Altre, the real estate investment arm of the Votorantim Group, has just closed a deal of 50% of the Atlas Office Park, a complex of corporate buildings in front of Parque Villa Lobos, in Vila Leopoldina, in the city of São Paulo. With the pandemic showing signs of a truce, the market for corporate buildings has been unravelling in recent months.
The slice was purchased from Tellus, an asset manager specializing in real estate properties. Altogether, the complex has 36,860 sq metres of gross leasable area (GLA), of which 93% is already leased to names such as PicPay and Drogaria São Paulo. Altre herself will take her office there, starting in December.
The acquisition of half of the Atlas Office Park came out for R$ 200 million, as found by the column from market sources. This values the property at R$400 million, or R$10.8 thousand per sq metre. The development is considered a high standard property, one of the best in the region, where vacancy rate is above 20%. The rent there is around R$ 75 to 90 per sq metre, which generates a potential income of approximately R$ 2.8 million per month (considering the current 93% occupancy), according to data from brokerage firm such as Newmark and SiiLA, a real estate data and analytics platform.
The Votorantim group's new company was created to develop urban projects, subdivisions, development and construction through partnerships with companies in the sector and real estate funds. It is Altre's second acquisition, and the appetite is big. In September, Altre purchased 60% of the Alto das Nações building from WTorre, in a transaction valued at approximately R$1 billion.
The Atlas Office Park is strategic for Altre. It is located next to another project being developed by the group, called Spark – a complex with commercial rooms, cultural, gastronomic and innovation spaces.