The 4 acquisitions were good? What does it mean to change to a cottage?
Direct answer: it was an aggressive move and, on the balance, competent — but there is no money in your pocket today. Between 23 and 29 June, the GGRC11 the the the the the the the Four purchases of sheds totaling R$ 510.3 million, all paid with the credits of 11a issue. This adds about 136 thousand m2 of leasable area (a jump of ~17% in the portfolio) in a week only. Allocation speed is rare and shows that the fund manager has a pipeline ready — capital raised does not stop yielding little in the cash.
Where is the "but": Only one of the four assets is ready and generating real rent. (the Extrema shed, already 100% rented). The other three are under construction — two of them are still under construction. without tenant contracted contractor without tenant contractor. During the works, the quotationist receives a RMG (minimum guaranteed income) paid by the seller, so it does not stay at zero. But the full, competitive income, only comes when the works are finished in 2027 and the sheds are rented. In summary: the equity value of the fund now grows; the larger dividend is a promise of 2027, not today.
Before diving, the essential of context: the GGRC11 (Zagros Renta Real Estate FII, formerly GGR Covepi Renta, renamed in March/2026) is a brick background. High Grade High Grade Logistics and industrial sheds, with R$ 2.36 billion of assets, 38 real estate, 44 tenants in 12 states and occupation of 99.81%. We have already covered his entry in the global index FTSE EPRA Nareit and the three previous acquisitions in the global index FTSE EPRA Nareit. our June analysis of June. Here, the focus is on what came next: the four-shopping gust at the end of June.
The 4 acquisitions one by one, one by one.
In seven calendar days, four relevant facts. Let's start with the general photo and then dissect each operation.
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|---|---|---|---|---|---|
| Pouso Alegre Business Park F3 — Galpão B.2X | Pouso Alegre/MGX | R$ 96.5 my R$ 96.5 my R$ 96.5 | 23,719 m2 m2 | Under construction (delivery mai/2027) | RMG ~R$ 770 thousand/month (cap ~9.58%) |
| Infinity Business Park — Galpão C C | Extreme/MGX | R$ 142.5 my R$ 142.5 my R$ 142.5 | 38,000 m2 m2 | Ready and ready 100% locado (Buatte/Medea) | Cap ~9.90% — immediate rent |
| Logistics Galpão — Polo Industrial Camaçariri | Chassis/BAXX | R$ 150.0 my R$ 150.0 my R$ 150.0 | 54,000 m2 m2 | In development (~abr/2027) | RMG R$ 1.25 mi / month (15 months) |
| Raposo/Sanca Condominium — fraction 39.25% | Sao Paulo/SP (Raposo Tavares km 15) | R$ 121.3 my R$ 121.3 my R$ 121.3 | 20,516 m2 m2 | Under construction (~jul/2027) | RMG 9.60% a.a. (~R$ 970 thousand/month) |
Acquisition 1 — Pouso Alegre/MG (23/06, R$ 96.5 mi). It is the Galpão B.2 of the Phase 3 of Pouso Alegre Business Park (23,719 m2), still in construction, with delivery scheduled for May/2027. From 30 July 2026 seller pays one July 30 Receita mínima garantida about R$ 770 thousand/month (which is equivalent to one) Head Rate Head Rate of ~9.58% per year).). There are two details that lower the risk: the bond of Fulwood S.A. plus fiduciary alienation as collateral, and the fact that the Phase 1 of the same venture is already 100% leased (includes the Free Market). In other words, it is a work without a tenant still hired, but with a proven history of absorption in the condominium itself.
Acquisition 2 — Extrema/MG (26/06, R$ 142.5 mi). This is the jewel of the rajada. Galpão C do Infinity Business Park (38,000 m2) já foi delivered in September of 2025 and is 100% rated. for Buiatte Logística, operator of Midea (home appliances manufacturer), with contract of 5 years to R$ 31/m2. Cap rate initial of ~9.90%, which generates approximately R$ 1.18 million rent per month per month (9.90% × R$ 142.5 mi ÷ 12) — about R$ 0.0055 per unit/month. Unlike the other three, here there is no waiting: once the previous condition of closing has been met (deadline up to 29/06), the asset enters generating cash immediately. Extrema is one of the most valued logistics hubs in the country due to its proximity to São Paulo and the mining tax exemption.
