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BTG Pactual Logística (BTLG11) recently announced its 12th issue of new shares, but is it worth it for the investor to participate in the issue? Come with me and I'll tell you everything about the Fund and Nord FIIs ' positioning in relation to the offer in today's text. The Background BTG Pactual Logística (BTLG11) is a real estate fund that aims to generate income and capital gains through investments in the logistics segment. Originally called “TRX Realty Logística Renda Fundo de Investimento Imobiliário ( TRXL11 )”, the Fund was structured and managed by Gestor TRX Realty between 2010 and 2019. As of October 2019, its administration and management were transferred to BTG Pactual Serviços Financeiros DTVM and BTG Pactual Gestora de Recursos — the largest FII manager on the market, with around R$26.4 billion under management. With a net worth of approximately R$2.4 billion and more than 224 thousand shareholders.
BTG Pactual Logística has excellent liquidity, trading an average daily volume of R$5.5 million since the beginning of the year. This way, the investor should not have difficulties in assembling and dismantling positions. Regarding fees, the Fund charges shareholders a unified fee of 0.90% per Brother cell phone list year on its market value, which makes its cost one of the lowest in the logistics segment, since there is no incidence of performance rate. Portfolio Observing the latest management report released by the Fund, it is possible to note that its property portfolio had a financial vacancy of just 4% and amounted to a total of 667 thousand m² of GLA distributed among 22 properties. It is worth mentioning, however, that some of its assets are in the process of being sold, such as the case of BTLG Dutra/RJ and BTLG Santa Luzia/SP. If the agreement is confirmed, the Fund will have a profit of approximately R$0.92/share that can be distributed to shareholders over 18 months.
The same goes for the BTLG Dutra/SP property, which could be sold for the total amount of R$81.54 million (R$4,032/m²), potentially generating a capital gain of 40% for the Fund (IRR of 19 . 5% and cash profit of R$ 1.12/share). These transactions, as well as others carried out in the recent past, show that the Fund has been undergoing an important transformation since the beginning of BTG's management, combining growth with quality and portfolio recycling . In other words, it has been consolidating its portfolio in properties with an A+ construction standard , mainly located in the state of São Paulo. BTLG11 Portfolio Source: BTG Pactual Furthermore, it is important to mention that a large part of its real estate revenue is located within a 30 km radius of the capital of São Paulo ( 41% ), while another 16% is within a 60 km radius.
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发表于 2023-10-14 17:56:56