BRPR Corporate Offices receives R$ 760 million offer for Rio building

The real estate investment fund BRPR Corporate Offices (BROF11) has received a non-binding proposal of R$ 760 million for the full acquisition of the Edifício Passeio Corporate in Rio de Janeiro. The building comprises approximately 82,900 square meters of leasable area and is currently 90.20% occupied, with Caixa Econômica Federal serving as a primary tenant occupying 90% of the space.

The proposed payment structure involves 70% of the total value at closing, with the remaining 30% paid in three annual installments of 5%, 5%, and 20%, respectively. These subsequent payments would be adjusted based on the IPCA inflation index.

Management has noted that the R$ 760 million figure is indicative and subject to negotiation. The fund's recent management report valued the property at R$ 1.18 billion. The receipt of this unsolicited offer does not guarantee that the fund will proceed with the sale, as the administration and management are still evaluating the terms and conditions.