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Leroy Merlin Recently Reached an Agreement for Several New Stores to Be Built in Various States Across the Country, Generating Jobs and Income for Thousands of Brazilians.
Leroy Merlin has reached an agreement with a real estate fund for the construction of several new Obramax stores, which will be responsible for generating thousands of jobs in the country. The expectation is that the lease contracts will be long-term. The properties to be built must follow the Built to Suit model, leased to BMB Material de Construção, a company controlled by Leroy Merlin. The estimated value of the operation between the companies is R$ 135 million.
Properties Will Be Retail and Wholesale Stores
BRL Trust and TRX, respectively the administrator and manager of the TRXF11 real estate fund, announced the signing of the contract for the construction of the stores last Friday (3). The contract between the companies provides for the development, leasing, and construction of two properties in the state of São Paulo, with the payment of provisional rent during the construction period.
The properties to be built for Leroy Merlin are retail and wholesale construction material stores, operated by the company RMB under the brand “Obramax.” This agreement works alongside TRXF11’s strategy to form its portfolio with well-located assets, flexibility for future use, and current techniques, aiming to distribute income and capital gains to its shareholders with top-tier properties leased to large companies through long-term contracts.
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The purchase also updates the data so that the fund becomes the owner of 50 properties occupied by brands such as Pão de Açúcar, Assaí, BIG, and SOdimac, in addition to a distribution center, which together exceed R$ 2 billion in investments across properties in 13 Brazilian states.
Agreement Between Leroy Merlin and Real Estate Fund Highlights Other Advantages
The Fund signed two Private Instruments of Lease Contracts for Properties with BMB Material de Construção S.A, in the Built to Suit modality.
The lease contracts will be valid for a period of 20 years, include penalties for early termination equivalent to the total outstanding balance of each lease contract terminated early, with no possibility of lease revision action during the initial term of each Lease Contract and lease guarantee in the form of a guarantee, according to the terms and conditions set forth in the Lease contracts.
It is important to emphasize that this new investment, which will create thousands of new jobs, will allow for even greater diversification of the tenant portfolio, reducing the current concentration of revenue from TRXF11’s main tenants, while maintaining the same quality of the real estate and credit portfolio. The investment also expands the participation of the Real Estate Fund located in the state of São Paulo and in Metropolitan Regions.
Get to Know Leroy Merlin
The company was founded in 1918, at the end of World War I, with the Leroy family starting their activities with a street market in France, selling surplus products to the American army.
Since then, the company has always sought to offer everyone the opportunity to improve their homes, being persistent, taking initiative, and dynamic, focused on overcoming challenges and continually evolving.
Its keywords are transparency, ethics, authenticity, and reliability, generating self-esteem and team spirit for the thousands of professionals it employs. The company has approximately 90,000 employees and 32 autonomous companies spread across 12 countries and operating under 15 brands.
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