FII HCTR11 denies conflict of interest in operations and fund quotas operate sharply; ifix rises

With an accumulated drop of more than 16% since April 12, the EC Hectare (HCTR11) denied, in a management report released this Monday (18), a possible conflict of interest in the fund’s operations. The portfolio shares started the session this Tuesday (19) with a strong rise. At 10:52 am, the shares registered an increase of 7%.

In recent days, the fund has been questioned for allegedly investing in real estate receivables certificates (CRI) of ventures in which it would have a stake. For analysts, the double exposure would represent an operation where the fund would raise funds to lend to itself.

The questioning began in March, when Hectare increased its position in CRI Circuito de Compras, which financed the construction of Shopping Popular Circuito de Compras, in São Paulo (SP). Also known as Nova Feira da Madrugada, the space is considered the largest popular shopping center in Latin America.

Interested in the project – which had an estimated return of 20% per year – Hectare also decided to invest in the project through shares in the R Cap 1810 (XBXO11) real estate fund, which account for about 6% of the Hectare portfolio.

In a management report, the management team recalls that Hectare is not the only investor in CRI Circuito de Compras and has a minority stake in the enterprise. Thus, in the assessment of the managers, the investment in the debt of the Procurement Circuit – through the CRI – and in the project itself does not represent conflicting operations.

“We do not think, therefore, that the statement that the fund lent money to itself makes sense, nor that it could delay any action or decision on account of this”, points out the management report. “The fund just exposes itself differently in terms of risk and return to the same asset, along with other investors in each of the classes”, details the document.

Last week, hectare shares fell by almost 10% and, in yesterday’s session, there was a devaluation of more than 7%.

IFIX Today

In this Tuesday’s session (19), the IFIX – index that gathers the most traded real estate funds on the Stock Exchange – operates in the positive field. At 10:52 am, the indicator registered an increase of 0.25%, at 2,809 points. In yesterday’s session, the index closed down 0.24%. Check out today’s highlights:

Biggest highs of this Tuesday (19)

ticker Name Sector Variation (%)
HCTR11 Hectare Others 7.54
DEVA11 Devant Titles and Val. furniture 2.5
TORD11 EI Tordesillas Others 2.21
VSLH11 Versailles Real Estate Receivables Others 2.1
RBRP11 RBR Properties Others 2.04

Biggest casualties of this Tuesday (19):

ticker Name Sector Variation (%)
AIEC11 Autonomy Buildings Corporate Slabs -3.11
XPSF11 XP Selection Others -1.6
RVBI11 VBI Reits Titles and Val. furniture -1.33
HSLG11 HSI Logistics Logistics -1.05
RBFF11 Rio Bravo Ifix Titles and Val. furniture -0.92

Source: B3

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Start of new offers by Valora CRI and BTG Pactual Crédito Imobiliário; termination of the issuance of Iridium

Check out the latest information released by real estate funds on material facts:

Valora CRI (VGIP11) approves new offer and wants to raise up to BRL 250 million

In a material fact released this Monday (18), the Valora CRI Price Index announced the approval of the fund’s seventh issue of quotas, which aims to raise up to R$ 250 million.

The unit value of the new shares was set at R$94.14 and the distribution fee will be R$2.27, totaling the subscription price of R$96.41.

At market close this Monday (18), Valora CRI shares were traded at R$100.00, down 0.29%.

Shareholders with a position at the end of April 22 will have preemptive rights in the offer, which may be exercised between April 26 and May 6, 2022. The proportion factor is 28%.

Currently, Valora CRI’s shareholders’ equity – R$903 million – is fully invested in real estate receivables certificates (CRI). 86% of the securities are indexed to the Broad Consumer Price Index (IPCA).

BTG Pactual Crédito Imobiliário (BTCR11) also announces new issuance of quotas, in the amount of R$ 257 million

The BTG Pactual Crédito Imobiliário fund also announced, this Monday (18th), another issue of quotas in the portfolio, which intends to raise up to R$ 257 million.

According to a press release from the fund to the market, the unit price of the new shares will be R$ 95.86, without considering the distribution fee, which must be informed by the managers later.

In the last session on the Stock Exchange, shares of BTG Pactual Crédito Imobiliário were traded at R$96.09, down 0.72%.

Current shareholders will have preemptive rights in the fifth issue of new shares in the fund, but the details must also be disclosed in a new portfolio statement.

Iridium (IRIM11) closes second issue of quotas and raises BRL 42 million

The Iridium fund ended, this Monday (18), the period for exercising the right to subscribe for the remaining shares and the additional amount of the second issue of quotas in the portfolio, which raised R$ 42 million.

In the last phase of the offering, an additional lot of 70 thousand new shares was made available, all acquired by investors, points out a relevant fact from Iridium.

Thus, the fund ended the issuance with a total funding of R$ 42 million, above the R$ 35 million forecast at the beginning of the offering.

The unit value of the new shares was R$ 101.12, already considering the distribution fee. At the close of the market on Monday (18), the shares were traded at R$ 111.15, up 1.17%.

Rio Bravo Crédito Imobiliário High Grade (RBHG11) details hiring XP as a market maker

In a new material fact, released this Monday (18), Rio Bravo Crédito Imobiliário High Grade presented more details about the hiring of XP Investimentos to act as market maker for the fund’s shares.

Recognized and registered by B3, the market maker’s function is to stimulate the liquidity of assets traded on the Exchange, regularly and continuously maintaining buy and sell offers during the trading session. In addition to facilitating the trading of securities, the market maker also avoids artificial movements in quotations.

The provision of services began in yesterday’s session and the remuneration, which is fixed and monthly, represents approximately R$ 0.01070860 per share. The amount will be paid by the fund.

Currently, the trading of shares in Rio Bravo Crédito Imobiliário High Grade has an average daily liquidity of R$317 thousand. In the list of the largest volumes, Iridium (IRDM11) leads with R$ 13.7 million.

today’s dividends

Check out which are the 13 real estate funds that distribute income this Tuesday (19):

ticker Bottom Performance
RBRM11 RBR Development BRL 11,122.72
IBCR11 Brei CRI BRL 1.47
RBRY11 RBR High Yield BRL 1.30
RBRR11 RBR High Grade BRL 1.20
IRDM11 Iridium Receivables BRL 1.18
IRIM11 Iridium CRI BRL 1.14
BLUR11 Blue Receivables BRL 1.03
HGIC11 HGI Real Estate Credits BRL 0.99
CXAG11 Branches box BRL 0.75
CPFF11 Flagship FoF BRL 0.60
RBRF11 RBR Alpha BRL 0.60
MGFF11 Mahogany BRL 0.55
IBFF11 Integral Brei FoF BRL 0.50

Source: InfoMoney

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

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.