Vinci Real Estate Offices Fund (Fino 11) informed after the close of trading on Friday (17) that he signed through a deal Sale and leaseback, the acquisition of 100% of the headquarters of Globo Network in São Paulo, located in the Brooklyn neighborhood, in the capital, São Paulo. The value of the deal amounted to 522 million Brazilian riyals, which is equivalent to a price of 13,369 Brazilian riyals per square meter.
According to the manager, the property has been leased for 15 years through an atypical contract (with longer terms than usual and without revisions until the final term), with an initial rental value of R$84.67/m², adjusted annually by inflation measured by the consumer price index. The National Broadcasting Corporation (IPCA).
The sale and leaseback transaction takes place when the current owner of the property sells it (a discount(then it is rented again)rent back). It’s like a kind of LeasingWith the difference that the tenant was the previous owner.
The process is usually positive for both sides. As for the leasing company (in this case, FII), it specializes in investments and has experience in financial management and optimizing the property’s presence in the market.
As for the selling (and then leasing) company, it will be able to focus on its core business rather than worrying about bureaucratic issues and property maintenance. In addition, you will have a long-term lease, at more interesting rates than, say, bank financing.
In this respective transaction, Yishi Partners estimates a Max rate (Return on Capital Invested) 7.6%, taking into account the purchase price and NOI (net operating income) for the first year of the asset.
“The acquisition is very strategic for the fund, as it raised the percentage of atypical contracts to 69%, providing greater stability and revenue predictability, as well as increasing the regional exposure of the city of São Paulo to 71%,” Vince Partners wrote, in fact. related to.
The property has approximately 39 thousand square meters of gross leasable area (GLA), 56 thousand square meters of built-up area, and is located on a plot of more than 43 thousand 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 about 1,500 parking spaces between the underground and outdoor car parks.
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“The transaction adds another high-quality asset to the VINO11 portfolio, increasing the Fund’s exposure to São Paulo, the largest office market in the country, with an unusual 15-year lease and a principal tenant belonging to a strong economic group, with excellent credit risk,” the entire Industries Division Managers fish.
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 placed in one of the main business centers of the office market. The capital of Sao Paulo.
This Monday (20), at about 11:25 AM, VINO11 stock was down 0.94% on B3, trading at R$54.72.
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