Institutional investment.
A rare-scale coastal asset on the northern coast of Bahia, in territorial planning with specialised partners.
Two-page synthesis · scale, thesis, development, market, acknowledged risks.
The facts, on one page.
What an analyst needs to see in the first ninety seconds — all verifiable in the data room.
- Area
- about 3,580 contiguous ha · 11 registered titles
- Atlantic frontage
- ~9 km
- Location
- Massarandupió · Municipality of Entre Rios · Bahia · Northern Coast APA
- Zoning (APA)
- Tourism (ZT), agricultural (ZAG) and protection (ZPR) zones, among others
- Licensing
- Commitment Agreement with INEMA (20 Jul 2024) · Unified Licence filed (13 Sep 2024) · Zoning Amendment (AZUC) under review · Master Plan EIA/RIMA in preparation
- Access
- Salvador International Airport (SSA) → BA-099 (Linha Verde) → Massarandupió: ≈80 km straight-line, ~100 km / 1h40 by road
- Current operation
- Forestry partnership with Bracell (~1,500 ha) · recurring income throughout licensing
- Structure
- Entre Rios Villas & Resorts Ltda. · private limited company · incorporated 2001
- Known constraints
- Permanent-preservation areas and dunes within the perimeter · ~277 ha (7.6%) under title regularisation, no impact on development areas
- Process
- Contact → mutual NDA → data room → site visit
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 — about 3,580 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 in forestry partnership contracts entered into 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
- Forestry partnership contracts (2021) 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
A buyer for this scale has already come — next door.
In 2007 Entre Rios sold about 1,000 hectares, with ~2 km of beach, to the group now promoting the AguaDuna project, adjacent to the asset.
The precedent answers the three questions an institutional investor asks first. Is there a market for blocks of this size? Yes — the 2007 transaction. Does government follow? In December 2019 the Government of Bahia signed a letter of intent with the investor for a smart, sustainable city with an announced investment of R$ 1.6 billion1 and Siemens among the technology partners disclosed. Is the environmental framework the same? Yes — Northern Coast APA, same municipality, same licensing regime.
What this means for a buyer
- Demonstrated liquidity. A seller with a track record of a scale transaction with an international counterparty.
- Cluster effect. The asset sits between the consolidated Sauípe–Praia do Forte hub and an announced anchor project.
- Direct comparable for due diligence. Same municipality, same APA, same licensing authority (INEMA).
- Source and limit. Neighbouring-project data as publicly communicated by its developer and the Government of Bahia; execution status to be confirmed in diligence.
Neighbouring project: AguaDuna ↗
1 Correio (Salvador), 2020 — "Projeto de cidade inteligente no litoral norte terá investimento de R$ 1,6 bilhão" (smart-city project on the northern coast to receive R$ 1.6 billion). correio24horas.com.br
What is on offer, why now, and how it runs.
After twenty-five years of stewardship, the shareholders have decided to open the asset to an institutional buyer.
entreriosvr@gmail.com · WhatsApp +55 (71) 99988-8585
Until a mandated adviser is appointed, contact is direct with the company.
The preferred transaction is the acquisition of the company holding the asset — it preserves, in Entre Rios’ name, the licences, the ongoing proceedings and the forestry contracts. Alternatively, a development partnership by area with a specialised operator is under consideration. The final structure is discussed in the data room, according to each counterparty’s profile.
Forestry income covers the company’s operating costs throughout the licensing cycle — the process does not run under cash pressure. Values, areas and terms are handled under a confidentiality agreement; this site does not constitute an offer.
Indicative process
Form on this page · reply within 48 business hours · confidentiality agreement.
Information memorandum, titles, licences, legal, environmental and tax opinions, forestry contracts.
Visits organised with the on-site team; meetings with advisers (legal, environmental, architecture).
Indication of structure, value and conditions; selection of counterparties for the next phase.
Confirmatory diligence, negotiation and signing. Indicative calendar, subject to adjustment.
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 | under NDA | under NDA |
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 (access on request via the contact form) under NDA.
Territorial development with specialised partners.
Entre Rios works with a development partner specialised in tourism destinations in small-scale communities, on approaches to the territorial master plan of the asset.
The development partnership is under negotiation with a developer experienced on the Northern Coast; details are in the data room, under NDA. The partner specialises in projects in promising tourism locations, 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.
Territorial development · at a glance
- Integrated territorial master plan covering the coastal strip and inland areas
- Land-swap structure over areas defined in the masterplan
- Future purchase option over additional areas
- 10+ years joint planning horizon and phased execution
Areas, structure and values are handled in the data room, under a confidentiality agreement. They do not constitute an offer or financial projection.
Indicative timeline
Territorial Master Plan with specialised partners · 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 with third parties, currently in active regularisation. 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 (first implementation phase only after licensing), 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 ongoing territorial development collaboration 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 (~3,580 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 half 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.
Frequently asked questions
What counterparties ask us first.
How do I access detailed information?
Through the form on this page. After a first contact we sign a mutual NDA and open the data room (titles, licences, legal, environmental and tax opinions, forestry contracts). The site visit is arranged from there.
Is this a sale of the asset or a partnership?
The preferred transaction is the acquisition of the company holding the asset (which preserves licences, proceedings and contracts in Entre Rios’ name). Alternatively, a development partnership by area is under consideration. The structure is discussed in the data room according to each counterparty’s profile — see The transaction section.
Can foreign investors acquire?
Yes, within a framework. Acquisition of rural property by foreigners, or by Brazilian companies under foreign control, follows Law 5,709/71 and INCRA rules; there are customary market structures and Entre Rios’ legal advisers address the topic in the data room.
What does the Northern Coast APA allow?
The APA is a sustainable-use conservation unit with zoning (tourism, agriculture, protection, among others). Tourism-residential development is possible in the appropriate zones, subject to licensing by INEMA and the municipality; a zoning amendment proposal (AZUC) is under way.
What income exists today?
The forestry partnership with Bracell (~1,500 ha under management) generates recurring income that covers operations throughout the licensing cycle.
Who advises Entre Rios?
Legal: Romano e Associados. Environmental/EIA: GAIA Environmental Consulting. Architecture and Master Plan: Sidney Quintela. Accounting: Análise Contabilidade. Permanent operational team on site.
Why now?
The asset reaches the market with the most advanced legal framework in its history (INEMA agreement, Unified Licence, AZUC under way), a transaction precedent next door (AguaDuna, 2007) and a consolidating region (Sauípe–Praia do Forte). A window of this scale does not repeat on other north-eastern coasts.
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 · WhatsApp +55 (71) 99988-8585