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Urbana","movilidad-urbana",{"code":23},{"id":1447,"status":1448,"segmentId":25,"slug":1449,"title":1450,"editorsPick":1451,"topImage":1452,"coverImage":1453,"slideImage":8,"publishDate":1454,"readTime":49,"maxRelatedEvents":5,"image":8,"imageCredit":1455,"imageCreditColor":978,"breakNewsUntil":8,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"visitCounter":97,"createdAt":1456,"updatedAt":1457,"translations":1458,"segment":1470,"categories":1478,"countries":1495,"authors":1498,"urls":1503},4732,"TRUE","bolso-de-special-sits-cresce-no-mercado-brasileiro","Bolso de special sits cresce no mercado brasileiro",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FSlider_special_sits_2026_9_18_11_24_35_1789741475.webp","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FCover_special_sits_2026_9_18_11_24_35_1789741475.webp","2026-09-18T00:00:00.000Z","GRI Institute","2026-09-18T11:24:35.000Z","2026-09-18T11:28:11.000Z",[1459],{"id":1460,"newsId":1447,"languageId":25,"title":1450,"subtitle":1461,"content":1462,"summary":978,"takeaways":1463,"seoTagConversionId":8,"seoTag":8,"seoTitle":1450,"seoKeywords":1464,"seoDescription":1465,"seoAbstract":8,"seoImage":1466,"createdAt":1467,"updatedAt":1468,"language":1469},5427,"Pressão macroeconômica e nova regulação aumentam oportunidades em ativos estressados e empresas em recuperação","A tese de investimento em special sits - créditos e ativos especiais ou estressados - vem se consolidando como uma das principais fontes de liquidez privada no mercado imobiliário brasileiro. Um levantamento realizado pela gestora Spectra Investments indica a existência de R$ 17,4 bilhões em recursos disponíveis para essa estratégia - não exclusivamente para o setor imobiliário, mas em parte. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara se ter ideia, esse montante superou pela primeira vez o capital disponível em private equity, que na data do levantamento - junho de 2026 - somavam R$ 14,6 bilhões. A expansão dos fundos de special sits reflete a rápida maturação da indústria local, cuja base de gestoras independentes na tese saltou de cinco em 2015 para 57 atualmente. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fevent\u002Fspecial-sits-como-destravar-oportunidades-no-real-estate_5610\" target=\"_blank\">\u003Cstrong>Aprofunde o debate sobre o tema na roundtable realizada pelo Comitê Jurídico Imobiliário do \u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">\u003Cspan class=\"company-profile-link\" data-id=\"25416\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>, no dia 1º de outubro.\u003C\u002Fstrong>\u003C\u002Fa>\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEsse crescimento é sustentado por variáveis macroeconômicas que asfixiam o fluxo de caixa corporativo no Brasil. Com a taxa básica de juros atual, que apesar dos recentes cortes segue em nível proibitivo, o custo médio do crédito corporativo livre para empresas atingiu a marca de 25,2% ao ano, atuando como um acelerador financeiro de endividamento. Isso é quase o dobro do custo médio em 2021, quando a Selic estava em 2% ao ano, segundo cálculo realizado sobre dados do Banco Central. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nIncapazes de cobrir as despesas financeiras com as margens operacionais, mais de 9 milhões de empresas registraram inadimplência na Serasa Experian, acumulando débitos em atraso que se aproxima de R$ 230 bilhões. O volume anual de pedidos de recuperação judicial atingiu níveis recordes, registrando 2,4 mil pedidos em 2025, uma elevação de 12,9% em relação a 2024, e 6,3 mil pedidos somente no primeiro semestre de 2026. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nO setor imobiliário absorveu essa deterioração de maneira desproporcional. Segundo levantamento realizado pela \u003Cspan class=\"company-profile-link\" data-id=\"17590\">Haltin Capital\u003C\u002Fspan>, as recuperações judiciais de incorporadoras cresceram 124% em um período de três anos, alterando o perfil das insolvências empresariais no país. Atualmente, uma em cada dez empresas em recuperação judicial no Brasil é uma incorporadora, ante a proporção de uma para quinze registrada três anos antes. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nAs empresas do setor sofreram uma compressão dupla: de um lado, a disparada dos custos de insumos da construção - aço, cimento e mão de obra - consumiu as margens de empreendimentos vendidos na planta; de outro, as altas taxas do crédito imobiliário na entrega das chaves reduziram a capacidade de financiamento dos compradores, provocando atrasos nos repasses e reativando o risco de distratos, que vêm crescendo nos balanços observados em incorporadoras de capital aberto. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nSimultaneamente, uma transformação regulatória imposta pelo Conselho Monetário Nacional e pelo Banco Central compeliu os grandes bancos comerciais a desovarem créditos problemáticos. A entrada em vigor da Resolução CMN nº 4.966 alinhou a regulação bancária brasileira aos padrões do IFRS 9, substituindo o reconhecimento de provisionamento por perda incorrida pela metodologia de perda esperada.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nNo modelo anterior, as instituições financeiras postergavam a baixa contábil de ativos problemáticos até a materialização formal do calote. Sob a nova resolução, a deterioração da capacidade de pagamento de uma incorporadora ou a renegociação de dívidas exige que o banco provisione imediatamente o valor sob risco. Com mais de R$ 580 bilhões alocados em provisões de crédito em todo o sistema bancário, o custo de manter NPLs (Non-Performing Loan) e debêntures imobiliárias em default dentro do balanço tornou-se explícito e oneroso. