FII Guardian Logística (GARE11) has signed a commitment to sell a warehouse in Salvador, Bahia, for R$280 million. Concluding the deal still depends on going beyond the rules stipulated in the contract.
With a gross leasable area of 35,600 sqm, the property is currently leased to BRF (BRFS3). The complex consists of a refrigerated warehouse, utilities, offices and parking.
According to the agreement, the value of the deal will be paid in three installments, the first being 132 million Brazilian riyals, the second 28 million Brazilian riyals, and the third 120 million Brazilian riyals.
Free spreadsheet
Avoid lower-yielding assets with this free tool
Download the InfoMoney fixed income calculator and compare the profitability of assets
If the transaction is completed, GARE11's management expects a gross profit of R$71 million. Considering expenses and taxes, the capital gain would be R$51 million – or R$0.43 per share.
According to the managers, the sale value is in line with the latest valuation report and the deal will help reduce the fund's debt (leverage), which currently stands at 41% of portfolio assets.
“If completed, the sale is estimated to result in a reduction of approximately R$110.5 million in the Fund's current liabilities, reducing leverage to approximately 23.7%,” confirms a relevant fact revealed by GARE11.
Get exclusive news about real estate funds directly
