HAAA11 Receives R$243M Proposal for Berrini Asset Sale
Brazilian real estate fund Hedge AAA (HAAA11) has received a R$242.9 million proposal to sell 10 office units in São Paulo's premier Berrini region.
The Brazilian real estate fund Hedge AAA FII (HAAA11) has received a formal proposal to sell a major portfolio of corporate offices in São Paulo’s prime Berrini financial district for R$242.9 million. The proposed transaction involves 10 autonomous office units located across multiple floors of the Thera Corporate tower, which is part of the high-end Thera One complex. According to the fund manager, the estimated sale price aligns closely with the latest independent appraisal report for the properties.
The complex payment structure is designed to optimize the fund's capital allocation and liquidity. The proposal outlines a transaction split into two main stages: an initial payment of R$116.45 million at the closing of the deal, followed by a remaining balance of R$126.48 million to be settled within 30 days. Crucially, the buyer intends to liquidate a portion of the transaction by exchanging quotas of another real estate fund (FII) and through the securitization of Receivables Certificates (CRIs). Additionally, the deal includes a monthly performance guarantee to the buyer for 24 months post-sale, based on a net revenue benchmark of R$1.7 million.
This potential divestment comes at a time of steady activity in the broader Brazil stock market today. On the local exchange, the benchmark index Ibovespa today (IBOV) traded flat at 175,334.45 points. Meanwhile, major B3 stocks showed mixed results, with state-run oil giant Petrobras (PETR4) sliding 2.84% to R$41.01, mining giant Vale (VALE3) rising 0.60% to R$75.69, and financial heavyweight Itaú Unibanco (ITUB4) gaining 1.40% to R$42.69.
International investors tracking the country's property sector via the main Brazil ETF, the iShares MSCI Brazil ETF (EWZ), are closely watching how this transaction could redefine commercial real estate valuations in São Paulo. Because the proposed price per square meter matches current appraisal values, a finalized deal would establish a solid pricing benchmark for premium B3 stocks in the commercial real estate sector. Market participants will now watch for the fund's formal decision and the subsequent impact of the cash-and-quota influx on HAAA11's future dividend distributions.