NewPort Real Estate Gestora de Recursos

A NewPort Real Estate Gestora de Recursos is an independent real estate asset management boutique headquartered in São Paulo (Jardim Europa), with 26 years of accumulated experience by its partners in the Brazilian real estate sector. The group carries a significant track record of more than R$ 12 billion in real estate assets invested and managed throughout its history, with 1.5 million m² under management. In the public capital market, the manager operates a single fund: NEWL11 – Newport Logística FII, launched in October 2019, which has become a benchmark for logistics-industrial Value-Add in Brazil.

Track record and governance

NewPort is structured as an independent vehicle — "owners of our business," as stated on its website — aligning the partners' interests directly with those of the unitholders. The team has accumulated more than two decades of active involvement in all phases of the real estate cycle: origination, development, leasing, portfolio recycling, and divestment. The governance of NEWL11 is complemented by Brasil Plural S.A. Banco Múltiplo as the fiduciary administrator; NewPort retains full strategic decision-making for management, acquisitions, and leases.

There are no records of administrative proceedings or sanctions with CVM involving the manager or the fund. Publications on FNET — monthly managerial reports, material facts, and income notices — follow a regular and transparent flow, a sign of a good disclosure culture. In December 2025, the manager executed the sale of NewLOG Sorocaba with an 18.6% IRR and a 1.9× cash-on-cash, demonstrating discipline in the full Value-Add cycle: buying, creating value, and selling at the appropriate time.

Strategy and fund under management

NewPort's model is concentrated and specialized: a single public fund, focusing on Class AAA logistics-industrial assets in strategic corridors. The thesis is to acquire properties with entry cap rates between 10% and 12% (Caxias 11.97%, Goiânia 10.1%), leverage conservatively via structured CRI (4.3× coverage), lease to top-tier tenants in long atypical contracts, and capture capital appreciation through repositioning.

NEWL11's current portfolio comprises two Class AAA warehouses:

• NewLOG Goiânia — 67.3% of revenue, three tenants (Hypera, Coty, Softys), zero vacancy, high-credit tenants;
• NewLOG Caxias do Sul — 32.7% of revenue, single tenant (Brinox Metalúrgica), which in March 2026 gave an 18-month prior notice for vacation by September 2027, with a contractual penalty of 12× the stabilized rent if the return occurs before the 60th month.

Since the IPO, NEWL11 has accumulated 120% of CDI and IFIX + 7.08% p.a., leading the return ranking among logistics FIIs. Recurrent DPS of R$ 1.00/unit (DY 11.2%), P/BV of 0.84, and 0.0% vacancy complete the current operational picture.

Strengths and points of attention

• Proven track record: best absolute return among logistics FIIs since IPO (2019–2026), with disciplined entry cap rates and Sorocaba divestment with an IRR above 18%.
• Independence and alignment: boutique with no ties to a bank or conglomerate; partners co-invest in the assets, reducing conflicts of interest.
• Leverage discipline: structured CRI to ease cash flow in the early years with 4.3× coverage — conservative even in a Value-Add strategy.
• Broad institutional experience: R$ 12 billion and 1.5 million m² managed by the partners over 26 years provide deep knowledge that goes far beyond NEWL11.

• Portfolio concentration: only two assets and one public fund — little margin to absorb simultaneous shocks; Brinox's departure (32.7% of revenue) is the core risk for the next 18 months.
• Execution test in Caxias do Sul: transforming the property (79.6 thousand m² of land) into urban income before Sep/2027 without a structural drop in DPS is the priority challenge — still without confirmation of a new tenant or a plan approved by the market.
• Limited scale: a single listed fund means lower liquidity for the unitholder and total dependence on NEWL11's results for the manager's reputation in the capital market.

Which investor it makes sense for

NewPort fits well for those who prioritize management quality and a proven history of value creation over scale diversification. The investor seeking an 11%+ DY with AAA brick, accepting a 3+ year horizon, and tolerating the volatility inherent in a two-asset portfolio will find in the manager one of the most consistent executions of logistics Value-Add in Brazil. The current moment requires, however, active monitoring of the solution for Caxias do Sul: the outcome of this transition will define whether NEWL11 maintains its sector return leadership — and whether NewPort consolidates its boutique reputation or faces its first material stumble. More conservative investors should wait for concrete evidence of the new plan for the asset before increasing exposure.