The new lease agreement signed by Correios strengthens the argument that there was a premeditated maneuver to enable the unilateral, improper, and unpaid termination of the atypical contract maintained with the real estate fund TRBL11. The state-owned company, which could have exercised the right to terminate the agreement by paying the full stipulated penalty, chose to conduct the process in a way that circumvented this contractual obligation.
The new contract, signed in the same region, has a per-square-meter value approximately 30% lower, covers an area 3.5 times smaller, has a duration of 5 years, and follows a typical legal structure—in stark contrast to the current agreement with TRBL11, which was established under an atypical model with ten years remaining in effect and specific clauses guaranteeing stability and financial return on investment.
For Abradin (Brazilian Association of Investors), Correios’ stance compromises contractual predictability and weakens the legal security of a model essential for the development of the real estate sector, which relies on the stability of atypical contracts to enable on-demand and long-term ventures. ‘Correios’ attempt to terminate an atypical contract without complying with legal provisions represents not only disrespect toward investors but also a concrete threat to the legal security framework that supports the sector. A thorough investigation is necessary, as contractual non-compliance in this case involves market resources and could constitute a serious violation of the principles governing FIIs in Brazil,’ states Aurélio Valporto, President of Abradin.
Abradin also views the impact of this maneuver on market confidence with concern. The property in Contagem (MG) was custom-built based on the state-owned company’s operational specifications and structured with an atypical contract precisely to ensure economic viability and legal security for the project. ‘Correios participated in every stage of the property’s development. The atypical contract is not a mere detail—it is the backbone of the financial structure for this type of operation. Terminating it unilaterally jeopardizes not only this fund but the credibility of the entire market,’ emphasizes Valporto.
The association is considering contacting the Securities and Exchange Commission (CVM) to have the case analyzed under current legislation and to ensure responsibilities are properly investigated. For the entity, allowing such conduct to prevail without legal consequences would set a dangerous precedent, undermining the structured financing logic that supports the expansion of the logistics sector in Brazil.
