Institutional investment.
A rare-scale coastal asset on the northern coast of Bahia, in territorial planning with GALT.
Two-page synthesis · scale, thesis, GALT partnership, market, acknowledged risks.
Scale, contiguity, location. Three rarely combined attributes.
The Brazilian northeastern coastline is fragmented across hundreds of small landholders. Entre Rios is the exception — a single contiguous asset, with consolidated regional infrastructure at its doorstep, currently in formal environmental licensing.
The opportunity is not a parcel or a point real-estate operation. It is participation in a process of integrated territorial development of an area that simultaneously combines attributes rarely found together:
- Scale — 3,650 hectares managed as a single patrimonial whole, under centralised coordination
- Contiguity — a single territory, not multiple dispersed parcels
- Atlantic frontage — approximately 9 km of shoreline, in a zone recognised for its scenic value
- Proximity to infrastructure — 80 km from Salvador International Airport, direct access via the BA-099 (Linha Verde)
- Nearby consolidated tourism hubs — Praia do Forte (41 km), Costa do Sauípe (~30 km)
- Clear environmental framework — integration within the APA do Litoral Norte, with known rules and a formal licensing process underway
Entre Rios is, in this sense, one of the largest-scale opportunities available on the Brazilian northeastern coast for long-term institutional partnership.
Active productive operation in partnership with Bracell.
A significant share of the territory is currently managed under forestry partnership contracts with Bracell — one of the world's largest producers of dissolving pulp, part of the Royal Golden Eagle group. The operation combines present productive returns with maintenance of the territory in conditions suited to future development of the coastal areas.
Entre Rios and Bracell have maintained a structured forestry partnership since 2019, formalised under a Surface Rights Promise and the PCDS (Promise to Cede Surface Rights) contracts Sauípe 1 and Sauípe 3, signed in 2021. The partnership enables:
- Conversion of pine to eucalyptus — approximately 700 hectares already converted to shorter-cycle, higher-value species
- Audited technical management — operation under international forest management standards, with a certified sustainable management plan
- Integrated value chain — the eucalyptus produced is transformed in Bracell's industrial units, feeding into the dissolving-pulp chain and downstream products — viscose, lyocell, acetate, specialty cellulose — for sustainable textile, pharmaceutical and bioenergy markets
- Environmental certifications — Bracell operates under FSC (Forest Stewardship Council) and CERFLOR/PEFC certifications, with periodic audits by independent entities
- Low-carbon commitment — the planting cycle captures CO₂ and contributes to the Royal Golden Eagle group's zero net deforestation strategy
This productive vertical serves two strategic functions: it generates consistent operational returns today and keeps the territory in suitable conditions for the integrated territorial development planned for the coastal strip (which involves areas distinct from those under forestry).
Forestry vertical · at a glance
- ~1,500 ha under active forestry
- 700 ha converted pine → eucalyptus
- PCDS Sauípe 1 + 3 contracts with Bracell, in force
- FSC + CERFLOR/PEFC environmental certifications
- Since 2019 structured partnership with Bracell
Forestry revenue underpins recurring operational cash flow throughout the licensing and masterplan cycle, reducing reliance on bridge financing.
Bahia · a destination in structural expansion.
Tourism in Bahia has grown at an average annual rate above the Brazilian national average over the past decade. The northern coast is the fastest-growing segment, anchored by international operators and a consolidated airport infrastructure.
Bahia has historically ranked among the three most sought-after tourism destinations in Brazil. The northern coast — where the Entre Rios asset is located — combines three structural attractiveness factors:
Connectivity
Deputado Luís Eduardo Magalhães International Airport (SSA), in Salvador, operates direct connections with Lisbon, Madrid, Frankfurt, Buenos Aires, Miami and Atlanta, plus the entire Brazilian domestic network. The BA-099 (Linha Verde) links the capital all the way to the Sergipe border on good-standard road.
Consolidated cluster
International operators present in the region:
The presence of these operators creates a cluster effect — consolidated air traffic, qualified local labour, service chain, international recognition of the destination, demand pull for responsible adjacent developments.
Growth and value appreciation
Market indicators (sources: ABIH-BA, SETUR-BA, Embratur):
- Bahia received more than 12 million tourists in 2024
- The northern coast represents the segment with the highest percentage growth since 2018
- Demand for sustainable, low-density destinations is rising — aligned with global post-pandemic trends
- Tourism-residential second-home and branded-residences market in expansion
Investor demand drivers
- Primary market in consolidation, still far from the saturation seen on the northern coast of Pernambuco or central Ceará
- State Sustainable Tourism Plan of Bahia with a horizon through 2030
- Land acquisition cost in comparable zones (Ceará, Pernambuco) already significantly higher than values on the Bahia northern coast
- Limited window of opportunity — assets of this scale are not available on most northeastern coastlines
Coastal land value · comparable references.
Indicative average m² values in nearby consolidated zones. The northern coast of Bahia — where the asset is located — currently sits significantly below Jericoacoara, Trancoso and Praia do Forte, with structural convergence potential across the investment horizon.
| Destination | State | Maturity | R$ / m² | R$ / ha |
|---|---|---|---|---|
| Jericoacoara | CE | Mature · global | R$ 1,300–12,000 | R$ 13M–120M |
| Trancoso | BA South | Mature · premium | R$ 1,000–3,000 | R$ 10M–30M |
| Praia do Forte · Imbassaí | BA North | Mature · regional | R$ 800–2,000 | R$ 8M–20M |
| Costa dos Coqueiros · Entre Rios | BA North | Emerging | R$ 50–300 | R$ 500K–3M |
Indicative average values compiled from public sources (real estate portals, SETUR, ABIH-BA). They do not constitute market valuation or offer. Detailed comparable benchmarks are available in the data room under NDA.
