Given the deterioration of the Brazilian economy, the market for real estate investment funds (FIIs) tends to be weaker in terms of raising funds in 2022. Currently, there are only three offers for issue of shares in the queue and another four that had started in the last month, totalling R$ 1.5 billion, according to a survey carried out by Suno for the column.
Last year, more than 70 offers were carried out, raising around R$ 22 billion, according to the B3 bulletin – which only considers offers aimed at the general public. The amount is even greater if exclusive offers to professional investors are included in the account. For now, the number is still discreet and points to a slowdown.
Among the few operations on the radar this year, the highlight is in paper funds, with three offers and a third of the planned funding. The biggest one is from the RBR Premium Recebíveis Imobiliários fund, with R$304 million. Paper funds invest funds in assets such as receivables and letters of credit, which are generally adjusted by inflation or CDI. Therefore, they function as defensive investments in periods of economic crisis, such as the one experienced today. Hence its attractiveness.
Brick funds, which invest their resources in purchasing corporate buildings, shopping centres and hotels, among others, should have much more selective offers this year. These properties face occupation problems, default and/or billing due to changes in the population's behaviour caused by the pandemic – which has driven investors away.