Gasometer land can be sold to Fla


Real Estate Investment Fund reaches a loss of R$4 billion and needs to sell assets to reduce deficit

By: Dudu Carvalho and Higor Neves

In recent years, Flamengo has intensified its interest in and studies on locations to develop its own stadium project, and the Gasmetro site has become one of the best evaluated options. Now, a new fact can help the club make its dream come true. This is because the Porto Maravilha Real Estate Investment Fund (FIIPM), responsible for the area, has a loss of more than R$4 billion and will probably need to sell part of its holdings.

According to a report released in October 2023, the fund’s net worth is approximately R$739 million. However, when looking at this same account, in January 2015 the value was around R$4.2 billion, which means a devaluation of more than 82%, which is also reflected in the fund’s share. In January 2015, the quota was valued at R$1.213609. In October 2023, it dropped to R$0.156047, thus having a drop of more than 87%. With the account unbalanced, selling assets is one of the viable ways to readjust the fund’s situation.

According to data from the report, the value of all land belonging to FIIPM is R$189 million. This assessment ratifies the abrupt devaluation of possessions. After all, in 2012, Caixa Econômica Federal negotiated the land for R$220 million.

Photo: Rio City Hall/Cdurp


The devaluation of land happened gradually, but the main factor that appears as justification is the ‘abandonment’ of the region. Without major investments, the area that encompasses the Gasometer Land became sparsely inhabited and productive. According to the surveys and evidence highlighted, it is certain that the FIIPM project for the region was a failure. This is because, in 2011, the company made investments of R$3.5 billion in the area, committing to pay another R$6.5 billion over 15 years. However, less than 20% of the bonds were subsequently sold, due to the economic crisis.

In 2015, FIIPM made a contribution of R$ 1.5 billion, with the idea of ​​reinforcing works and managing to clear the land. However, the attitude became another snowball in the avalanche of debts and losses accumulated by the fund since it purchased the region.

Without finding solutions, the FIIPM declared insolvency in 2017 and further hampered the construction situation. This is because, by stating that the total debt was greater than it could pay, the fund passed the responsibility for maintenance and provision of services in the region to the city hall.


Currently, the region remains without practical solutions from the public tool. Proof of this is that in 2023, the Federal Government and Rio City Hall, represented by President Lula and Mayor Eduardo Paes, gave up R$4 billion that they would have received from FIIPM. The idea is that the value will be invested in the region, unlocking the works.

The strategy endorsed by Lula and Paes has two main objectives, both linked to the valorization of the area:

  1. Construction of commercial and residential buildings in the region, to revitalize and bring commercial activities to the area.
  2. Valuation of CEPACs (Certificate of Additional Construction Potential), so that other companies can invest in the area.
    Caixa Econômica Federal is the owner of the land in GasometerCaixa Econômica Federal is the owner of the land in Gasometer
    Photo: Reproduction


Despite all the negative context surrounding the region, Flamengo has carried out studies and shows interest in purchasing the Gasologista Land, to develop its own stadium. Internally, the club has already established that it will pay a maximum of R$250 million for the construction area, regardless of what it is.

With this amount, it can be said that it is possible to purchase the space. After all, as the FIIPM report itself indicates, all land owned by the fund is valued at around R$189 million, that is, an amount lower than the contribution projected by Flamengo.

In the studies carried out so far, Fla understands that there are two positive factors that support the construction of the stadium on the Gasometer site.

  1. Location: land is close to Maracanã and the center of Rio de Janeiro, thus facilitating access and traffic, essential for large events.
  2. Ongoing projects: It is expected that, in 2023, the work on the Gentileza Intermodal Terminal will be completed. The project promises to integrate BRT (buses), two VLT lines and 22 municipal bus lines. Such a structure would be capable of supporting the traffic of 130 thousand people daily.

The article is in Portuguese

Tags: Gasometer land sold Fla



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