The tenant, according to the fund's management, will comply with the minimum notice of six months in accordance with the terms and conditions agreed in the lease contract. (Image: REUTERS/Andrew Kelly)
O Google Brazil informed the real estate fund Patria Corporate Buildings (PATC11) the intention to early terminate the lease contract for the big tech office in the Sky Building, located in Vila Olímpia, in São Paulo. The FII confirmed the information through a relevant fact, this Wednesday (02).
The reason was not disclosed, but commercial complexes nº 91, 92, 101 and 102 of the asset that belongs to the PATC11 portfolio will be returned, which totals a gross leasable area of 2,600 square meters.
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The tenant, according to the fund's management, will comply with the minimum notice of six months in accordance with the terms and conditions agreed in the lease contract. Therefore, the vacancy is scheduled for April 1, 2025.
Management also informs that, to this date, no type of financial impact is expected, with Google's rent corresponding to R$0.08 per share.
In addition to this, there will also be a termination fine calculated proportionally to the period
remainder of the contract and which will positively impact the fund's revenue by approximately R$0.12 per share.
According to the latest management report, the technology company's rent corresponds to 37% of the fund's revenue. The contract was signed in September 2022.