Bresco Investimentos e Gestão

Strengthening Bresco Investimentos e Gestão is an independent asset manager founded in 2011 by Carlos Betancourt — former founder and CEO of Bracor Investimentos Imobiliários (partnership with Sam Zell, ~$2 billion invested) — alongside entrepreneurs Luiz Seabra, Guilherme Leal, and Pedro Passos (founders of Natura). In 2018, private equity fund Jaguar Growth Partners joined as a strategic partner, expanding the manager's institutional capital and international reach. With CNPJ 17.415.310/0001-70 and ANBIMA registration, Bresco is widely recognized as Brazil's leading developer and manager of high-end logistics properties, with a portfolio concentrated in A+ assets focused on last-mile urban logistics. Its public fund's equity exceeds R$ 2.1 billion, with stabilized annual contracted revenue above R$ 212 million.

Track record and governance

Since BRCO11's IPO in 2019, Bresco has delivered a total return of 104.1%, compared to 34.1% for the IFIX over the same period — a sector benchmark outperformance of three times. Operational milestones are concrete: the sale of Bresco São Paulo (GPA CD06) in 2023 for R$ 325 million, the highest relative value recorded in logistics transactions in the country at the time; a R$ 135 million follow-on in 2024 for institutional investors; and the acquisition of the Viracopos + Simões Filho complex via the 6th issuance in 2025, which added 7 stabilized assets to the portfolio. The governance structure is robust: fiduciary administration by Oliveira Trust (CVM-licensed), a brAA+ rating granted by S&P Ratings — extended to the fund's CRIs —, 100% direct participation in assets (without intermediary vehicles), and a minimum distribution policy of 95% of cash earnings. Bresco has been certified as a B Corporation since 2018 and a PRI signatory since 2020, serving as a pioneer in LEED certifications in Brazil (1st Core & Shell and 1st Gold warehouse in Latin America).

Strategy and funds under management

Bresco operates with a single public fund — BRCO11 (Bresco Logística FII) — and a private vehicle (Bresco Co-Investimento FII, 2021). The strategy is deliberately concentrated: depth in high-end logistics, without dispersion into other segments. BRCO11's portfolio comprises 14 properties, 591 thousand m² of GLA, and 13 out of 14 properties classified as A+ by SiiLA. The competitive advantage lies in its last-mile positioning: 71% of contracted revenue comes from last-mile assets, with ~23% of GLA within 25 km of São Paulo — the largest last-mile portfolio in the capital of São Paulo by an independent manager. The tenant base has been significantly upgraded: 77% investment grade (vs. 67% in Feb/2026), with atypical leases accounting for 37% of stabilized revenue and a well-distributed average maturity profile. In June 2026, physical vacancy dropped to 0.8% following the signing of a 3-year contract with Expresso 3300 at Bresco Embu (4% of consolidated GLA). The manager also operates in built-to-suit and sale-leaseback, with organic expansion capacity estimated at up to 15% of the current portfolio.

Strengths and points of attention

• Exceptional track record and alignment of interests: 104% total return vs. IFIX, without the use of artificial RMG; 100% asset participation signals long-term commitment.
• Institutional A+, last-mile, and diversified portfolio: 13 of 14 properties A+, 77% investment-grade tenants, national presence (SP, BA, AL, MG, PR, RJ, RS), and extremely low vacancy (0.8%).
• Specialized management and senior team: 10 partners with backgrounds at Sam Zell, Gávea, Bank of America, and Wharton; integrated multifunctional structure (engineering, leasing, legal, investments).
• Single fund in the public vehicle: the entire thesis relies on BRCO11 — the lack of diversification across funds reduces the ability to rebalance sectoral exposure within the manager.
• Geographic concentration in São Paulo: ~23% of GLA within a 25 km radius of SP is a logistical advantage but creates dependence on the São Paulo real estate dynamics; local macroeconomic or regulatory events may have a disproportionate impact.

Who this investment is suitable for

Bresco is suitable for investors seeking institutional quality with a proven track record in the logistics segment. The ideal profile is long-term — recurring income with atypical leases and structurally low vacancy — and tolerant of medium liquidity (BRCO11 is one of the most traded logistics FIIs on B3). Investors who value certified ESG governance and exposure to the growth of e-commerce and urban logistics will find Bresco one of the most coherent and disciplined managers in the market. What to monitor: typical lease renewals (2026-2027), a possible 7th issuance to finance portfolio expansion, and P/BV behavior in high-interest-rate windows (BRCO11 tends to trade close to BV, which limits capital gains but reduces discount risk).