V2 Fund invests R$77 million in Campinas logistics market

Last Tuesday (13), the real estate investment fund V2 Renda Imobiliária (VVRI11) announced, through a material fact, the acquisition of a logistics asset in Campinas, São Paulo, for R$77 million.

The payment was structured in two stages: R$19.9 million in cash—R$2 million paid upon signing the contract, with the remainder split into nine monthly installments—and R$57 million settled through units of the VVRI11 fund, delivered to the seller on January 9, 2025.

According to calculations by SiiLA’s research team, the stabilized cap rate for the transaction is 7.62%.

In an exclusive interview with REsource, Vitor Grünpeter, CIO at V2 Investiments, said that the seller of the property was the real estate investment fund GGR Copevi (GGRC11), managed by Zagros.

The transaction was carried out with Zagros through its logistics fund GGRC11. “It is a partner of V2 with whom we share a similar market view. The structure of the deal, with part of the payment made in VVRI11 units, reinforces the alignment of interests between the parties.

Zagros will now hold a relevant position as a unitholder and, given its expertise and track record in the sector, contributes to a relationship that goes beyond the transaction itself, opening space for the exchange of views and strategic discussions that tend to be beneficial for both sides,” he said.

Regarding the strategic rationale of the acquisition for the fund’s portfolio, Grünpeter noted that the transaction is aligned both in terms of size and diversification.

“This is the fund’s first investment in the logistics segment, which expands the scope of the strategy and adds a new front to the portfolio, while maintaining our focus on the state of São Paulo. The transaction value, at around R$77 million, reflects the target size of new acquisitions we are pursuing in the short and medium term, in line with the fund’s allocation and growth plan,” he explained.

Finally, the manager detailed the asset’s main operational characteristics and the expected impact on income distribution.

“The property was used for several years as a distribution center by Suzano, which recently terminated its lease, leaving the asset currently 100% vacant. As a trade-off for acquiring a vacant warehouse, the transaction was structured with a guaranteed minimum monthly income, which mitigates the impact of vacancy in the short term.

This model creates an important alignment of interests, as the search for new tenants becomes relevant not only for V2, but also for the seller. We are evaluating different occupancy alternatives and tenant profiles, considering the asset’s flexibility and construction quality.

From the unitholders’ perspective, we do not expect any material impact on income distribution in the short term, maintaining predictable cash flow while we work on re-leasing the property and capturing value over the medium term.”