By Brazil Stock Guide – Brazil’s antitrust authority, Cade, has approved without remedies a real estate sale-and-leaseback transaction involving Hospital Israelita Albert Einstein and real estate investment fund TRXF11, concluding that the deal poses no competitive concerns.
According to the ruling, the transaction was structured as a single, interconnected operation. Albert Einstein first acquired a set of corporate office floors previously owned by HBR 51 and subsequently resold the property to TRXF11. Following the completion of the sale, the fund entered into a long-term lease agreement with the hospital, allowing Albert Einstein to remain in the property.
The parties told Cade that the initial acquisition by the hospital was conditional on the planned resale and immediate leaseback, characterizing the deal as an integrated transaction from the outset. They also argued that the operation does not alter market dynamics or create barriers to competition.
Cade agreed with the assessment and authorized the transaction without restrictions. Financial terms were not disclosed.