REIT Overview
1According to Article 3 of Law 11.033, income tax exemption applies to individuals, provided that the REIT has at least 100 shareholders and is listed on a stock exchange or organized over-the-counter market, and the shareholder does not hold more than 10% of the REIT's shares.
Timeline
Check out the REIT's acquisitions and divestments.
During the month of June, the REIT completed the acquisition of five properties for the composition of its portfolio, thus finalizing the allocation of its resources into real estate assets and ending the month with approximately 97% of its equity allocated to this asset class.
In December, initiating the allocation of the proceeds raised during the REIT´s 2nd public offering, the REIT acquired two assets leased to Camargo Companhia de Embalagens and Todimo Materiais para Construção.
In January, continuing the allocation of proceeds raised during the 2nd public offering, the REIT acquired two assets leased to Jefer Produtos Siderúrgicos and Cepalgo Embalagens Flexíveis.
The highlight of the month was the acquisition of assets leased to CIA HERING and Distribuidora de Medicamentos Santa Cruz Ltda, announced on February 9, 2018.
The highlight of the month was the acquisition of the asset leased to Copobrás Indústria e Comércio de Embalagens Ltda, announced on March 19, 2018.
The property acquired was a Distribution Center owned by DMI Incorporações Ltda. The seller was responsible for the construction and subsequent lease of the property to CRBS S.A., a subsidiary of Ambev.
Aiming to improve the REIT's long‑term risk‑return profile and consistency of projected distributed income, on October 18, 2018, the REIT sold 100% of the industrial plant of a pulp & paper producer located in Caieiras/SP to Caieiras Indústria e Comércio de Papéis Especiais Ltda.
In April, following the projected pipeline, and as disclosed on April 17, 2019, the REIT acquired the industrial and logistics warehouse owned by Covolan Indústria Têxtil Ltda in Santa Bárbara d’Oeste – SP for R$ 71,800,000.
After meeting one of the precedent conditions of the Memorandum, the REIT completed the payment of R$ 6,500,000.00 for the new expansion area of approximately 60,000 m² at CD Anápolis. Payment was structured in 12 promissory notes as follows: (i) 1 note of R$ 200,000 (ii) 10 notes of R$ 600,000 and (iii) 1 note of R$ 300,000.
On December 20, the REIT announced through a Material Fact, the completion of the Real Estate Purchase Agreement for the property leased to Rizobacter do Brasil Ltda.
On June 10, the REIT signed a Purchase Agreement to acquire 1,625,000 shares of Triple A REIT for R$ 112,500,000. As part of the payment package, the Seller subscribed to 10,000,000 of new shares issued in the REIT´s 7th Public Offering. With this acquisition, the REIT had a 35.62% stake in Triple A, which could potentially be diluted to 25% following capital contributions by Oaktree Capital Management.
On August 21, the Formal Consultation Results Statement regarding the EGM for the REIT's new bylaws was released. Responses to the Formal Consultation were received and, after due verification, the process resulted in the APPROVAL of all resolutions.
The asset was sold for an adjusted fair value of R$ 130,000,000.00 by Triple A, received fully in cash, with proceeds used partially for debt amortization and dividend distribution to shareholders.
On October 21, 2024, the REIT signed a Purchase and Sale Agreement with Alianza Trust Renda Imobiliária REIT to acquire the Aptiv property for R$ 47,500,005.85.
On November 12, the REIT signed a Purchase and Sale Agreement with SUNO LOG REIT to acquire 6 assets of its portfolio for R$ 299,000,000.
On November 12, after fulfilling precedent and suspensive conditions, the REIT signed a Purchase and Sale Agreement with BTG PACTUAL LOGÍSTICA REIT to purchase its Air Liquide and Mills properties.
On April 30, the REIT signed a Purchase and Sale Agreement to acquire the Martin Brower Curitiba Distribution Center for R$ 35,475,000, subject to precedent and suspensive conditions.
On May 9, the REIT signed a Purchase and Sale Agreement with REC Logística REIT to acquire select assets from its portfolio for R$ 133,456,200.44.
On June 11, all precedent conditions were met for the sale of the property located at Rua Jerônimo Teles Júnior, 54, Pirituba – São Paulo/SP.
The operation was concluded successfully, and full payment of R$ 35,250,000, will be fulfilled on July 1, 2025, the same date that the property will be transferred to the buyer.
On September 2, the REIT signed definitive documents together with Bluemacaw Logística REIT (BLMG11), involving a land parcel in Cabreúva/SP and to acquire all remaining outstanding shares of Triple A REIT.
On September 12, the REIT signed a Purchase and Sale Agreement with Jive Properties III REIT to acquire the Green House logistics property located in Indaiatuba/SP for R$ 43,000,000, currently leased to Outdoor Importação e Exportação Ltda.
On October 20, 2025, fulfilling precedent conditions, the REIT executed the public deed together with Votorantim Logística REIT – VTLT11, for the acquisition of a logistics property located in Quatro Barras/PR, currently leased to Renault Brazil, for R$ 216,999,994.86.
On October 24, 2025, the REIT signed a contract to acquire all shares of SPE R032 Seropédica Empreendimentos e Participações S.A., owner of a logistics condominium currently leased to Granado, EPL and Embelleze in Seropédica/RJ for R$ 67,999,999.32.
