en.Wedoany.com Reported - TRXF11, a real estate fund managed by TRX Investimentos, announced an investment of R$1.435 billion to indirectly acquire a complex of three AAA-class logistics warehouses in the city of Guarulhos, in the São Paulo metropolitan area, two of which are leased to Mercado Livre. The news was disclosed in a material fact notice released after market close on Monday (July 20).
This transaction is the largest acquisition in TRXF11's history and one of the biggest ever for Brazilian real estate investment funds (FIIs). Previously, the largest single deal for the TRX-managed fund was related to the acquisition involving Hospital Israelita Albert Einstein, valued at approximately R$600 million. With this acquisition, TRXF11's total leasable area increased by 19%, from about 1.25 million square meters to 1.48 million square meters; real estate investment value grew by 18.4%, from R$7.79 billion to R$9.23 billion. The fund's portfolio now includes 115 properties, with tenants such as Assaí, Grupo Mateus, and Leroy Merlin, spread across 60 cities and 18 states. The logistics segment's share of the fund's leasable area rose to approximately 37%, with the remainder comprising retail and distribution infrastructure segments. Mercado Livre accounts for about 18% of rental income, while 79.4% of total revenue comes from special contracts (offering stronger protection structures for property owners), with an average contract term of 13 years.
In recent weeks, TRX has conducted a series of portfolio adjustment operations. On June 11, TRXF11 sold 15 properties (most of which are Caixa Econômica Federal branches) across five states for R$207.2 million, paid in shares of BRC Renda Urbana, a closed-end fund managed by Unitas and BR Capital. A few days later, TRXF11 indirectly acquired Hotel Emiliano Rio for approximately R$260 million, located on Avenida Atlântica facing Copacabana Beach. TRXF11 became the property owner, but hotel management remains with Rede Emiliano.
Now, by concentrating over R$1.4 billion in one of Brazil's most sought-after logistics assets, the asset manager appears to be replacing diversified, mature assets with properties known as "trophy assets"—scarce, highly liquid, and with appreciation potential. This strategy aims to transform the fund from a "general urban income" fund into an owner of assets considered strategic and not necessarily dependent on the real estate market cycle.
The "Faria Lima" of warehouses
The complex acquired by TRXF11 includes three warehouses—K100, K200, and K300—with a total leasable area of 237,400 square meters. These projects are located on Paschoal Thomeu Avenue in Guarulhos, less than 5 kilometers from Guarulhos International Airport, with direct access to Presidente Dutra, Fernão Dias, Ayrton Senna highways, and the Rodoanel ring road. In the real estate market, this area is known as the "Faria Lima of logistics warehouses" due to its concentration of Brazil's most coveted spaces. Additionally, proximity to Brazil's largest cargo airport, major national highway corridors, and Latin America's largest consumer market creates a hard-to-replicate combination. In a presentation to investors, TRX classified these assets as "nearly irreplicable" due to the scarcity of plots with this scale and location.
In this acquisition, two of the three warehouses already have Mercado Livre as tenants. K200 is completed and operational, while K100 is in the final stages of development, expected to be fully delivered by October 2026 (both designed under a built-to-suit model). The contracts have a ten-year term, with early termination penalties equivalent to the full rent for the remaining lease period, enhancing the predictability of the fund's income. The third warehouse, K300, is still awaiting project approval and has a built-to-suit contract signed with a future tenant not yet disclosed.
