Pátria Investimentos confirms acquisition of 50% of manager VBI, focused on real estate funds

Pátria Investimentos, one of the leaders in asset management in Latin America, confirmed, in a material fact, that it formalized an association agreement this Thursday (9) and now has a 50% stake in VBI Real Estate, a manager focused on Brazilian real estate market.

According to the document, the transaction provides for the incorporation, by the VBI, of a portion of the equity of Pátria Logística (PATL11) and of Pátria Edifícios Corporativos (PATC11), in addition to the fund management activities.

“In this way, upon completion of the transaction, VBI will succeed Pátria in such activities and will become a member of the Pátria group”, highlights the statement.

Pátria’s partners currently responsible for the real estate area will join the investment committee and the board of directors of VBI.

The material fact, disclosed this Thursday (9), does not detail the values ​​of the deal and reminds that the conclusion of the transaction depends on the overcoming of conditions common to this type of agreement.

With around BRL 5.7 billion under management, VBI currently has five real estate funds in its portfolio: VBI Logístico (LVBI11), VBI CRI (CVBI11), VBI Reits FoF (RVBI11), VBI Prime Properties (PVBI11) and VBI Consumption (EVBI11).

The transaction reinforces Pátria’s operations in the FIIs segment, says Jacinto Neto, real estate fund specialist at Funds Explorer. “Pátria is very strong in institutional real estate private equity. As I see it, they took VBI to get into retail real estate strong,” he said in a Twitter post.

For Marcos Baroni, head of research in FIIs at Suno Research, the possible purchase of VBI by Pátria reflects the movement of consolidation of the real estate fund market.

“Initially, nothing changes for the real estate funds linked to these managers”, he says. “This is a market consolidation movement in search of gains in scale and operational efficiency”.

In February, XP Asset had already agreed to acquire Habitat Capital Partners, a manager specializing in real estate funds and with approximately R$ 730 million in assets under management.

Marx Gonçalves, an analyst at Nord Research, also naturally sees the consolidation movement in the real estate fund segment, especially in a period that he classifies as challenging – more adverse for fundraising.

“The drop in interest rates made many investors seek real estate funds, encouraging the entry of new managers into the market”, he recalls. “With the rise in interest rates, there is an opposite movement and it is normal for more capitalized groups to absorb smaller companies”.

The analyst says that the impact of deals like this for the investor must be analyzed on a case-by-case basis. According to him, the permanence of the current management team is the main point to be observed by VBI shareholders.

“We invested in a fund because of the trust in the management and the departure of the team ends up worrying”, he analyzes. “In the case of VBI, everything indicates that the current partners should continue, which is very positive for the quality of the team”.

IFIX today

In this Thursday’s session (9), the IFIX – index of the most traded real estate funds on the Stock Exchange – operates in the negative field. At 11:29 am, the indicator registered a slight increase of 0.10%, at 2,820 points. In the previous session, the index closed down 0.07%. Check out today’s highlights:

Biggest highs this Thursday (9)

ticker Name Sector Variation (%)
CARE11 Brazilian Graveyard and Death Care Others 1.41
VSLH11 Versailles Real Estate Receivables Others 0.66
ARCT11 Riza Arctium Real Estate Hybrid 0.65
SARE11 Santander Income Hybrid 0.51
VGIP11 FII VALORAIP Others 0.46

Biggest casualties of this Thursday (9):

ticker Name Sector Variation (%)
LVBI11 VBI Logistics Logistics -1.42
HSLG11 HSI Logistics Logistics -1.27
XPPR11 XP Properties Others -0.98
MGFF11 MAHOGANY Titles and Val. furniture -0.92
HGRE11 CSHG Real Estate Corporate Slabs -0.88

Source: B3

Discover the step-by-step guide to live on income with FIIs and receive your first rent in your account in the next few weeks, without having to own a property, in a free class.

today’s dividends

Check out which are the 15 real estate funds that distribute income this Thursday (9):

ticker Background Performance
TBOF11 TB Office BRL 0.82
ELDO11B Eldorado BRL 0.37
RMAI11 REAG Multi Real Estate Assets BRL 0.26

Source: InfoMoney

Note: Tickers with an ending other than 11 refer to receipts and subscription rights for the funds.