GALT · a partner specialised in sustainable destinations.
Entre Rios established a strategic partnership with GALT, a company founded in 2020 and specialised in urban planning and the development of tourism destinations in small-scale communities, to design and implement the territorial master plan of the asset.
GALT, led by Luciano Mandelli, was selected as development partner after an extended evaluation process, formalised in a Memorandum of Understanding signed in April 2026. GALT specialises in systemic projects in promising tourism locations where coordinated development is possible — with integral strategic vision and local presence.
The partnership rests on three pillars
- Long-term vision — 10+ year planning horizon for the complete destination cycle
- Positive impact — development that benefits local community, ecosystems and investors together
- Innovation through biodesign — architecture, urbanism and operations solutions that integrate nature and construction
Projects under joint development
The partnership encompasses multiple territorially articulated projects — combining swaps, options to purchase and pre-sale agreements — covering distinct areas of the asset and unfolding over the licensing and implementation cycle. Detailed terms are handled in the data room, under NDA.
Partnership structure · at a glance
- ~1,800 ha covered by the integrated territorial master plan (coastal strip + inland)
- 95 ha under a swap structure — indicative GSV of the order of R$ 180 million
- 29 additional ha under future option — indicative value of the order of R$ 50 million
- 10+ years joint planning horizon and phased execution
Indicative figures derived from the partnership framework, subject to confirmation in the masterplan, licensing and market due diligence. They do not constitute an offer or financial projection.
Indicative timeline
Territorial Master Plan with GALT · EIA/RIMA under development
Municipal approvals for initial phases · first glamping installations
Primary infrastructure for pilot areas · beach club and first homes
First operational phase · beachfront residences · sequential expansion
Acknowledged risk vectors.
Entre Rios operates on a long horizon and in a complex environment. We publicly acknowledge the principal risk vectors of the asset. Understanding them is part of the minimum diligence of any serious counterpart.
Regulatory and environmental
The asset is located within an Environmental Protection Area (APA Litoral Norte), with zoning that includes tourism (ZT), agricultural (ZAG) and protection (ZPR) categories, among others. Tourism-residential development is subject to environmental licensing led by INEMA/IBAMA and municipal authorities, with timelines exposed to external factors. Changes in zoning, federal or state environmental policy, or interpretive shifts may affect construction capacity. Mitigant: the asset is in the formal licensing process, with EIA/RIMA underway and a specialist technical team (GAIA — Gilberto Guerra) embedded in the territory for over a decade.
Land tenure and regularisation
The asset comprises contiguous registered land parcels with documented title chain. There are residual overlapping uses of around 277 ha with third parties — currently in active regularisation through available legal mechanisms. None of these situations constitutes an enforced judicial dispute today. Mitigant: dedicated legal team (Romano e Associados), regularisation track record since 2013, and transparent access to documentation in the data room.
Traditional communities and collective rights
The region forms part of the historical territory of artisanal fishers, shellfish gatherers and traditional communities associated with Massarandupió and Subaúma. Potential recognition claims (quilombola, extractive reserve) with INCRA, the Palmares Cultural Foundation or ICMBio remain a variable to monitor. Mitigant: documented support to AMAM, ADAM, AMANAT and CMEC over 20+ years (education, infrastructure, community festivals, ADAM headquarters); cession of 147 m² for the Water Pumping Station; participation in the Municipal Council; early integration of social scoping in EIA/RIMA.
Market and cycle
The Brazilian tourism-residential segment is in structural expansion but remains sensitive to FX, interest rates, international tourist flow and country perception. Mitigant: phased execution horizon (2030+ for first implementation phase), diversified product and segment exposure.
Execution and partnerships
The model depends on operational partnerships (forestry, urbanism, hospitality). The forestry partnership with Bracell (active multi-year contracts) and the territorial development partnership with GALT are consolidated today. Contracting of hospitality and residential operators in subsequent phases will condition pace and return. Mitigant: due diligence on target brands, and asset scale (3,650 ha) reduces dependence on any single operator.
Physical and climatic
The northern coast of Bahia presents active coastal dynamics (erosion, sediment transport) and exposure to climatic events. Mitigant: the masterplan under study foresees implantation setback, restinga and Atlantic Forest buffer zones, and more than 2/3 of the territory kept in protection as a natural absorption layer.
Note. This enumeration is non-exhaustive. Specific legal, environmental and tax opinions on each vector are available in the data room. This site does not constitute an offer or regulatory prospectus.
We invite conversation only with aligned profiles.
Entre Rios does not raise investment publicly. Institutional investor relations are handled exclusively by invitation and under prior NDA. We engage with counterparties who share our vision of long horizon, active stewardship and responsible development.
Counterparty profiles that fit
- Brazilian and international family offices with a 10+ year horizon
- Impact funds with mandates in sustainable destinations or productive conservation
- Boutique hospitality operators with sustainable DNA and integrated-destination operations
- Specialised developers in responsible tourism-residential destinations
- Brazilian strategic investors with a long-duration thesis in territorial assets
Operating structures under consideration
- Equity in a dedicated SPE (special purpose entity)
- Joint venture with capital contribution + operational know-how
- Land-for-construction swap
- Project finance in discrete phases
- Other structures, subject to vision alignment
Process
- Initial institutional contact via the channel below
- Reciprocal NDA
- Access to structured data room
- Exploratory conversation without commitment
- Assessment of strategic alignment
- Structured negotiation, with advisors on both sides
Get in touch.
Complete the form below to initiate a conversation. We respond within 48 business hours with next steps (mutual NDA and access to the data room).
Alternative contact: entreriosvr@gmail.com · +55 (71) 99988-8585 · +351 916 961 942