HSI Investimentos has just signed the purchase of land in the heart of Guarulhos for around R$200 million, sources familiar with the matter told Brazil Journal.
The transaction will allow the asset manager to real estate for Max Lima to develop a logistics warehouse with more than 200 thousand square meters of gross leasable area (GLA) — in a region with a natural vocation for the ‘last mile’ of logistics operations. ecommerce.
The investment for the construction of a warehouse of this size should be in the order of R$ 500 million, according to the estimate of brokersbringing the total value of the manager’s investment to R$700 million.
According to one of the sources, the seller was an individual, which made competition for the asset low and the transaction concluded quickly.
In addition to HSI, Cy Capital, Cyrela’s real estate fund manager, even made an offer, as did Credit Suisse’s former real estate fund team (which is now part of Pátria).
In recent years, the Guarulhos region has attracted many investors in logistics warehouses given its proximity to the East Zone of São Paulo, the most populous region of the capital with more than 4 million inhabitants.
Two years ago, for example, GLP purchased land from Klabin in Guarulhos to launch a warehouse with almost 500 thousand meters of GLA; the manager already has another 1 million meters in the region.
Brookfield also recently developed two logistics parks in Guarulhos: Riachuelo, with 100 thousand meters of GLA, and Sakamoto, with 250 thousand meters and which is in the second phase of development.
A sector source said that the land purchased by HSI “was the last large piece of land in the region with quality and vocation for logistics.”
According to this source, the manager’s idea is to develop the warehouse and then sell it on lease.
Recently, BTG paid R$1.75 billion for 550,000 square meters divided into 11 logistics warehouses within a radius of up to 60 kilometers from São Paulo.
Applying the same square meter value (R$3,200), the HSI warehouse could be worth R$636 million when it is completed. But given the strategic location, market sources estimate that the sale value could far exceed that.
According to a broker, recent transactions for warehouses in Guarulhos have been going for between R$4,000-R$4,500 per square meter.
HSI has a long history in the logistics sector. Until 2012, it was the largest logistics player in Brazil, but sold all its assets to GLP, including a warehouse in Guarulhos. In 2017, the manager looked again at the sector, and in recent years has developed warehouses in Cajamar, Perus and Recife.
Pedro Arbex
