GLP Capital Partners (GCP) has sold 12 logistics assets in Brazil for a total of US$300m (€277m) to two unnamed investors.
IPE Real Assets understands that the buyers are Brookfield and Brazilian financial services company BTG Pactual.
The assets, sold in two separate transactions, were held in two GCP Brazil funds.
BTG Pactual bought assets developed by GLP Brazil Development Partners I, which was launched in 2012. The assets, mostly located in key metro locations in São Paulo state, are fully let.
Brookfield bought the assets from GLP Brazil Income Partners.
“The sale of these 12 assets is a result of our focus on enhancing the assets’ appeal to the institutional market and supports our continued efforts to monetise and recycle capital for our partners,” said Ralf Wessel, global head of fundraising at GLP Capital Partners.
“We believe the Brazilian logistics market fundamentals remain highly attractive. Despite the challenging macroeconomic climate, we continue to see high levels of occupier demand for best-in-class logistics space,” said Mauro Dias, the president of GLP Capital Partners in Brazil.
In Brazil, GCP manages the largest logistics platform in Brazil with US$3.1bn in asset under management. It entered the Brazilian market in 2012. Investors in its Brazilian funds include CPP Investments and ADIA.
The company said with these transactions now complete, GCP would continue to invest and deploy resources in logistics real estate and technology and is committed to increasing its footprint in Brazil over the long term.
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