Correios Schedules First Digital Property Auctions to Raise Cash

Overview

• Twenty-one idle or underused properties go to online auction on February 12 and 26, open to individuals and companies.
• The lots span 12 states and include administrative buildings, former operational complexes, land, warehouses, stores and apartments, with starting prices from R$19,000 to about R$11 million.
• Correios targets up to R$1.5 billion in proceeds by December, with additional assets still being prepared for later rounds.
• Some properties are deteriorated or encumbered, and economists caution the revenue goal may be optimistic given prior modest sale results.
• The auctions form part of a wider restructuring that includes a voluntary separation plan for up to 15,000 employees, the closure of about 1,000 branches through 2027, and a R$12 billion credit line with R$10 billion already disbursed under National Treasury guarantees.