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Ifix completes five bear sessions and accumulates a 1.19% drop in the week

The IFIX – index of the most traded real estate funds on the Stock Exchange – closed the session this Friday (6th) with a drop of 0.11%, at 2,779 points. In the previous session, the index closed down 0.20%. In the week, the indicator accumulated losses of 1.19%. The NCH High Yield fund ([ativo=NCHB11]) was the highlight of the list of the highest increases of the day, with an increase of 2.56%. Check out the other highlights of the auction throughout the FII Center.

In a monthly letter from Rio Bravo Investimentos, Anita Scal, director of FIIs at the manager, questions the reasons for the persistent discounts in the shares of real estate funds. For her, current prices are good opportunities for long-term investors.

With the Covid-19 pandemic, the operations of several funds – especially in the shopping malls and offices segment – were hampered by the restrictive measures of the period. The movement reduced the dividend distributed by the portfolios and, consequently, there was a devaluation of the shares.

In recent months, however, the real estate segment has shown strong signs of recovery. In the shopping mall segment, for example, sales have already surpassed the pre-pandemic period. In the corporate market, vacancy in regions such as Nova Faria Lima, in São Paulo (SP), dropped from 8.7% to 4.5% in the last four quarters.

According to Anita, the market for logistics warehouses – stimulated by electronic commerce – also shows a reduction in vacancy and an increase in property rental prices. The improvement, however, was not accompanied by the shares of real estate funds, points out the director of Rio Bravo.

From the beginning of the pandemic until April, Ifix has fallen by 5.36%. Analyzing only brick funds, the loss is 5.89%, already considering the dividends distributed in the period. The prices of FIIs on the Exchange are at the levels observed in 2016 and 2017, points out the letter from Rio Bravo.

According to Anita, real estate funds with corporate properties in the main regions of São Paulo are traded for values ​​below R$ 15,000 per square meter, while direct transactions of similar properties occurred with values ​​​​over R$ 25,000 per square meter.

“It is as if, by removing the real estate asset from the FII, it was possible to sell it for a higher value than what this same asset is currently traded on the Stock Exchange”, explains Anita.

For her, three factors can justify the detachment of the Stock Exchange’s values ​​from those of the “real world”: the migration of investors to fixed income investments, which are more attractive with high interest rates; macroeconomic uncertainties; and even fear over recent geopolitical tensions. Regardless of the reason for the persistent discount, Anita sees good opportunities for the long-term investor.

“Real estate funds are being traded at very attractive prices for investors who have a long-term vision, who have a look at the real estate asset and who seek future capital gain”, he concludes.

Biggest highs of this Friday (6)

ticker Name Sector Variation (%)
[ativo=NCHB11] NCH ​​High Yield Titles and Val. furniture 2.56
BTRA11 BTG Pactual Terras Agrícolas agro 1.55
CARE11 Brazilian Graveyard and Death Care Others 1.39
URPR11 Urca Prime Income Others 1.33
VTLT11 Votorantim Logistica Logistics 1.31

Biggest casualties of this Friday (6):

ticker Name Sector Variation (%)
HGFF11 CSHG FoF Titles and Val. furniture -1.63
HFOF11 Hedge Top FoF II Titles and Val. furniture -1.36
XPSF11 XP Selection Others -1.36
FCFL11 Campos Faria Lima Others -1.24
AIEC11 Autonomy Buildings Corporate Slabs -1.2

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.

Riza Gestora funds approve new issues and want to raise up to BRL 150 million each

Check the latest information released by real estate funds in relevant facts:

Arctium Real Estate (ARCT11) approves BRL 150 million offer

This Thursday (5th), the Arctium Real Estate fund approved the sixth issue of quotas in the portfolio, which provides for funding of up to R$150 million.

The unit value of the new shares was fixed at R$100.20 and the distribution fee will be R$3.59, totaling the subscription price of R$103.79.

At the close of market this Thursday (5th), Arctium Real Estate shares were traded at R$108.06, down 0.34%.

Shareholders with a position at the end of May 9 will have preemptive rights in the offer, which can be exercised between May 11 and 23, 2022. The proportion factor is 52%.

