The real estate investment fund Valora Renda Imobiliária (VGRI11) has announced an amicable agreement with WeWork regarding the Brazilian Financial Center (BFC) located on Avenida Paulista in São Paulo. WeWork had previously received an eviction order for the location.

Key points of the agreement include changes to the due dates for future rent payments, which will now be due in the same month they apply, with the first payment for October already made last Thursday (October 17). Additionally, there will be a rent discount for the next 30 months.

According to the fund, “A temporary decreasing discount has been granted on the newly negotiated rent for the next 30 months, divided into two periods of 18 and 12 months. It is important to note that the rent for the first period, starting on October 17, 2024, will be 6% lower than what was previously paid under the old contractual conditions.”

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There was also a restructuring of outstanding rent payments from May to September of this year. According to the relevant report, these amounts will be paid in twelve installments, including penalties and adjustments for inflation. The first installment is due in November 2024.

VGRI11 highlighted that other contractual conditions have been adjusted, providing greater security for the lease agreement and strengthening the fund.

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In contact with WeWork, the company reports that negotiations have already led to agreements with landlords for more than half of its units in Brazil.

“We remain committed to providing the excellent service that our members expect,” states the company’s advisory team.