The REIT announced the closing of its 10th public offering, raising R$ 693,328,657.56, the largest capital raising event in its history, surpassing 200 thousand shareholders and R$ 2.4 billion in Net Asset Value.
On December 5, 2025, GGRC11 agreed to a Private Instrument of Promise of Purchase and Sale for the divestment of the properties located in Santa Bárbara d'Oeste/SP, currently leased to Covolan.
The transaction was executed for a total amount of BRL 94,981,950.00, with installment payments adjusted for positive IPCA variation. Completion of the sale remains subject to fulfillment of precedent conditions set forth in the agreement, including full completion of the down payment installment, at which point the definitive deed will be executed and ownership title of the property transferred to the buyer.
On December 30, 2025, GGRC11 entered into a Private Instrument of Commitment to Purchase and Sale for the divestment of the distribution center located in Campinas/SP, currently vacant.
The transaction was executed for a total amount of BRL 77,000,000.00, with installment payments made partly in cash and partly through the subscription of VVRI11 shares. Upon completion of the transaction, GGRC11 retains its indirect economic exposure to the asset, while transferring to the buyer all obligations, costs, and risks associated to the retrofit and modernization of the property.
On March 3, 2026, the Formal Consultation Assessment Report was released regarding the Extraordinary General Meeting that resolved on the update of the REIT’s Bylaws, including the change of its corporate name. Shareholders votes were accounted for and, following the appropriate tabulation, the change of the REIT's name from GGR COVEPI RENDA FUNDO DE INVESTIMENTO IMOBILIÁRIO – RESPONSABILIDADE LIMITADA to ZAGROS RENDA IMOBILIÁRIA FUNDO DE INVESTIMENTO IMOBILIÁRIO – RESPONSABILIDADE LIMITADA was approved.
On March 27, 2026, GGRC11 entered into an agreement for the acquisition of a logistics asset located in the Braspark Condominium, Garuva/SC, through a sale-and-leaseback transaction, for the amount of BRL 192,307,805.43, with an atypical 12-year lease agreement to be executed following fulfillment of the precedent conditions set forth in the agreement.
On May 11, 2026, GGRC11 entered into an agreement for the acquisition of two logistics assets located in Garuva/SC and Camaçari/BA, for a total amount of BRL 165,000,000.00, both under existing lease agreements. The transaction is subject to fulfillment of the precedent conditions set forth in the agreement, reinforcing the GGRC's strategy of investing in high-quality, strategically located logistics assets.
On May 28, 2026, GGRC11 entered into an agreement for the acquisition of CD Diadema, a last-mile logistics warehouse located in Diadema/SP, for BRL 93,000,000.00, fully leased to Replas Comercial Ltda. The transaction is subject to fulfillment of the precedent conditions set forth in the agreement, reinforcing the REIT's strategy of investing in high-quality, strategically located logistics assets.
On June 8, 2026, GGRC11 announced its inclusion in the FTSE EPRA Nareit Global Emerging and FTSE EPRA Nareit Global Extended indices, an important recognition of the REIT’s institutional quality. The inclusion broadens its visibility among domestic and international investors and reinforces management's commitment to high standards of governance, transparency, and liquidity.
On June 22, 2026, GGRC11 announced its affiliation and inclusion in LAREAL (Latin America REITs Association), an organization dedicated to strengthening and integrating the listed real estate industry in Latin America. This participation reinforces management's commitment to high standards of governance, transparency, and disclosure, expanding GGRC11’s institutional visibility among domestic and international investors.
On June 23, 2026, GGRC11 entered into an agreement for the acquisition of Phase 3 of Pouso Alegre Business Park, corresponding to Building B.2, located in Pouso Alegre/MG, for the amount of BRL 96,473,688.75. The transaction is subject to fulfillment of the precedent conditions set forth in the agreement and will include a Minimum Guaranteed Income during the construction period, reinforcing the REIT's strategy of investing in high-quality, strategically located logistics assets.
On June 26, 2026, GGRC11 entered into an agreement for the full purchase of shares in the company holding the acquisition rights to Building C of the Infinity Business Park, located in Extrema/MG, for the amount of BRL 142,520,625.03, leased to Buiatte Transportes e Logística Ltda. The transaction is subject to fulfillment of the precedent conditions set forth in the agreement, reinforcing the GGRC11’s strategy of investing in institutional-grade, strategically located logistics assets.
On June 29, 2026, GGRC11 entered into an agreement for the acquisition of a 39.25% stake in the Raposo/Sanca Condominium, a Class A logistics development located in São Paulo/SP, for the amount of BRL 121,255,233.00. The transaction is subject to fulfillment of the precedent conditions set forth in the agreement and will include a Minimum Guaranteed Income during the development period, reinforcing the GGRC11's strategy of investing in high-quality, strategically located logistics assets.
On June 29, 2026, GGRC11 entered into an agreement for the acquisition of a logistics warehouse under development, located in the Camaçari/BA Industrial Complex, for the amount of BRL 150,000,007.50. The transaction will include a Minimum Guaranteed Income during the development and stabilization period, reinforcing the GGRC11's strategy of investing in high-quality, strategically located logistics assets.
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