TRXF11 invests R$1.43bn in logistics and expands portfolio

TRX Real Estate (TRXF11) announced the indirect acquisition of an industrial complex valued at R$1.43 billion in Guarulhos, in the São Paulo Metropolitan Region. With approximately 237,400 sqm of gross leasable area, the development comprises three warehouses: K100, K200 and K300.

Two units, K100 and K200, are leased to Mercado Livre under 10-year non-standard lease agreements, beginning on the delivery date of each property. K200 has already been completed, and its lease commenced in May this year.

Construction of K100 is in its final stage. The first phase, representing approximately 70% of the warehouse, is expected to be delivered in July, while full completion is scheduled for October.

K300 remains under development and is expected to be delivered in August 2027. The acquisition of this unit, however, is subject to project approval, the execution of a built-to-suit lease agreement and the fulfillment of other conditions established under the transaction.

During the development period, the fund will receive rental income from K200 and minimum guaranteed income from K100 and K300. Following delivery, these payments will be replaced by the respective rental income.

According to SiiLA data, the transaction has an average annual cap rate of 8.11%.

Following the acquisition, TRXF11’s investment in properties is expected to increase by 18.4%, from R$7.79 billion to R$9.23 billion. The portfolio’s gross leasable area will grow by 19%, reaching approximately 1.48 million sqm, while the number of assets will rise from 112 to 115.

Despite the size of the transaction, the monthly distribution guidance was maintained at between R$0.90 and R$0.93 per share through December 2026.