Hedge AAA FII Receives R$ 242.9 Million Mixed-Asset Offer for Berrini Office Units
Hedge AAA FII (HAAA11) received a R$ 242.9 million proposal for ten corporate office units in São Paulo's Thera Corporate complex.
The Brazilian real estate investment trust (FII) Hedge AAA (HAAA11) has received a substantial R$ 242.9 million proposal to sell ten autonomous office units located in the high-profile Thera Corporate complex in São Paulo's Berrini region, providing a significant liquidity event and valuation benchmark for the corporate office sector. The units, which span the 3rd, 4th, 16th, 17th, and 18th floors of the sub-condominium, are part of the larger Thera One complex and represent a major potential divestment for the FII. For investors in Brazilian real estate, the transaction's size and structure offer a fresh indication of value in the "lajes corporativas" (corporate slabs) market.
The proposal outlines a two-stage payment for the total R$ 242.9 million, with a R$ 116.45 million first installment due at the closing of the deal, and the remaining R$ 126.48 million to be settled within 30 days of the initial transfer. A key feature of the proposal is the innovative mixed-asset payment mechanism: a portion of the price may be paid through the exchange of units in another FII and the securitization of Certificates of Real Estate Receivables (CRIs). Hedge AAA FII (HAAA11) confirmed that the estimated price for the sale, even factoring in the expected costs related to the deal and the valuation of any received units and CRIs, is aligned with the latest official appraisal (laudo de avaliação) of the asset. This validation against the appraisal value is critical, as the HAAA11 unit currently trades at a discount to its net asset value, with a Price-to-Book (P/VP) ratio around 0.85.
The announcement of the offer comes as the broader B3 stocks market remains relatively stable, with the Ibovespa Index (IBOV) trading flat at 175,334.45 today. While the HAAA11 unit price may react upon the finalization of the deal, the structure of the sale—which maximizes cash flow while also utilizing financial instruments like FII units and CRIs—signals a maturing and increasingly creative disposition market for large-scale Brazilian real estate assets.
Investors should monitor the finalization of the sale and the specific valuation assigned to the non-cash components of the payment. The proposal also includes a performance indemnity clause, requiring HAAA11 to provide the buyer with a monthly payment for 24 months, calculated based on the difference between the gross revenue generated by the offices and a R$ 1.7 million reference value. The next material event to watch will be the final approval and closing of the deal, which will determine the fund's resulting liquidity and the composition of its balance sheet following the significant divestment of its Thera Corporate holdings.