2023-12-20 22:17:45
HSI has just acquired the building that housed Oi’s headquarters in Leblon — in a bid to revive the real estate market in Rio de Janeiro and taking advantage of the lack of supply of high-end corporate properties in the region.
Max Lima’s real estate management company paid R$205 million for the property and will spend another R$195 million to complete the retrofit.
In the end, the manager will have a triple-A building with 20 thousand square meters of gross leasable area and floor slabs measuring around 1,500 square meters.
The transaction was signed six months ago, but the closing It only came out now because it was necessary to wait for approval from Anatel.
“It’s a bet on a market that doesn’t have any assets of this magnitude and is better known for small rooms,” said a sector source. “There are good slabs, but they are older buildings. And no one can buy land there to do something new.”
According to a broker in the Rio market, HSI’s idea is to retrofit the building, rent the floor slabs and then sell the entire building to someone player sector, such as a real estate fund.
The retrofit work will begin now and is expected to take around two years to complete.
Today’s transaction is the most recent example of a growing resumption of investor interest in the Rio real estate market.
In a recent transaction, Tegra and São José paid R$370 million for a plot of land measuring more than 30 thousand square meters in Barra da Tijuca, in the West Zone of Rio.
The land belonged to the heirs of Aloysio Faria, the founder of Banco Alfa.
Tegra said it intends to use the space to build a “very high standard” residential development.
In November last year, Opportunity also launched a high-luxury residential project in the building that housed the former Hotel Glória. The building is expected to be delivered in 2026, but Opportunity said it has already sold 60% of the apartments.
Other recent examples: the investment that Prisma Capital made in the Hotel Everest, in Ipanema, which is now being transformed into a residential property with a PSV of R$500 million; and the construction of a luxury building on the edge of Leblon by Gafisa.
“Although it still has violence problems, I think Rio is past its prime. low in terms of the real estate market,” said an investor in the sector. “After the developer begins to believe once more, the market gradually returns.”
In Leblon, prices never fell, given the scarcity of supply. Today, rent for corporate properties in the region is around R$300 per square meter, a price very similar to that of Faria Lima.
Pedro Arbex
1703190530
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