According to the material fact, the funds raised in the sixth issue of the fund’s quotas will be used to purchase two properties with the following characteristics:

FYesterday: FII Arctium Real Estate

With a gross leasable area (GLA) of 170 thousand square meters, Arctium Real Estate has a portfolio of nine properties in five states.

In 12 months, the portfolio’s dividend rate of return is 18.04%, according to the fund’s latest management report, classified as hybrid – which invest in real estate and real estate receivables certificates (CRI).

Second issue of shares of Riza Akin (RZAK11) also wants to raise BRL 150 million

The Riza Akin fund also approved a new share offering and plans to raise up to R$150 million, according to a material fact released this Thursday (5th).

The unit value of the new shares was set at R$94.22 and the distribution fee for the second issue of the fund will be R$3.35, totaling R$97.57.

On the stock exchange, Riza Akin shares are currently being traded at around R$98.00.

Shareholders with a position at the end of May 9 will have preemptive rights in the offer, which may be exercised between May 11 and 23, 2022. The proportion factor is 53%.

Riza Akin is a “paper” type fund – which invest in fixed income securities – with a net worth of BRL 282 million. Last month, the portfolio deposited BRL 1.20 per share, equivalent to a monthly return of 1.23%.

today’s dividends

Check out which are the 23 real estate funds that distribute income this Friday (6):

ticker Bottom Performance
FTCE11B opportunity BRL 98.30
SOLR11 Solarium BRL 7.16
FRHY11 Multi Border BRL 1.55
PORD11 Real Estate Credit Pole BRL 1.41
IDFI11 Autonomous Units BRL 1.30
ARRI11 Reit Lobby Real Estate Receivables BRL 1.28
RZTR11 Riza Terrax BRL 1.25
HSAF11 HSI Financial Assets BRL 1.15
IDGR11 Autonomous Units II BRL 1.05
VVPR11 V2 Properties BRL 0.77
EVBI11 VBI Essential Consumption BRL 0.75
LVBI11 VBI Logistics BRL 0.74
STRX11 starx BRL 0.71
ABCP11 Grand Plaza Shopping BRL 0.65
BPFF11 Brazil Plural Absolute FoF BRL 0.65
LASC11 Legatus Shoppings BRL 0.61
HSML11 HSI Malls BRL 0.60
PVBI11 VBI Prime Properties BRL 0.56
SPTW11 SP Downtown BRL 0.40
HOSI11 house BRL 0.36
PLRI11 Real Estate Receivables I BRL 0.21
VGHF11 Valora Hedge Fund BRL 0.13
ARRI13 Reit Lobby Real Estate Receivables BRL 0.07
RURA11 Itaú Asset Rural BRL 0.06

Source: InfoMoney

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

Giro Imobiliário: inflation above 10% also in 2022 enters the radar of economists

The possibility of Brazil registering inflation above 10% in 2022, for the second year in a row (the IPCA closed 2021 at 10.06%), has entered the radar of economists. The forecast has been growing amid the impacts of the war in Ukraine, doubts about the effect of China’s “Covid zero” policy on production chains, rising interest rates in the United States and the spread of price hikes in Brazil. The electoral scenario appears as an additional pressure factor.

If that happens, it will be the first time since the beginning of the Real Plan that the country will have double-digit inflation for two years in a row. With this scenario, the basic interest rate, raised by the Central Bank on Wednesday (4) to 12.75% per year, would probably have to rise above the levels currently projected and remain high for longer. And fears of inflationary inertia and indexation begin to return, “diseases” of the hyperinflation era in which past price increases were reflected in future prices and kept inflation at high levels.

The bank BNP Paribas was the first to officially raise the IPCA projection in 2022 to 10% – double the target ceiling. “We expect pressure from the same sectors, but with a stronger and more lasting impact”, wrote Gustavo Arruda, head of research for Latin America at BNP, and Laiz Carvalho, economist for Brazil at the institution in a report. BNP Paribas’ projection for the IPCA in 2023 rose from 4.5% to 5% — above the ceiling of next year’s target, which is 4.75%.

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.

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