Zagros aims higher as GGRC11 buys two more logistics assets

To reduce risks, the transactions were structured with mechanisms designed to protect shareholders. In the Camaçari development, the fund will be entitled to a guaranteed minimum income of R$1.25 million per month for 15 months, which will be reduced as the property is leased.

For the São Paulo asset, the guarantee also includes a guaranteed minimum income, which was not disclosed, as well as an earn-out of R$43/sqm applicable if the property is leased before its completion.

The move places Zagros in a more competitive position in the logistics market. Since May, GGRC11 has acquired five assets, totaling more than R$750 million in investments, a move that practically matches the volume raised in the fund’s 11th share issuance.

The strategy shows a clear attempt by the manager to accelerate portfolio growth, using capital raised in the market to expand its presence in larger, higher-standard logistics assets. The issuance had raised R$748.9 million by the end of the second subscription period, while the acquisitions announced since then point to a strong capital allocation push.

The REIT did not respond to questions about its strategy. Now, the question is whether this sequence of acquisitions will be enough to turn GGRC11 into one of the most relevant names in the logistics segment, or whether the manager has merely entered the room before being invited to sit at the main table.