By Brazil Stock Guide – São Carlos Empreendimentos e Participações SA (B3: SCAR3) agreed to sell a portfolio of four office properties for R$735 million ($147 million). The assets total 76,800 square meters of gross leasable area and are located in São Paulo and Rio de Janeiro.
The transaction will be settled through a combination of cash and real estate investment fund units, with 70% to be paid upfront in cash and the remaining 30% in quotas of a new real estate investment fund (REIT) to be created.
The sale price represents an 18.5% discount to the portfolio’s net asset value (NAV), with an annualized cap rate of 8.1%. The buyer is a newly structured REIT under registration with Brazil’s securities regulator, the CVM, and is not considered a related party to São Carlos.
São Carlos will retain a strategic role in the transaction by acting as real estate advisor to the fund, leveraging its experience in property management. The deal remains subject to customary closing conditions.
The portfolio includes partial ownership of EZ Towers Tower A in São Paulo, the Santo Amaro Administrative Center (blocks B and D), and two Rio de Janeiro assets: Pasteur 154 and City Tower. Together, these properties account for nearly 77,000 square meters of leasable area.
Following completion, São Carlos is expected to expand its footprint in the REIT segment, acting as advisor to three funds with approximately R$2 billion in combined assets under management. The company’s remaining portfolio will comprise 34 properties with 143,000 square meters of owned leasable area and an estimated market value of R$924 million, in addition to R$590 million in REIT units.
São Carlos is managed by the 3G trio — Jorge Paulo Lemann, Beto Sicupira and Marcel Telles — a group known for its investments across multiple sectors in Brazil and abroad.
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