Tellus Rio Bravo signs R$456.5 million in commitments for warehouses, one of them leased to Amazon

Tellus Rio Bravo (TRBL11) signed agreements to purchase slices of two logistics properties, totaling R$456.5 million, according to a relevant fact disclosed by the company and reported by Money Times. The point that most attracts the attention of those who follow the sector is the tenant of one of the assets: the Recife property is fully leased to Amazon.

Based on the details disclosed, the operation is divided into two fronts. The first is a 49% stake in the Régis property, in Itapecerica da Serra (SP), for R$56.1 million, leased to three companies. The second is an 81.5% stake in Amazon Recife, located in the municipality of Cabo de Santo Agostinho (PE), for R$400.4 million. The two values ​​add up to the announced R$456.5 million.

Payment will be in cash and has two stages. According to Money Times, 64% of the total, or R$292.2 million, will be paid at closing, and the remaining 36%, R$164.3 million, will be paid over a 24-month calendar, corrected by the IPCA. In practice, the company reduces the immediate disbursement and assumes a cash obligation that lasts two years, with correction linked to inflation.

In the same segment, InfoMoney reports that Zagros Renda Imobiliária (GGRC11) is negotiating the sale of ten properties to FII Suno Imóveis (SNIM11), valued at R$530 million. Completion is scheduled for Friday, the 6th. The vehicle estimates a profit of R$75 million, around R$0.22 per share, and indicates a price with a premium of 14.18% over the values ​​of the latest valuation reports.

The same report also projects a return of 12.57% per year for the business, measured by IRR. The sold portfolio brings together logistics warehouses in different regions of the country, and the title of the InfoMoney article mentions Ambev among the tenants. There are two distinct transactions, one for purchase and the other for sale, and the information collected does not indicate a connection between them.

According to this newspaper, what draws attention is the logic of the business: funds buying and selling warehouses at prices negotiated between private parties, based on valuation reports and returns calculated by the market. The quality of the lease contract and the tenant is what sustains the income from these assets, and this is where the investor should look more carefully.

What changes for the investor

For those who have shares in TRBL11, the acquisition expands the portfolio with interests in properties already leased, but the installment payment of R$ 164.3 million adjusted by the IPCA will weigh on cash until the second year, as long as the operation is completed as planned. For those who follow GGRC11, the numbers to watch are the conclusion by Friday, the estimated profit of around R$0.22 per share and the premium of 14.18% on the reports, because it is this premium that shows how much the sale exceeds the most recent valuations. None of this is a buy or sell recommendation, nor a price prediction: the 12.57% IRR is an InfoMoney estimate, not a return guarantee.

Automatically translated from Portuguese.