TRX negotiates R$1bn Faria Lima purchase at 30% above average

TRXF11 will be the anchor investor in a new FII managed by Catuaí that is expected to acquire around 19,000 sqm in Vista Faria Lima and Pátio Victor Malzoni

SUBSCRIBER EXCLUSIVE

Gabriel Barbosa, Director of Asset Management at TRX, which is negotiating the asset at a price above the regional average

By: SiiLA News

08/17/2026

TRX and asset manager Catuaí have signed a binding proposal involving office floors in two corporate buildings, Vista Faria Lima and Pátio Victor Malzoni. The transactions involve two funds managed by Catuaí and total approximately 19,000 sqm and R$1.033 billion.

The transaction stands out because TRXF11 will not acquire the assets directly. Instead, it will act as the anchor investor in a new real estate investment fund, or FII, for which no ticker or prospectus details have yet been disclosed. The new fund will also be managed by Catuaí. As a result, the manager will continue to oversee the assets through a different investment vehicle.

(Transaction details and analysis are exclusive to subscribers)

The sale includes a 29% stake in Tower A of Pátio Victor Malzoni, an A+ class building that represents the entire portfolio of BLCA11, a fund administered by BTG, managed by Pátria and co-managed by Catuaí. The...

Price per sqm exceeds recent Faria Lima market deals

Data from Market Analytica show that the Pátio Victor Malzoni transaction was priced above the most recent deals recorded in the Faria Lima and Itaim Bibi region. Among recent transactions involving more than 6,100 sqm, the average price was R$49,100 per sqm, around 30% below the price negotiated for the Malzoni asset.

Giancarlo Nicastro pointed to what he described as excessive optimism and a risky move by TRX in valuing an asset at a high price at a time of political and economic uncertainty. His assessment is that, given the low cap rate, the investment case would need to rely on future rental growth or further asset appreciation, both of which he considers less likely in the short term.

“Whoever is selling is doing a very good deal, with a strong profit, at a difficult moment for the market. For the buyer, however, if you compare it with simply putting the money in the bank, it could generate twice the return with virtually no risk. So they are making a very optimistic move,” Nicastro said.

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