(Image: Disclosure)
A Log (LOGG3) submitted to Administrative Council for Economic Defense (CADE) potential sale of the logistics warehouses LOG Fortaleza III, in Ceará, and LOG Viana II, in Vitória, Espírito Santo, for the BTG Pactual LogCP Real Estate Investment Fund – FII.
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According to the document, sent to the market this Thursday, the sale value reaches R$484 million.
In total, the assets have 149,625 m² of GLA (gross lettable area), while the gross margin is 33%.
This is the fifth transaction announced this year, totaling R$1.5 billion and 413,554 m² of GLA.
“This year’s sales, like all others, were made at NAV (net asset value), indicating that the company has sold its assets at the real price recorded on its balance sheet”, he says.
The financial settlement of the transaction will be made in two payments, as follows:
- the first installment, representing 55.5% of the total, at the closing of the transaction,
- the second installment, representing 44.5% of the total, after 24 months, adjusted by the IPCA.
Buyback of Log shares
The company also informs that part of the amount obtained from sales is being used to repurchase
actions.
“Considering that the NAV per share is currently R$41.21 and that there is a relevant discount on the company's market value, since the beginning of the year shares have been repurchased for a total of R$232.0 million at a discount above 40% in relation to NAV”, he says.
For the year, the share is up 10%.