By Brazil Stock Guide – São Carlos Empreendimentos (B3: SCAR3), controlled by shareholders linked to Jorge Paulo Lemann, has completed the sale of eight office buildings for R$837.2 million, marking one of the biggest adjustments to its portfolio in years. The transaction was formalized on Nov. 27 after all conditions were satisfied, according to a regulatory filing.
The buyer is the newly created SC JiveMauá Corporate FII, a real-estate fund put together by Jive Investments, which now takes ownership of properties across São Paulo, Campinas and Rio de Janeiro. São Carlos received R$586 million in cash and R$251 million in subordinated fund shares, ensuring it maintains financial exposure to the portfolio even after the sale.
The assets include Alexandre Dumas, part of EZ Towers, Paulista Office Park, Globaltech and three buildings in Rio, totaling more than 78,000 m² of office space. With the deal concluded, São Carlos will act as the real-estate advisor to the Jive-backed fund, shifting part of its business model toward fee-based management.
The move reflects São Carlos’s broader strategy: lighten the balance sheet, recycle capital and increase flexibility for new opportunities. After the transaction, the company holds 40 properties worth about R$2 billion, plus nearly R$350 million in fund shares — a portfolio designed to be leaner and easier to reposition in Brazil’s changing commercial real-estate market.
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