Itaú Unibanco signs major office lease and announces R$ 11 billion debt repurchase

Itaú Unibanco has secured a major corporate real estate deal by leasing the entire Esther Towers complex in São Paulo from Eztec. The contract covers two towers totaling approximately 91,400 square meters in the Chucri Zaidan business district.

The 10-year lease, which includes an option to extend for an additional five years, is expected to generate approximately R$ 1.17 billion in revenue for Eztec over the first decade. The agreement supports Itaú’s expansion and its hybrid work policy, facilitating a return to more frequent in-person operations. The complex is being delivered in stages, with the first tower expected by the end of 2026 and the second in the first half of 2027.

Separately, Itaú announced plans to repurchase R$ 11 billion in subordinated financial notes (Level 2) originally issued in 2021. The buyback, scheduled for execution in two stages in September and October 2026, is intended to optimize the bank’s capital structure. While the move is estimated to reduce the bank’s Level 2 capitalization index by approximately 0.7 percentage points, it is viewed as a sign of financial solidity and active capital management.