Real estate fund offerings near R$11bn
The recovery of stock market prices in recent months and the beginning of the Selic interest rate cut cycle are starting to unlock offerings of real estate funds. At the end of June, two public offerings attracted attention: the ninth issue of quotas of CSHG Logística, the portfolio with the largest number of investors in the segment (350,000) and which moved almost R$1.6 billion, and XP Malls, which raised R$937.5 million in two issues in a row, attracting 50,000 shareholders in the tranche aimed at retail investors.At the Brazilian Securities and Exchange Commission (CVM), Capitânia and XP Habitat registered operations totaling R$600 million in July, and the queue under analysis has increased considerably since then. Overall, the regulatory body is evaluating more than R$4.5 billion, excluding offerings of funds dedicated to the agro-industrial chain (Fiagro). According to Anbima statistics, until July, R$10.9 billion in operations flooded the market. Last year, the segment raised R$24.7 billion.The mix brings more cases of "brick" funds, which have physical real estate in the portfolio, after a season predominantly of "paper" portfolios, composed of credit assets that serve as backing to finance the sector, such as Real Estate Credit Bills (LCIs), Certificates of Real Estate Receivables (CRIs) and Mortgage Bills (LHs). "Since 2020, managers have been waiting for a window for new issuances," said Maria Fernanda Violatti, head of listed funds at XP. "Now, we have the beginning of the interest rate reduction cycle, and you can still make acquisitions at favorable prices."Among the names that already test the investor’s willingness to cases more linked to the real economy are BTG Pactual, Vinci Partners, GTIS Brasil, Riza, Unimed Investcoop, TRX Real Estate, and Capitânia Malls.Capitânia’s fund focused on mall holdings is already running with around R$200 million in net assets. Caio Conca, the partner responsible for the segment at the fund manager, said that since the sector is predominantly of individuals - almost all of the 2.2 million investors in about 480 funds listed on B3 — it takes longer to react to the improvement in the macroeconomic scenario, while the stock and foreign exchange markets "respond in real-time."In July, the Real Estate Investment Funds Index (IFIX), which indicates the average performance of stock prices, reached 3,200 points — its highest level since December 2019. However, said Mr. Conca, as prices were...
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