World’s Fourth Largest Logistics Operator Lands in Brazil

RIO DE JANEIRO, BRAZIL – Another logistics warehouse giant has just landed on the Brazilian market, in the wake of the e-commerce boom and the growing demand for storage centers and freight distribution.

It is U.S. Exeter Property Group, a Philadelphia-based company listed as the fourth largest logistics company worldwide, behind only GLP, Blackstone and Prologis, the latter leading the category. The first three companies already operate in Brazil.

Partners

Exeter’s arrival was handled by XP Vista Asset Management’s investment fund, hired by the company as its real estate consultant. The American operator will advise the fund in choosing land, price assessment, warehouse layout and the profile of lessors and suppliers.

Managers

In charge of Exeter’s operation is executive Jonathan O’Day, who headed GLP when the company reached Brazil in the last decade and acquired the entire warehouse portfolio of Brazilian HSI and BR Properties, taking the lead in the national market. Also from XP are fund managers Pedro Carraz (ex-BRMalls) and Gabriel Paz (ex-HSI and ex-Cyrela).

Getting to work

Under XP management, the fund raised half a billion reais in late 2020 and is now proceeding to acquire land and get to work. In total, the fund intends to develop four warehouses, with deliveries scheduled between late 2021 and 2024. The facilities will be located in Jandira (SP), with 17.600m2; Embu das Artes (SP), with 32,700m2; Extrema (MG), with 74,000m2; and the largest of all in Cajamar (SP), with 150,000m2, the development of which will be split into three stages.

New owner

Concurrently with this development, Exeter announced a recent agreement for its acquisition by Swedish EQT, in a US$1.9 billion transaction. The buyer is a private equity and heavyweight real estate fund company with over EUR 60 billion under management.

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