The new location agreed upon by the Post Office reinforces the thesis that there was a premeditated maneuver to enable the unilateral, inappropriate, and unpaid termination of the atypical contract maintained with the real estate fund TRBL11. The state-owned company, which could terminate the relationship by paying the full penalty as provided, chose to conduct the process in a way that circumvents this contractual obligation.
The new contract, signed in the same region, has a per square meter value approximately 30% lower, involves an area 3.5 times smaller, with a duration of 5 years and a typical legal structure, in clear contrast to the current commitment with TRBL11, established under an atypical scheme, with ten remaining years of validity and specific clauses that ensure stability and financial return on investment.
According to Abradin (Brazilian Investors’ Association), the Post Office’s stance compromises contractual predictability and weakens the legal certainty of a model essential to the development of the real estate sector, which relies on the stability of atypical contracts to make demand-driven and long-term projects viable. “The Post Office’s attempt to terminate an atypical contract without complying with legal provisions represents not only a disrespect to investors but a concrete threat to the legal framework that supports the sector. A thorough investigation is necessary because the contractual breach in this case involves market resources and could constitute a serious violation of the principles governing REITs in Brazil,” says Aurélio Valporto, President of Abradin.
Abradin also sees with concern the impact of the maneuver on market confidence. The property in Contagem (MG) was built to order, based on the operational specifications of the state-owned company, and structured with an atypical contract precisely to ensure economic viability and legal security to the project. ‘Correios’ participated in all stages of the property’s development. The atypical contract is not a detail; it is the backbone of the financial structure of this type of operation. Breaking it unilaterally compromises not only this fund but the credibility of the entire market,’ highlights Valporto.
The association is considering requesting the Securities and Exchange Commission (CVM) to analyze the case in light of current legislation and to properly determine responsibilities. For the entity, allowing this type of behavior to thrive without legal consequence would set a dangerous precedent, weakening the logic of structured financing that supports the expansion of the logistics sector in Brazil.
