FII managers elect the most (and least) promising segments for 2023; check bets

Real estate funds for credits and the agro segment – ​​including Fiagros – are the favorites of asset managers for 2023, according to a report by Órama Investimentos with 23 houses responsible for the main FIIs in the market. Bank branches and company slabs still arouse suspicion from specialists.

Despite a year that promises many challenges for real estate funds – tax risks and high interest rates, among others – the FII market is optimistic and expects a 2023 of gains.

According to the Órama survey, 87% of real estate fund managers believe that the Ifix – index of the most traded FIIs on the stock exchange – will close 2023 in a positive field. Only 4% expect a downside scenario.

In 2022, Ifix rose by 2.2%, after two consecutive years of decline: 2.28 in 2021 and 10.24 in 2020.

“We believe in a first half still characterized by high volatility, given the uncertainties on the fiscal perimeter and inflationary fears”, points out the study. “However, considering the discounted prices that real estate funds are negotiating and the expectation of a possible cut in interest rates at the end of this year, the outlook remains positive for the sector”, completes the text.

In this context, two segments of real estate funds emerge with the best prospects for 2023, in the opinion of the managers: loans and agri-food.

Also known as “paper” FIIs, credit funds invest in fixed income securities linked to inflation rates and the CDI (interbank certificate of deposit) rate.

In the third quarter of 2022 this asset class lost its attractiveness on the stock market due to the deflation calculated by the Extended Consumer Price Index (IPCA) in the period. The negative indicator reduced the funds’ income and, consequently, the dividends transferred to shareholders.

“However, the return of the indicator to positive levels and the expectation of inflation still above the target in 2023 strengthens the recovery of its dividends”, explains the report, which indicates the segment as the most promising of the year.

As far as agro is concerned, the main bet is the very high growth potential of the segment, according to real estate fund managers – who also cite Fiagros, which invests in the agri-food chain.

Furthermore, they argue that portfolios of these products directly benefit from high interest rates, which are expected to remain at high levels over the medium term.

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On the other hand, office-based FIIs still generate some distrust of executives, despite the initial improvement in the post-Covid-19 pandemic sector.

According to Órama’s report, real estate funds in the segment have not responded in the same way as the corporate market in general when analyzing indicators such as net absorption – the balance between areas leased and restituted – and rental prices.

“[Diante disso]these funds are traded at above-average discounts and we believe they will have to face a first six months of still high volatility, but with the potential for long-term appreciation”, the document specifies.

The segment is among those with the worst prospects for 2023, as are bank and residential branches – still under development in the market. Check the list:

According to Órama’s survey of managers, most bank branch FIIs are older and have recently expired or short-term leases, which creates additional risk.

Furthermore, the digitization of the financial sector and the weaker demand for this segment reduce the attractiveness of the segment.

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ifix today

In this Friday’s session (27), the Ifix – index of the most traded real estate funds on the Stock Exchange – operated stable. At 12:12, the indicator had a slight increase of 0.02%, to 2,809 points.

Highest highs this Friday (27):

Major victims this Friday (27):

Source: B3

BRCO11 and XPLG11 receive January rent from Americanas, but monitor company RJ

FII Bresco Logística has communicated to the market that it has received in full the December rent from Americanas – with payment expected in January, underlines a material fact disclosed by the portfolio.

“Accordingly, there is no backlog from Americans as of this date,” the document reiterates.

BRCO11 leases to the retailer – which has filed for bankruptcy – 15,000 m2 of the Bresco Contagem (MG) logistics condominium, which represents 22.6% of the total GLA of the property and 3.6% of the fund’s revenues.

In the communication to the market, Bresco Logística also confirmed that the company has terminated the lease of the building in Bresco Resende (RJ). The space had been vacated on January 6, 2023.

To break the tie, BRCO11 management says it still expects to receive around R$550,000 in compensation and funds for property repairs.

Included in the list of creditors of Americanas, the fund evaluates the need to adopt measures to correct any discrepancies in the related credits.

XP Log (XPLG11) also confirmed it received rent from the dealer for its December lease, but signals concern for the months ahead.

“It is possible that the rent for the accrual month of January 2023 has been credited to the Lessee, at its sole discretion”, highlights the fund’s press release to the market.

XP Log has a contract with B2W – which is part of the Americanas group – until July 2026. The company occupies a fund distribution center located in Seropédica (RJ). The space has a constructed area of ​​82,000 square meters, which represents 9% of the fund’s portfolio.

dividends today

Check out the FIIs paying out dividends this Thursday (26):

Source: StatusInvest

Giro Imobiliário: the Muffato group buys 16 shops and 11 petrol stations from Grupo Makro

The Muffato Group announced this Thursday (26) that it has entered into an agreement with the Makro Brasil Group for the purchase of real estate and assets. 16 shops and 11 petrol stations will be acquired. During the negotiations, Grupo Muffato was assisted by XP Investimentos, Marins Bertoldi Advogados and Mattos Filho Advogados. Makro Brasil, which belongs to the Dutch holding company SHV, which controls 7 other companies with a presence in 60 countries and more than 60,000 employees, was financially assisted by Santander and legally assisted by Mello and Torres Advogados.

The value of the transaction has not been communicated and, according to a note from the Mufatto Group, the process of transferring the assets “must be completed in the shortest time possible, subject to compliance with certain conditions, including the approval of the CADE”.

With the acquisition, Grupo Muffato, from Paraná, takes another step in its expansion strategy towards the southeast. The properties acquired are located in the cities of São Paulo (in the districts of Butantã, Interlagos and Lapa), Guarulhos, Marília, Piracicaba, Presidente Prudente, Santo André, São Bernardo do Campo, São José do Rio Preto, São José dos Campos, Sorocaba (north and south), Campinas, Mogi das Cruzes and Taubaté.

“With this acquisition, we are heading towards the largest consumer market in the country and reaffirm our confidence in Brazil. The opportunity to operate in new markets brings great motivation to our entire team”, says Ederson Muffato, director of the Group.

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