Cyrela Brazil Realty, owned by billionaire Elie Horn, created its own manager, Cy Capital, to invest in the real estate market beyond the residential development sector and capital intensive. The idea is to take advantage of exciting opportunities that catch Cyrela's management's eyes but are left out of the investments because they are not part of its main scope, which is to build residential properties for sale.
Cyrela is the main partner, which has three other minority partners: Bruno Ackermann (ex Cyrela, Syn, Barzel and Brookfield), Danny Gampel (ex Itaú, Barigui and TRX), Gustavo Rassi (ex Cyrela and with experience in private equity). The idea is to attract other partners in the future, as the funds are structured.
Cy Capital has almost R$500 million under management
Cy Capital already has two ongoing funds and is approaching half a billion reais under management. The first will be dedicated to the development of logistics warehouses. In the initial stage, the fund seeks to raise R$270 million and issue R$230 million in debt. The offer is restricted to professional investors (with at least R$10 million in equity), mostly family and friends of the house.
The investment idea considers that e-commerce will enter an accommodation phase after years of accelerated growth. The priority, therefore, will be to operate only in the addresses most sought after by companies: the first projects will be in Guarulhos, Embu and the city of São Paulo, totalling 200 thousand square meters of gross leasable area. The money will be used to buy land plots and build warehouses within a radius of up to 30 kilometres from the capital of São Paulo – where there is greater demand from e-commerce companies which aim to deliver goods quickly.