Vinci Real Estate Offices Fund (VINO11) bought Globo’s head office in Sao Paulo for R $ 522 million.
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Vinci Real Estate Offices Fund (End 11) informed after the close of trading on Friday (17) that he had signed through an agreement Sale and leaseback, the acquisition of 100% of Globo Network’s head office in São Paulo, located in the Brooklyn district, in the capital, São Paulo. The transaction was worth 522 million Brazilian rials, which equates to a price of 13,369 Brazilian rials per square meter.
According to the manager, the property was leased for 15 years through an atypical contract (with durations longer than usual and without revisions until the final term), with an initial rental value of R 84.67 $ / m², adjusted annually for inflation measured by the consumer price index. The National Broadcasting Corporation (IPCA).
The sale-leaseback transaction takes place when the current owner of the asset sells it (a discount(then it is rented again)re-rent). It’s like a kind of RentalWith the difference that the tenant was the previous owner.
The process is generally positive for both parties. As for the leasing company (in this case FII), it is specialized in investments and has experience in financial management and in optimizing the presence of the property on the market.
As for the sales (then rental) company, it will be able to concentrate on its core business rather than worrying about bureaucratic problems and the maintenance of goods. Plus, you’ll get a long-term lease, at better rates than, say, bank financing.
In this respective transaction, Yishi Partners estimates a Maximum rate (Return on Invested Capital) 7.6%, taking into account the purchase price and the NOI (net operating income) for the first year of the asset.
“The acquisition is very strategic for the fund, as it increased the percentage of atypical contracts to 69%, offering greater stability and predictability of income, while increasing the regional exposure of the city of São Paulo to 71% “wrote Vince Partners. , In reality. relative to.
The property has approximately 39,000 square meters of gross leasable area (SGL), 56,000 square meters of built-up area and is situated on a plot of over 43,000 square meters.
The complex consists of a tower called Ed Jornalista Roberto Marinho, three production units and a support area. The complex also has two entrances, two helipads and approximately 1,500 parking spaces between the underground and outdoor parking lots.
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âThe transaction adds another high-quality asset to the VINO11 portfolio, increasing the Fund’s exposure to São Paulo, the country’s largest office market, with an unusual 15-year lease and a primary tenant belonging to a strong economic group. , with excellent credit risk â, fish all the heads of the Industries division.
The house also draws attention to the location of the property, which faces Avenida das Nações Unidas (Marginal Pinheiros), Rua Jornalista Roberto Marinho and Avenida Dr. Chucri Zaidan, where they are located. in one of the main business centers of the office market. The capital of São Paulo.
This Monday (20), around 11:25 am, the VINO11 share was down 0.94% on B3, trading at R $ 54.72.
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