Patria Properties sells 60% stake in SP condo for R$ 167.5 million, targeting R$ 34.4 million gain
The Patria Properties fund agreed to sell its 60% interest in the Edifício Jacks Rabinovich building in São Paulo, a deal expected to net investors roughly R$ 34.4 million.
Fundo Imobiliário do Brasil RBRP11, known as Patria Properties, signed an agreement to sell its stake in the Edifício Jacks Rabinovich condominium located in Vila Olímpia, São Paulo, for R$ 167.5 million. The property features 4,775 square meters of gross leasable area (ABL), and the fund holds a 60% interest representing approximately 2,865 square meters of ABL. An initial payment of R$ 16.75 million was made upon signing the purchase commitment, with the remaining R$ 150.75 million to be paid upon the final deed execution. From the total transaction value, Patria Properties is set to receive approximately R$ 100.5 million. The fund management predicts a capital gain of roughly R$ 34.4 million for investors, or about R$ 2.83 per share. This sale is part of the fund's active portfolio management strategy, with an estimated internal rate of return of 17.8% annually on the investment.
