XP's new fund invests more than R$1 billion in Hines properties to form portfolio

All acquired properties have low vacancy rates. Two of them (Manaus II and Rio de Janeiro) are fully occupied, while Manaus I has a 4% vacancy rate, and Cajamar has 13%.

In its disclosure, XP revealed the approximate amounts to be paid for each property. Based on this, SiiLA’s market intelligence team conducted a preliminary analysis of the CAP RATE for each asset. 

The Distribution Park Manaus I will be the most expensive asset in the transaction. With 105,000 m², the fund will pay R$ 358.7 million. If there are no price adjustments, the estimated CAP RATE for this property will be 8.42%. 

With an area of 69,000 m², the Distribution Park Manaus II is expected to be acquired for R$ 236 million, resulting in a CAP RATE of 8.37%. 

In the Southeast region, there are two properties. The first is the Distribution Park Cajamar, covering 88,900 m². Located near São Paulo, this asset will be transacted for R$ 296 million, potentially generating a CAP RATE of 8.26%. 

The final property is the Distribution Park Rio de Janeiro, the smallest in the transaction, at 65,500 m². Its price will be R$ 205 million, with an estimated CAP RATE of 8.36%. 

The payment for Distribution Park Manaus I, Manaus II, and Rio de Janeiro will be divided into three installments: 50% will be paid upfront, expected in March 2025, while the remaining 50% will be settled in two equal 25% installments after 12 and 24 months, respectively, both adjusted by the IPCA inflation index. Meanwhile, the purchase of Distribution Park Cajamar will require 56% of the payment upfront, also scheduled for March 2025, with the remaining balance payable over 30 months, adjusted for inflation.