GPA confirms sale of 43 stores for R$ 1.25 billion to the manager TRX

The Pão de Açúcar Group (GPA) closed the sale of 43 properties for R$ 1.24 billion to investment funds managed by BRL Trust Distribuidora and managed by TRX Gestora de Recursos, reported in a relevant fact, on the night of Thursday (5). The contract guarantees the maintenance of the rental of the properties to the company. The stores are located in the states of São Paulo, Rio de Janeiro, Mato Grosso do Sul, Goiás, Bahia, Sergipe, Pernambuco, Piauí and Paraíba and in the Federal District. The lease agreements will have a term of 15 years, renewable for the same period, being agreed a rent of R $ 24 per square meter per month and a "cap rate" (rate of return that a property) of 6.85%. Part of the contract are two Extra Hiper stores, six stores of the Extra Market, 22 stores of the Pão de Açúcar chain and 13 stores of the wholesaler Assaí, occupying an area of 541,675 m² of land and 295,266 m² of built area. The stores sold correspond to 7.4% of assaí's gross sales and 5.6% of the sales of the supermarket and hypermarket arm. The manager TRX, which has a net worth of R$ 2.5 billion, would have closed the deal through TRX Real Estate FII. In the portfolio of the real estate fund, with shares traded in B3, there are already assets of Pão de Açúcar and Assaí. "The operation is in line with gpa's mature asset monetization strategy, contributing to the reduction of net debt, strengthening the capital structure and increasing the return on capital employed," the GPA said in the relevant fact. According to the company, the effect of the transaction on GPA's net income will be "virtually neutral."