Real Estate Giro: Cemetery FII rises 55% and still negotiates at a discount; Is Elon Musk Right About Home Office?

Is Elon Musk Right About Home Office? Is it time to invest in office FIIs?

One of the segments most affected by the restrictions imposed by the Covid-19 pandemic, the corporate slab real estate funds closely follow the discussions about the eventual return of workers to the offices. Recently, the defense for the end of the home office won the support of the richest man in the world, businessman Elon Musk.

The theme was the highlight of this Tuesday’s edition (7) of the FIIs League, which was presented by Maria Fernanda Violatti, an analyst at XP, Thiago Otuki, an economist at Clube FII, and Wellington Carvalho, a reporter at InfoMoney. The program also had the participation of Marcos Baroni, head of research in FIIs at Suno Research.

With the beginning of the pandemic, in 2020, companies had to opt for remote work and, at the time, the definitive adoption of the home office was taken for granted. Months later, the corporate segment began to discuss a hybrid model – part at home and part at the office.

The movement put pressure on the shares of office FIIs that, until today, trade at a discount, that is, below the book value of the portfolio.

“Prices of direct sales of real estate are above the value of the shares of real estate funds that have buildings similar to those being negotiated”, points out Maria Fernanda, who uses the P/VPA (price over book value) to measure the discount of the share. .

After the discussion about the adoption of remote work and, later, about a hybrid model, the defense for the end of the home office gained strength with the position of Elon Musk, president of Tesla, who practically called on employees to return to face-to-face work.

The attitude of the richest man in the world can influence large companies around the world and triggered the trigger for the recovery of the corporate segment, which would benefit the segment’s FIIs.

CARE11: Cemetery FII advances 55% and is the highest in 2022, but still has a discount of over 40%

Contrary to most real estate funds, the Brazilian Graveyard And Death Care (CARE11) does not distribute dividends, it operates in a sector – death care – which is uncommon and very sensitive, and having access to portfolio information is not a task for more easy. Even so, the fund seems to have the sympathy of investors and has, so far, the highest appreciation of 2022 among the FIIs. What explains performance?

The first real estate fund focused on the death care segment, Brazilian Graveyard operates in the commercialization of assignments of the right to use temporary and perpetual graves, cremations, services and funeral plans, in addition to the cremation of animals.

Since January, the fund has gained 55% in value, against a slight increase of 0.87% in the IFIX – the index of the most traded real estate funds on the Stock Exchange. For comparison purposes, the second best performing portfolio in the year is FII Campus Faria Lima (FCFL11), with gains of 12%.

Earnings began to accelerate, especially from April onwards, after CARE11 entered the previews of the IFIX portfolio that took effect in May. The fund, in fact, entered the index.

The fund’s quotas rose from R$2.60 at the beginning of May to the current R$4.30, reaching a peak of R$5.40 last month, as shown on the Brazilian Graveyard page on InfoMoney.

Francisco Garcia, partner and director of Zion Invest, the manager responsible for the fund, is not surprised by the performance and recalls that, before the recent surge, the fund was trading at the equivalent of 25% of book value.

In Garcia’s assessment, in addition to the possibility of an IPO (initial offering of shares), the issuance of a R$200 million real estate receivables certificate (CRI) by Cortel triggered the market’s trigger for the fund’s potential.

“There was also the entry of the fund in Ifix, which brought a large volume of new investors and helped in this expressive increase in the portfolio in 2022”, points out Garcia, who sees room for an even greater increase. “The fund is still worth 60% of the book value. It comes with an important discount.”

Discover the step-by-step guide to live on income with FIIs and receive your first rent in your account in the next few weeks, without having to own a property, in a free class.