Passeio Corporate complex receives R$ 760 million acquisition proposal

The Passeio Corporate business complex in Rio de Janeiro's Cinelândia district has received a R$ 760 million unsolicited proposal for its full acquisition. The complex, which includes three corporate towers totaling approximately 83,000 square meters of leasable area, is currently held by the BRPR Corporate Offices real estate fund.

The offer is significantly lower than the property's estimated valuation of R$ 1.18 billion. The proposed payment structure includes 70% upon completion of the sale, with the remaining 30% distributed in three annual installments adjusted by the IPCA.

The complex is currently nearly 90% occupied, with a major tenant being Caixa Econômica Federal, which utilizes the space for administrative functions and a cultural center. The site also features a ground-floor mini-mall and connections to the Teatro Riachuelo. The transaction remains under evaluation by the fund.