VTPL11 Acquires a R$ 250 Million Stake in a Pre-Leased Industrial Property for Shopee

On Monday, the 26th, LOG announced, via a material fact notice, the sale of its 55% stake, equivalent to 53.2 thousand m², in LOG São Bernardo do Campo, located in the city of São Bernardo do Campo, São Paulo. The transaction price was R$ 250 million. LOG did not disclose the buyer, but the team found out that the acquiring party is the FII Plus fund (VTPL11).

The property is under construction and is expected to be delivered by the end of 2024. An exclusive analysis by SiiLA, available in detail to subscribers of the Market Analytics platform, indicated a Cap Rate of 7.8% for the transaction.

The asset already has a pre-lease agreement with Shopee. The Chinese retailer will occupy 74 thousand m² under a contract signed in March at a rate of R$ 30/m², totaling R$ 2.2 million per month. If no other companies occupy the remaining space by then, LOG São Bernardo do Campo will have a vacancy rate of 23.1%.

LOG owned 55% of the development, while the remaining 45% belongs to HCI – Hemisfério Complexo Industrial. The development was initiated through a land swap, the details of which remain undisclosed.

Marcio Siqueira, Executive Director at LOG, says that the sale of the asset was not planned for this year and that they were approached by the buyer.

“We didn't have plans to sell the property in 2024 since the construction is scheduled to be completed in 2025. But as we received a very favorable offer from an institutional investor, it created an opportunity for this move to happen now,” he says.

According to the statement, this is LOG's fourth transaction in 2024, totaling R$ 1 billion and 253.9 thousand m² of transacted gross leasable area (GLA). The other transactions involved the LOG Goiânia I, LOG Viana I along with LOG Gaiolli, and LOG Salvador along with LOG Betim.