque de Caxias/RJ, cuja quitação antecipada ocorreu em janeiro de 2026. As duas parcelas finais recebidas representaram aproximadamente 40% do lucro total da operação, com distribuição prevista para o primeiro semestre de 2026”, said Leonardo Melo. 

From a financial standpoint, in addition to the increase in revenue, the fund will no longer incur expenses associated with the asset’s vacancy. Management also stated that updated distribution guidance will be disclosed to unitholders in due course. 

Melo added that “With this phase completed, the Fund consolidates a new operational level and moves forward with a structured portfolio expansion strategy, maintaining capital allocation discipline, rigorous risk assessment, and a continued focus on generating sustainable long-term value..”