Real estate funds offerings reach R$15bn
The beginning of a cycle of higher interest rates does not seem to be affecting real estate funds public offerings. After a pause in late 2020, new operations are happening. The Securities and Exchange Commission of Brazil (CVM) approved between January and March 26 R$4.7 billion in offerings and at least R$10.2 billion are under analysis by the Brazilian security markets authority.
If everything under evaluation is successful, the volume will already represent almost 60% of what was done in 2020, which generated almost R$25 billion in 75 offerings.
Considering the restricted offerings regulated by CVM's Instruction 476, in which access is limited to 50 investors, January and February accounted for another R$5.1 billion, according to data by capital market association Anbima.
In the midst of the pandemic, with part of the economy closed and restrictions on people's circulation, Certificates of Real Estate Receivables (CRI), the so-called paper investments, are dominating portfolios. Within hard investment offerings, those related to logistical warehouses find more demand due to the rapid acceleration of electronic commerce in the country.
In an environment of greater uncertainty, receivable funds have more appeal because the deterioration of a certain segment does not necessarily affect their ability to pay, says Caio Conca, partner responsible for real estate investments at asset management and corporate advisory firm Capitânia.
Within the brick-and-mortar segment there is clear segregation, with funds with atypical long-term contracts suffering less, such as urban income, wholesale property, large retailers and logistics warehouses, Mr. Conca lists. "Whether because it is atypical and the landlord cannot terminate, or because the credit risk remains good, there is still good demand," he says. "Now, funds of shopping malls, office buildings, hotels, in fact, have suffered a lot and no one knows when [demand for them will] return."
For Leandro Bousquet, partner responsible for real estate funds at alternative investment and asset management firm Vinci, despite setbacks, 2021 looks more promising than last year. And with space for new segments, such as assets linked to agribusiness, as has already been tested in some operations. Vinci itself plans a similar offer for the second quarter.
In addition to the scenario of volatility caused by the pandemic, which affects all asset classes, what would have the potential to slow down things in the...
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