en.Wedoany.com Reported - Brazilian asset manager AZ Quest is raising R$482 million in the market to launch a new real estate fund targeting the rapid growth of Brazil's data center market.
The fund, named AZ Quest Panorama Data Centers, plans to issue 4.82 million shares at a subscription price of R$100 each. The offering does not include additional shares, with a minimum subscription and payment amount of R$291 million. The fund intends to acquire four real estate assets from Scala Data Centers, with both parties signing a 10-year sale-and-leaseback agreement. These assets include Scala's data center in Fortaleza and its substation, as well as two other substations owned by the company in Tamboré and Jundiaí (both in the state of São Paulo).
A feasibility study shows that the Fortaleza data center and its substation account for 60% of the operation's value. These assets are located at Praia do Futuro, where 90% of Brazil's internet fiber optic cables land. The fund has a fixed term of 10 years, extendable by 18 months. During this period, Scala has three portfolio repurchase options, with the repurchase price capped at the same level as the acquisition. At the 36th month, the company may exercise the option at the initial cap rate, with an additional 9% premium; at the 72nd month, the premium is 5%; and at the 120th month, there is no premium. Assuming the R$482 million is raised, the fund's net monthly yield should be the IPCA index plus 9.5% per year, assuming settlement at the 120th month.
This investment comes as Brazil is considered one of the most promising data center markets, mainly due to abundant clean energy, digitalization progress, and strong demand from major tech companies developing artificial intelligence solutions. The Brazilian Data Center Association estimates that investments in Brazil will reach R$500 billion by 2030, with a project pipeline that could increase installed capacity from 730 MW to 3.2 GW, a more than fourfold increase. In its research report, AZ Quest stated that the outlook remains favorable in the coming years, with the proliferation of AI solutions and the expansion of digital services and cloud computing supporting long-term growth in the data center market, where Brazil holds significant competitive advantages.
AZ Quest manages R$36.7 billion in assets, of which R$1.1 billion is allocated to real estate strategies across 12 funds. The investment solicitation period runs from July 3 to July 31, with settlement of the offering expected on August 5. The operation is coordinated by XP Investimentos, with Banco Daycoval serving as the administrator.
