TRBL11 Faces a Default of Over R$2,5 Million from Correios

On Tuesday, the FII's shares fell by 0.94%
The company reiterates that the warehouse has always shown excellent operational efficiency metrics

Fabiano Silva dos Santos, President of Correios

By: SiiLA News

01/16/2025

The FII Tellus Rio Bravo Renda Logística (TRBL11) found itself in a deadlock after a multi-million dollar default by the Brazilian Postal Service (Correios). The state-owned company, which rents the isolated warehouse CLC Correios in Contagem, MG, failed to pay the December 2024 rent, which was due on January 7, 2025. The overdue amount is R$ 2.7 million.

According to the Material Fact released by Rio Bravo and the Securities and Exchange Commission of Brazil (CVM), the warehouse has Correios as its only tenant. The document also informs that the property has been de-restricted since December 5, 2024, after the Minas Gerais Civil Defense verified the completion of the necessary renovations. At that time, operations at the facility had been suspended after the tenant claimed there were structural damages to the property.

FII TRBL11 also stated that it is taking legal measures to collect the amount due and ensure the fulfillment of the obligations outlined in the lease agreement. According to an investigation by REsource, the latest management report showed that the CLC Correios represents 46% of TRBL11’s revenue.

Worth mentioning again

CLC Correios

In December, REsource revealed that the Brazilian Postal Service was undergoing an administrative process to terminate the lease of a property. At that time, it was confirmed that the state-owned company faced a loss of R$ 1.81 billion, and the government was adopting urgent measures to ensure compliance with the budget ceiling of R$ 21.9 billion.

Additionally, data obtained through the Transparency Portal indicates that the Postal Service spent R$ 11.1 billion between January and June 2024, a significant 54% increase compared to the same period in 2023.

Read: After a Public Fund Decit of Over 1 Billion, Correios Seeks to Terminate Lease for FII Asset in Contagem, MG

The delay in rent payment and the lease termination process have negatively impacted the TRBL11 shares, which on Tuesday (January 14) showed a 0.94% drop, accumulating a depreciation of over 30% since the onset of the issues in October.

In contact with REsource, Rio Bravo stated that they are closely monitoring the news about the tenant company’s losses, but they believe that they have a solid and atypical contract that should be honored. “Moreover, the warehouse has always shown excellent operational efficiency, and we believe that Correios is an important company for the country and should continue operating,” the company emphasized.

As for Correios, they stated that although the partial de-restriction of the property by the Civil Defense of Contagem/MG occurred on December 5, 2024, the Postal Service had already initiated the process to unilaterally terminate the lease, notifying the landlord on December 2, 2024.

“The decision was based on technical work commissioned by Correios, conducted using comprehensive methods and the best techniques for the case, which identified concerns regarding the solidity and safety of the building, confirming the suspension of operations by the state-owned company since October 14, 2024, the date set for halting rent payments. At this stage, the state-owned company is in the final phase of analyzing the defense presented by the landlord, a part of the lease termination process,” said the company.

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