Brazilian real-estate company Log Commercial Properties signed a preliminary agreement to sell two greenfield warehouses to a real estate investment fund managed by BTG Pactual’s asset management division for BRL484 million ($89 million).
The transaction is due to be paid in two installments: 55.5% at the closing of the deal and the remaining amount two years later, including adjustments for inflation, the company said Thursday in a securities filing.
One of the warehouses is located in Fortaleza in northeastern Brazil and the other in Vitoria in the east.
Log has already sold five warehouses to BTG this year and plans to use part of BRL1.5 billion raised to fund a share buyback program.
The company has found a niche market in greenfield investments in warehouses as e-commerce drives demand for distribution centers.