Vinci buys fully occupied Campinas industrial property for R$140 million

According to REsource reporting, the 46,200-square-meter property is fully occupied and will expand the fund’s gross leasable area by 10.6%

SUBSCRIBER EXCLUSIVE

Ilan Nigri, co-head of real estate at Vinci Compass

By: SiiLA News

08/18/2026

Vinci’s real estate investment fund VILG11 has announced the acquisition of a high-end industrial property in Campinas. According to a regulatory filing, the fund paid R$140 million for the 46,200-square-meter asset, or approximately R$3,000 per square meter.

Although the property was not officially identified, REsource has learned that it is Multi Modal Campinas, owned by Tellus Properties. The property is currently fully occupied and serves companies including Affinity Percare, Shopee, Ettori and Jost Brasil.

(The cap rate, behind-the-scenes details of the deal and exclusive transaction analysis are available only to subscribers.)

According to SiiLA analysis, the transaction recorded a cap rate of 8.92%. The regulatory filing states that the property includes a guaranteed minimum rent provision that will cover any vacancy if a tenant leaves.

Vinci and Tellus did not respond to requests for comment by the time this article was published.

VILG11 portfolio after the acquisition

Once the acquisition is completed, the fund’s gross leasable area (GLA) will increase by 10.6%, bringing its portfolio to 13 properties. The Campinas property is expected to account for approximately 9.6% of the fund’s rental income.

SiiLA data indicates that Multi Modal Campinas has a market rent of approximately R$22.55 per square meter, about 26% above the R$17.86 average in the Campinas A submarket. The property is also fully occupied, compared with a 93% occupancy rate in the region.

Based on a market rent of R$22.55 per square meter, the property is expected to generate approximately R$1.04 million per month, or R$12.53 million per year. On a per-share basis, the asset could add approximately R$0.07 to monthly property income. The net impact on distributions will be smaller because VILG11 will use funds currently held in cash and HGLG11 units. During the first year, however, the installment payment structure should have a positive effect, as the fund will collect the full rental income before paying the acquisition price in full.

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