If the financial report released by Log on the evening of Monday, May 4th, provided a good picture of the recent past of the logistics warehouse company controlled by the Menin family, another announcement from the company, made hours earlier, gave a good indication of the prospects for the future of the operation.
The group announced that it has closed a R$1.02 billion deal to sell 11 operational assets from its portfolio to a fund managed by Itaú Asset, the asset management arm of Itaú Unibanco. The transaction involves a gross leasable area (GLA) of 332,800 square meters (m²), with a gross margin of 33%.
With the deal, which will be paid in two installments – the first, of 80% of the value, upon completion of the sale – Log closed the largest sale in its history. And, as a bonus, it also retained the commercial and real estate management of the assets, with a remuneration rate of 0.50% on the fund's assets.
“This is a transformational transaction for the company,” says Rafael Saliba, CFO of Log, to NeoFeed . “It unlocks all the potential value of the capex we have for the year, which is high. And this is in a challenging macroeconomic scenario, with still high interest rates, in addition to the uncertainty and volatility of the elections.”
In practice, the company gains momentum to overcome another stage of its Log 2 Million plan, which foresees the delivery of 2 million m² of GLA by 2028. For this year, the projection is for an investment of approximately R$ 1 billion, for an additional GLA of more than 500,000 m².
This final goal aligns with recovering some of what was not achieved in 2025, the first chapter of this new plan, when the company closed the year with 286,900 m² delivered and a capex of R$ 743.9 million, precisely due to the more uncertain macroeconomic scenario.
“This agreement gives us the peace of mind to move forward with the plan at full speed,” says Saliba. “So, this year and in 2027, we will probably deliver more to compensate for last year. Certainly, the numbers will be higher in both capex and volume developed.”
As part of this, Log delivered 65,500 m² in the first quarter of 2026 in the cities of Campo Grande (MS) and Cariacica (ES). In another measure reinforcing the favorable outlook, given the sector's resilient demand, this space is already 100% pre-leased.
For the year, the forecast, between projects under development and completed projects, is that the investment of approximately R$ 1 billion will translate into 19 projects. The diversification of geographic locations, a theme already widely disseminated in Log's strategy, will continue to set the tone, but with a greater focus on the Northeast and Midwest regions.
Regarding asset recycling, Saliba says that, following the agreement with Itaú, the plan is to be more selective, attempting to find the best deals within the constraints of the macroeconomic environment. He adds that the initial forecast is to sell an additional approximately R$ 500 million this year.
“This transaction opened doors and shows that we have options. We can do both larger and smaller transactions. It all depends on the economics ,” says the CFO. “But we don’t have a fixed idea of doing another deal of this size. We will evaluate all opportunities and see what is best for the group.”
Other gains and quarterly record
The executive highlights other advances brought about by the agreement announced today. Among them is the component of managing the company's liabilities. "With this cash on hand, Log's debt level will fall to its lowest level in the last five years," says Saliba.
Even without accounting for this gain, the company closed the first quarter with net debt of R$1.7 billion, a year-on-year increase of 17.8%. Leverage stood at 1.8 times, compared to 1.2 times in the same period a year earlier.
The CFO also highlights other positive aspects of the agreement with Itaú, starting with the fact that the group will maintain commercial and real estate management of the assets included in the deal. This begins with the potential benefits related to price revisions in lease agreements within this portfolio.
“We have a review initiative underway to adjust historical prices to the new market reality,” he notes. “So, as this is done, the portfolio will have its value revalued and, due to the fund's structure, we are also able to capture this upside.”
According to the most recent figures in this regard, between the second quarter of 2025 and the first quarter of 2026, Log completed approximately 43% of renegotiations. As a result, between January and March of this year, the average ticket price grew 13% year-on-year, to R$ 23.84 per square meter.
At the same time, the executive points out that the transaction also highlights another arm of Log's business to the market: its service platform. In particular, given the amounts involved, this stands out in the area of third-party asset management, which, until then, included two funds, with Inter and BTG Pactual.
The service platform also includes third-party asset management – currently encompassing 1.9 million m² – and Log Shop, a marketplace offering services such as preventative maintenance, cleaning, storage systems, and equipment rental.
More recent and seen as a source of adjacent revenue, the services arm is beginning to gain visibility in the operation. In the first quarter, its net revenue grew 93.7%, to R$ 8.3 million. During the period, the group's total revenue advanced 19.4%, to R$ 66 million.
The period also brought other positive indicators. The main one was the net profit of R$ 134 million, a jump of 55.2% and the highest quarterly figure ever recorded by the company in the bottom line of the balance sheet.
In other areas, EBITDA expanded by 53.2% to R$185 million, while the EBITDA margin of 280.1% represented a growth of 61.8 percentage points. Operating expenses, in turn, decreased by 1.8% to R$15.4 million.
Log's shares closed today's trading session on the B3 with a slight increase of 0.98%, quoted at R$ 26.89 and valuing the company at R$ 2.35 billion. By 2026, the shares have accumulated an appreciation of just over 11%.
