The real estate fund managed by TRX Investimentos is investing R$ 1.435 billion in the indirect acquisition of a complex consisting of three AAA-rated logistics warehouses in Guarulhos, in the São Paulo Metropolitan Region, two of which are leased to Mercado Livre , according to the relevant fact disclosed after the market closed on Monday, July 20.
This is the largest transaction in the history of TRXF11 and one of the largest ever carried out by a Brazilian REIT. Until now, the largest individual operation of the TRX fund was the acquisition related to the Albert Einstein Israelite Hospital , valued at approximately R$ 600 million.
With the acquisition, the gross leasable area of TRXF11 grows by 19%, increasing from approximately 1.25 million to 1.48 million square meters (m²).
The value invested in real estate increased by 18.4%, from R$ 7.79 billion to R$ 9.23 billion, and the portfolio now includes 115 properties, with tenants such as Assaí , Grupo Mateus, Leroy Merlin, among others, in 60 cities and 18 states.
The logistics segment's share rises to approximately 37% of the fund's leasable area – the other two being retail and distribution infrastructure.
Mercado Libre will now account for approximately 18% of rental revenue, while 79.4% of total revenue will be linked to atypical contracts (offering a structure with greater protection for the owner), with an average term of 13 years.
In recent weeks, TRX has executed a series of portfolio recycling moves. On June 11, TRXF11 sold a package of 15 properties spread across five states (mostly branches of Caixa Econômica Federal ) for R$ 207.2 million. The payment was made in shares of BRC Renda Urbana, a closed-end fund managed by Unitas and BR Capital.
Days later, came the indirect purchase of the Hotel Emiliano Rio, for approximately R$ 260 million. Located on Avenida Atlântica, in front of Copacabana beach, TRXF11 became the owner of the property, but the hotel management remained the responsibility of the Emiliano Network.
Now, by concentrating an additional R$ 1.4 billion in one of the most sought-after logistics assets in the country, the asset manager appears to be exchanging fragmented and mature assets for properties known as "trophy assets," meaning scarce, highly liquid, and with potential for appreciation.
The strategy is to be less of a "generic urban income" fund and more of 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 comprises warehouses K100, K200, and K300, with 237,400 square meters of gross leasable area.
The developments are located on Paschoal Thomeu Avenue in Guarulhos, less than five kilometers from Guarulhos International Airport and with direct access to Presidente Dutra, Fernão Dias, Ayrton Senna and Rodoanel highways.
In the real estate market, the region has earned the nickname "Faria Lima of logistics warehouses" for concentrating the most coveted spaces in the country.
Furthermore, the proximity to Brazil's largest cargo airport, major national highway corridors, and the largest consumer market in Latin America creates a combination that is difficult to replicate.
In a presentation note to investors, TRX classifies the assets as "virtually irreplaceable" due to the scarcity of land of this scale and location.
Of this acquisition, two of the three warehouses already have Mercado Livre as tenants. K200 is completed and in operation, and K100 is in the final stages of development, with total delivery projected for October 2026 (both were designed using the built-to-suit model).
The contracts have a term of ten years and, in case of early termination, the penalty corresponds to the remaining balance of the rents until the end of the contract, which increases the predictability of the fund's revenue.
The third warehouse, K300, is still pending project approval and the signing of a built-to-suit contract with a future tenant who has not been disclosed.