Acquisition 3 — Camaçari/BA (29/06, R$ 150.0 mi). A shed of 54,000 m2 (when ready) at the Camaçari Industrial Pole, still in development, with delivery in ~10 months (around April/2027). The strong point is the familiarity: it is in the same condominium of the CD3 Camaçari that the GGRC11 already owns, where MRV and Shopee. operate. During construction, RMG R$ 1.25 million/month by 15 months. And there's a mechanism of Earn-out.: part of the price is only paid if the shed is 100% rented with a minimum cap rate of 10% — that is, the buyer only disburses the full value if the target profitability is confirmed. It is an alignment of interests that protects the unit holder.
Acquisition 4 — Raposo/Sanca, São Paulo/SP (29/06, R$ 121.3 mi). A fraction of 39.25% of a condominium on the Raposo Tavares Highway km 15 (20,516 m2 referring to the fraction), under construction with delivery in ~12 months (~July/2027). It is the most speculative of the four: without confirmed tenant without confirmed tenant Now at the moment. in the moment. The RMG during the construction is of 9.60% a.a. (~R$ 970 thousand/month), and there is earn-out if the property is leased before completion for a value above R$ 43/m2. The location is the trunfo — the km 15 of Raposo gives privileged access to the Greater São Paulo, one of them. U U U U U U U U S U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U U The most disputed logistics in Brazil.
Was it a good deal? Dissecting operation dissecting operation
The risk mix. Of the four purchases, only one (Extreme) is already real income. The other three are works — two totally without tenant (Raposo/Sanca and Camaçari new) and one with strong demand signaling (Pouso Alegre, same condominium of Fulwood, with Phase 1 already 100% leased). Translating for the unitholder: One-third of the capital becomes full income now; two-thirds is a future lease bet., damped by RMG.
What is RMG and Why Does It Matter? The guaranteed minimum income is a remuneration that the seller of the property pays to the fund during the phase in which the shed still does not generate its own rent (work or unemployment). It prevents the quotationist from being left without return while waiting. Adding up the three under construction: Pouso Alegre (~R$ 770 thousand/month, from 30/07), Camaçari novo (R$ 1.25 mi/month) and Raposo/Sanca (~R$ 970 thousand/month) give about of 30/ZQX new (R$ ZQX3ZQQX mi/month). R$ 2.99 million/month of RMGX million/month of RMG — something around R$ 0.014 per unit/month provisional. Some Extreme (ready, ~R$ 1.18 mi/month, ~R$ 0.0055/unit) and the four together already inject relevant income into the bottom even before the works are finished.
Attention to "provisional". RMG is not permanent rent — it is valid only for a defined term (in Camaçari, for example, are 15 months). If the work delays or the shed becomes vacant after delivery and the end of RMG, the income of that asset may fall before stabilizing. This is exactly the risk of buying a warehouse in construction without a tenant: you advance capital today against a revenue that can only be confirmed there ahead.
The cap rates are competitive? Cap rate is the annual rent divided by the price of the property — the higher the cheaper you bought relative to the income. The four assets were between 9.58% and 9.90%, with earn-outs targeting 10%. For galpões for galpões High Grade High Grade In SP and South/Southeast, the market tends to work between 8% and 10%. Logo, the GGRC11 bought GGRC11 in the upper range of the range's upper range. — good numbers, without paying expensive. And bought with built-in discount: as the unit itself trades the P/VP of 0.89 (10.5% below equity value), the fund uses "discounted" capital to acquire real estate at full cap rate, which is accretive (increases the value per unit) when well executed.
The 11 account of the issue does not close — and that says something. The 11 issue captured R$ 748.9 million (75% of the target of ~R$ 1 billion). These four purchases alone add R$ 510.3 millions. Adding the three previous acquisitions already disclosed (CD Diadema R$ 93 mi; Garuva A + CD3 Camaçari R$ 165 mi = R$ 258 mi), the commitment reaches ~~R$ 768 million — above the captured — 768 million. This suggests that the fund is closing the 3 issue window in parallel and/or using partial leverage (the leverage via CRIs is at R$ 268.78 mi, LTV% of 11.3%, still controlled). It is not a sign of tightening, but it is a point to follow: aggressive allocation demands that the remaining catch enter the promised rhythm.
The thesis of the GGRC11 for those who have now arrived
What it is, in simple language. Imagine a condominium of huge warehouses — distribution centers, factories, warehouses — rented to large companies like Renault, Ambev, Mercado Libre and the operator of Midea. The GGRC11 owns these properties and passes the rents to the listings every month, exempt from income tax for individuals. It is "brick": income comes from rented physical property, not from debt papers.
