Brazilian REIT TRXF11 Closes Record R$1.43 Billion Logistics Deal, Securing Long-Term Mercado Livre Contracts

The TRX Real Estate FII (TRXF11), one of Brazil’s largest Real Estate Investment Trusts, has finalized a landmark R$1.43 billion acquisition of a Class AAA logistics complex in Guarulhos, São Paulo, with the move heavily underpinned by e-commerce titan Mercado Livre. The deal secures high-quality, long-term rental income for the fund, which anticipates an estimated yield on cost of 14.51% for the first 12 months, significantly boosting its portfolio with predictable cash flows.

The acquisition of the industrial complex in Guarulhos, a critical hub in the vast São Paulo metropolitan region, adds nearly 240,000 square meters of gross leasable area to TRXF11’s holdings. For foreign investors, the TRXF11 is a Fundo de Investimento Imobiliário (FII), Brazil's equivalent of a U.S. REIT, which trades on the B3 stock exchange. The fund’s strategy is to invest in high-quality properties and secure long-term leases with creditworthy tenants; it reported an operating profit of R$59.97 million in July 2026 alone and is one of the most liquid FIIs on the B3.

The central mechanism driving the deal's high projected return is the leasing arrangement with Mercado Livre (NASDAQ: MELI). Two of the complex's warehouses are leased to the Latin American e-commerce leader under 10-year atypical contracts. These non-standard agreements are akin to a triple-net lease, shifting a greater share of property maintenance and tax burdens onto the tenant. For a long-term property holder like TRXF11, securing a commitment from a blue-chip company on a 10-year term minimizes operational risk and ensures a reliable stream of rental payments.

Mercado Livre is a prized tenant in Brazil's logistics sector, consistently leading demand for modern warehouse space as it executes a multi-billion real expansion plan to dominate same-day and next-day delivery across the country. The transaction positions TRXF11 to capitalize directly on the growth of Brazilian e-commerce, linking its dividend stability to the continued success and massive logistics footprint of the region's top online retailer. The deal increases the fund’s overall investment in properties by over 18%, a significant reweighting toward its most robust logistics segment.

Investors will watch for the fund's continued dividend performance, with the acquisition expected to help the fund maintain its distribution guidance toward the higher end of its range. This massive injection of high-quality logistics assets from a single transaction may also draw greater interest to the broader Brazilian REIT market, which is tracked by the IFIX index. The scale and quality of this deal set a new benchmark for logistics property valuation within the FII space.

What it touches

The asset in question is held by the TRX Real Estate FII (TRXF11) and is traded on the B3 exchange. The transaction is material for the FII sector, which is tracked by the IFIX index. The tenant, Mercado Livre, is a major component of the Latin American e-commerce landscape, trading on the Nasdaq under the ticker MELI.