Companies seek to sell R$9bn in assets to reduce debt
This year has seen an acceleration in corporate asset sales, from stores and factories to corporate headquarters, as companies seek more immediate liquidity to reduce their financial leverage.Rising interest rates, which has made corporate debt skyrocket in the last months, and a credit squeeze in the market, especially after the Americanas crisis, have forced companies to look for alternatives to raise cheaper funds more quickly.Real estate funds and investors have already felt a stronger wave after January, but still see signs of limited investor demand for new deals. Valuations have come in with high multiples, sources say, despite the fact that the portfolio for sale includes some prime companies.GPA, for example, is asking R$270 million for its historic headquarters in Jardins, São Paulo, after an initial bid of R$250 million, Valor found. The company is looking for a sale and leaseback agreement for the property. Funds are evaluating the building at nearly R$200 million, one source said."There is a multiplication of cases of companies looking for a deal, and in sectors where sale and leaseback was not so common. But there is still more supply than capital available from investors," said Leandro Bousquet, head of real estate and a partner at Vinci Partners.Since the beginning of the year, negotiations involving up to R$7.7 billion in assets from retail, consumer, and industrial companies have been unveiled or are underway, Valor calculated based on the statements of listed companies and executives familiar with the transactions.In these announcements already made or under analysis are companies such as supermarket companies GPA and Carrefour, cash-and-carry chain Assaí, fashion retailer Riachuelo, meatpacker BRF, and commercial real estate manager São Carlos Participações.Some of these are transactions designed to strengthen the companies’ cash positions and, consequently, put the focus on their "core," with room for operational and working capital improvements, said Leandro Berbet, a partner of strategy and transactions at EY Brazil."Companies increased their debt in the pandemic, with the flood of funds offered at the time, with the Selic [Brazil’s key interest rate] at 2% a year. The rate went to 13.75%, and since the second half of 2022, companies have been making adjustments, cutting costs, trying to renegotiate conditions, but realized it was necessary to take tougher measures, such as selling assets," Mr. Berbet said.If in the...
Para continuar a ler
PEÇA SUA AVALIAÇÃO