By Brazil Stock Guide – Shopee, the e-commerce platform owned by Sea Ltd. (NYSE: SE), has secured what is considered the largest logistics warehouse lease ever recorded in Brazil. The agreement covers 220,000 square meters of space in a logistics complex currently under construction in Guarulhos, São Paulo state, near the President Dutra Highway.
The property developer Marq Logistics—formerly GLP—signed the contract for the project, which is expected to be delivered by the end of the year. The company did not officially disclose the tenant due to confidentiality clauses in the agreement. Shopee declined to comment when contacted.
The scale of the lease, equivalent to roughly 27 soccer fields, underscores the continued expansion of Brazil’s logistics real estate sector, driven largely by the rapid growth of e-commerce platforms.
“There has never been a contract of this size. The sector continues to grow and still has a lot of room to expand,” said the Brazil head of Ares Management (NYSE: ARES), the asset manager that controls Marq Logistics.
The transaction also reflects a shift toward larger logistics facilities as companies seek to scale operations and increase efficiency in warehousing and distribution.
“The trend is toward larger-scale operations because companies are seeking greater efficiency in logistics,” the executive said.
Shopee has been investing aggressively in distribution infrastructure across Brazil as competition intensifies in the race to provide faster deliveries in online retail. In February, the company opened a new logistics facility in Goiânia, bringing its total number of distribution centers in the country to 16 since launching Brazilian operations in 2020.
The company has become one of the largest tenants in Brazil’s logistics property market, surpassing Amazon.com Inc. (NASDAQ: AMZN) in leased space and trailing only MercadoLibre Inc. (NASDAQ: MELI).
In the e-commerce sector, the number and geographic distribution of warehouses are critical factors in delivery speed and shipping costs. Companies with larger logistics networks can shorten delivery times while lowering distribution expenses.
The Guarulhos project was leased even before construction was completed, highlighting tight supply in Brazil’s logistics real estate market, particularly near major metropolitan areas.
“The landlord would not find another property of this scale in the same location,” the executive said.
In the state of São Paulo, only about 8% of existing logistics warehouse space is currently available for lease, according to industry estimates. The limited supply has pushed rental prices higher, outpacing inflation.
“This is a healthy development. The sector once had vacancy rates of 20% and rents were stagnant. Now there is a recovery,” the executive said.
The Guarulhos lease was signed close to the market rate for the region, roughly 45 reais per square meter, with adjustments linked to planned investments in the property.
Marq Logistics is Brazil’s largest logistics warehouse developer, with 45 properties totaling about 1.9 million square meters of built space. The company also controls land that could support another 900,000 square meters of development.
Around 370,000 square meters are currently under construction, including the Guarulhos complex and another facility in Taboão da Serra, São Paulo state. Additional projects remain in the licensing stage.
“As soon as we receive approvals, we will begin the next construction phases,” the executive said.
The company’s expansion strategy focuses on logistics hubs located within roughly 15 to 30 kilometers of São Paulo, including Guarulhos, Cajamar, Franco da Rocha, Embu and the ABC industrial region.
Marq Logistics is controlled by Ares Management (NYSE: ARES), a Los Angeles-based investment manager overseeing approximately $623 billion in assets across credit, real estate and private equity strategies globally.
In 2025, Ares acquired GLP’s logistics assets worldwide—excluding China—and subsequently rebranded the platform as Marq Logistics.
Leave a Reply