Why it exists and what the proposal is. Logistics is the backbone of e-commerce and industry. Long contracts, often often long contracts. Atypical atypicals (BTS, The built to follow The The The Built built to To The The The The Built built built built to to follow is built built built to to to follow — the shed is built to measure for the tenant, with long-term rigid contract and high fines in case of exit), give predictability of revenue. The GGRC11 offers a pulverized portfolio (44 tenants, 12 states), near total occupancy (99.81), WAULT of 4.06 years and a stable dividend of R$ 0.10.
The fund manager. Zagros Capital (note 8/10 in our discretion, "excellent"), led by Pedro van den Berg (CEO) and Diego Rodrigues, charges 1.10% a.a. on the PL and PL% a.a. on the PL. does not charge performance fee charge — a rare alignment favourable to quotation. The fund is an eligible collateral on B3 and entered the global index FTSE EPRA Nareit in May/2026, which expands the institutional investor base (the number of listings jumped 4.33% in the month, to 356,495, and the daily volume hit a record of R$ ZQ millions).
The real risks. Three fronts deserve monitoring: (1) contract maturities contract maturities contract maturities — Renault Quatro Barras (ten/ZQX0ZQQX, 10.84% of revenue, but highly specific atypical contract BTS, favoring renewal), Martin Brower (out/2026), Ambev Guarulhos (jul/2027, 8.72%); and Ambev Itaja (ZX6) Three assets in works three assets in works(3) if the lease is delayed after the end of the RMGs, the rent of those real estate frustrates; (3) execution of the 11a issuance issue 11a execution — the rhythm of purchases requires that the remaining collection materializes.
The dividend will rise?
Today the GGRC11 pays R$ 0.10 per share for 14 months in a row — stability that pleases, but that has been sustained with 0.10 per share for months in a row — stability that pleases, but that has been sustained with 14. payout above 100%% 100% in recent months (cash consumption of ~R$ 1.18 mi in May versus R$ 2.63 mi in April). This means that the fund distributed a little more than it generated, drawing from the reserve. It is not alarming in a fund in the phase of allocation — capital raised has not yet become full income — but explains why the fund manager maintains the guidance of R$ 0.10 for all 2026.
The simple account of the future. If the four acquisitions operate at full cap rate, they would generate something like R$ 48 million/year, the equivalent of ~R$ 0.224 per unit/year, or ~R$ 0.019 per additional unit/month. This is material: on a dividend of R$ 0.10, it would be an expressive reinforcement. But — and the “but” is the point — that number is only realized. when the works are finished (2027) and the sheds are rented.. In the short term, what sustains the base is the Extrema shed (already yielding) plus the RMGs. Honest conclusion: the dividend hardly rises in 2026; the potential upside is a history of 2027.
Conclusion and verdict verdict
To whom it is. to whom it is. For the income investor with medium-term horizon who accepts to wait for 2026 in exchange for a larger portfolio and possibly more cash generator in 2027 — buying today with 10.5% discount on equity and locking a DY of ~12.1%, a 12.1%, a 10.5% discount today. spreadspspsp 400 to 500 base points on NTN-B (public title IPCA+, ~6.5-7).). For those who are not: for those who need an immediate dividend increase or do not tolerate having a share of the capital in works without tenant — that investor should wait for the completion of assets or look at already stabilized logistic funds 100%.
Price range. The R$ 9.86 (VP of R$ 11.02), the discount of 10.5% offers margin of security. It is the leader of our own. buckett bucket brick/logistics with 8.0 note, ahead of pairs as well. NEWL11 (7,3), GRUL11 (7.0) and TRBL11 (6,9).
Three scenarios for the 4 acquisitions:
Optimist — The works deliver on time (2027), Raposo/Sanca and Camaçari new are leased near completion (earn-outs shoot in favor of the unit), and Renault/Ambev renovate. As a result, the dividend moves to R$ 0.11-0.12 and the unit closes the discount for VP.
the Base Base Base Base Base Base — Extrema supports the immediate income, the RMGs covers the works, one or two leases take a little longer than expected but resolve themselves. Dividend follows in R$ 0.10 along 2026 and high assay in 2027. Cota oscillates near the current price.
Pessimist — Works are delayed, the RMGs ends before the lease, a relevant maturity (Renault or Ambev) does not renew and the 3 the window of the emission captures below the necessary. Pressed income and discount on the VP persists or increases.
Verdict: Verdict: Note 8.0 — COMPRA, maintained. The burst of R$ 510 mi was disciplined (cap rates high, earn-outs and RMGs protecting the downside), but it is a thesis of the downside), but it is a thesis of the thesis. Future Value Construction Future Value Construction, not immediate extra income income. Those who enter should enter by the discount and the quality of the portfolio — and have patience until 2027.
