The new lease signed by Correios reinforces the argument that there was a premeditated maneuver to enable the unilateral, undue, and unpaid termination of the atypical contract maintained with the real estate fund TRBL11. The state-owned company, which could exercise the right to terminate the contract by paying the full stipulated penalty, chose to conduct the process in a way to circumvent 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 a typical legal structure—clearly contrasting with the existing agreement with TRBL11, which was established as an atypical contract with ten years remaining, featuring specific clauses ensuring stability and financial returns on investment.
For Abradin (Brazilian Association of Investors), Correios’ stance compromises contractual predictability and weakens the legal security of a model essential to the development of the real estate sector, which relies on the stability of atypical contracts to enable on-demand and long-term projects. ‘Correios’ attempt to terminate an atypical contract without complying with legal provisions represents not only a disregard for investors but also a concrete threat to the legal security framework that supports the sector. A thorough investigation is necessary, as this contractual breach 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 maneuver’s impact on market confidence with concern. The property in Contagem (MG) was custom-built based on the state-owned company’s operational specifications and structured under 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 minor detail—it is the backbone of the financial structure for this type of operation. Unilaterally terminating it jeopardizes not only this fund but the credibility of the entire market,’ emphasizes Valporto.
The association is considering involving the Brazilian Securities Commission (CVM) to assess the case under current legislation and ensure accountability. For the organization, allowing such conduct to go unpunished would set a dangerous precedent, undermining the structured financing logic that supports the expansion of the logistics sector in Brazil.
