GTIS Partners has launched its first Brazil-listed real estate investment trust (REIT) with the acquisition of $248m (€214m) logistics assets.
The real estate private equity firm said its GTIS Brazil Logistics Real Estate Investment Fund has acquired the logistics warehouses in the metropolitan area of São Paulo.
The assets include Centro Logístico Embu, Distribution Center Barueri, Distribution Center Cajamar, and Distribution Center Rodoanel.
GTIS Partners said the acquisition was structured through the creation of a Brazilian REIT known locally as Fundos de Investimento Imobiliário (FII).
The acquisition involved an equity investment through the issuance of $130m worth of the FII’s shares, accompanied by the issuance of $118m worth of real estate receivables certificates backed by the purchase and sale agreements related to the acquisitions.
Maristella Val Diniz, senior managing director and head of Brazilian investor relations at GTIS Partners, said the fund was structured to be GTIS’s primary income-oriented logistics investment platform going forward in Brazil.
“To achieve this goal, it has unique governance mechanisms and economic rights for the listed real estate fund market.”
Josh Pristaw, head of capital markets for GTIS and co-head of GTIS Brazil, said: “We are incredibly excited to launch our first local Brazilian listed vehicle and look forward to continuing to grow our presence in the local Brazilian public markets.”
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