Tok&Stok deposits rental value for logistics warehouse MG – 03/29/2023 – Market

After being evicted by the Vinci Logística real estate fund for non-payment of the January rent for the property “Extrema Business Park I”, located in the Minas Gerais municipality of Extrema, on March 24, Tok&Stok made a deposit in court in the amount of R$ 2.092 million to settle the outstanding debt, according to a material fact released this Tuesday (28) by the fund manager.

The real estate fund responsible for the logistics warehouse also said in the statement that, after having access to the funds, it will request the formal closure of the eviction action.

“It is worth mentioning that Tok&Stok paid the rent for February, which was due on March 6, 2023 and that, with the payment of the amount referring to the rent for January, it is in compliance with the lease agreement”, informed Vinci Real Estate Resource Management.

The rent to Tok&Stok represents around 14% of the fund’s revenue as a whole, and the lack of payment had a relevant impact on the distribution of dividends, one of the main attractions of the category. After having paid a dividend of R$ 0.67 per share in January, remuneration dropped to R$ 0.53 in February, a decrease of almost 21%.

The financial crisis experienced by companies in the retail sector such as Americanas, Marisa and Tok&Stok, in the midst of a scenario of high interest rates and low economic growth, has also been reflected in the real estate funds market.

Struggling to meet all their obligations in view of the accumulation of debts, companies stopped paying installments of rents for warehouses and stores, which make up the portfolio of some of the main real estate funds in the market.

Itaú BBA real estate fund analyst Marcelo Potenza recently said that, despite the default situation among some tenants, he still supports the thesis of logistical warehouses, given the growth of e-commerce in the wake of the pandemic, but he also recognizes that it is not possible to rule out new negative impacts for real estate funds due to the situation of financial difficulties faced by retailers.