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEssa exigência contábil, portanto, gerou uma esteira de cessão forçada de carteiras de crédito estressadas para fundos de special situations, que adquirem os créditos com deságios agressivos em relação ao valor nominal de face.\r\n\u003Ch2>As principais estratégias de special sits\u003C\u002Fh2>\r\nAs gestoras que operam neste segmento estruturam a atuação em torno de quatro estratégias principais no mercado imobiliário. \r\n\r\n\u003Ch3>Crédito "podre"\u003C\u002Fh3>\r\nA compra com deságio de dívidas inadimplidas garantidas por ativos reais constitui a espinha dorsal de alocação de fundos como \u003Cspan class=\"company-profile-link\" data-id=\"17590\">Haltin Capital\u003C\u002Fspan> e JiveMauá. Nesses casos, o fundo adquire a posição de credor sênior de um banco ou de um fundo de investimento imobiliário de crédito, assumindo as prerrogativas de cobrança e expropriação.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA transação envolvendo o CRI Helvetia ilustra essa dinâmica. O título, lastreado nas obras de um condomínio residencial de alto padrão em Indaiatuba (SP) e pertencente ao fundo Cartesia Recebíveis Imobiliários (CACR11), apresentava inadimplência prolongada, com saldo devedor acumulado de R$ 60 milhões e obras físicas estagnadas em 76% de evolução. A \u003Cspan class=\"company-profile-link\" data-id=\"17590\">Haltin Capital\u003C\u002Fspan> adquiriu 100% do CRI por R$ 23,5 milhões, aplicando um deságio nominal superior a 60%. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA tese de monetização consiste em assumir a gestão direta da garantia real, financiar a conclusão dos 24% restantes da obra e comercializar as unidades remanescentes com prêmio de mercado após eliminar completamente o risco, o estigma e as incertezas que antes desvalorizavam o empreendimento, realizando ganhos sobre o custo de aquisição descontado - neste caso, em mais de 60%. \r\n\u003Ch3>Retomada de obra\u003C\u002Fh3>\r\nDiferentemente dos veículos imobiliários passivos, as gestoras de ativos estressados habitualmente contam com estruturas internas de engenharia e gestão de projetos para intervir diretamente na infraestrutura física de obras interrompidas por passivos ambientais, vícios de licenciamento ou disputas judiciais.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nO fundo assume o controle da propriedade mediante consolidação fiduciária ou dação em pagamento, realiza o saneamento regulatório junto aos órgãos públicos e aporta o capital necessário para finalizar a obra ou reconfigurar o uso do imóvel. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nExemplo dessa operação é a estratégia de retrofit conduzida pela divisão de real estate da JiveMauá. A gestora adquiriu e reestruturou a antiga sede da seguradora SulAmérica no centro de São Paulo, convertendo um edifício corporativo histórico em um ativo residencial moderno com infraestrutura compartilhada, capturando a valorização do metro quadrado após destravar a complexidade cartorária e física da edificação. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEm geral, essa estratégia permite multiplicar o capital investido de duas a três vezes.\r\n\u003Ch3>Dívida mezanino\u003C\u002Fh3>\r\nO crédito oportunístico é direcionado a incorporadoras que possuem ativos operacionais viáveis, mas enfrentam descompassos severos de fluxo de caixa. Essa linha é amplamente empregada por construtoras vinculadas a programas habitacionais, como o Minha Casa, Minha Vida, que necessitam de liquidez imediata para cumprir contrapartidas financeiras e destravar parcelas retidas de repasse junto aos agentes operadores do programa.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nO instrumento é estruturado como dívida intermediária (mezanino) por meio de emissões de Cédulas de Crédito Imobiliário (CCI) ou debêntures subordinadas. Em contrapartida ao risco assumido na ausência de garantias de primeira hipoteca bancária, que no MCMV é usualmente da Caixa, os contratos estipulam encargos na faixa de CDI + 6%-10% ao ano, acompanhados de equity kickers. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nO equity kicker vincula uma remuneração contingente adicional à performance do empreendimento, garantindo ao fundo uma fatia que costuma variar de 10% a 30% do lucro líquido da Sociedade de Propósito Específico (SPE) após o reembolso do principal. Nesta estratégia, o capital roda por um período curto - cerca de 4 a 6 meses - gerando um retorno robusto somado à remuneração extraordinária do equity kicker ao final, alcançando com segurança TIR líquida superior a 20% a.a.\r\n\u003Ch3>DIP Financing\u003C\u002Fh3>\r\nA Lei nº 14.112\u002F2020 conferiu segurança jurídica para que fundos de special situations forneçam capital de giro a incorporadoras em recuperação judicial por meio de Debtor-in-Possession (DIP) Financing. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nOs créditos concedidos sob essa modalidade gozam de condição superpreferencial, ou seja, caso a empresa tenha sua falência decretada, o DIP Financing é classificado como crédito extraconcursal de primeira ordem, ficando fora da negociação coletiva do processo principal e sendo liquidado prioritariamente em relação a créditos trabalhistas e fiscais preexistentes.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nSimultaneamente, os fundos empregam a estrutura de Unidades Produtivas Isoladas (UPIs) para arrematar empreendimentos específicos, carteiras de recebíveis performados ou estoques de terrenos em leilões judiciais. A legislação garante que o adquirente da UPI não responde por qualquer sucessão de dívidas trabalhistas, fiscais, previdenciárias ou cíveis da incorporadora em crise, permitindo ao gestor de situações especiais absorver o projeto sem contaminação patrimonial.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nSe a empresa em recuperação não gerar o fluxo de caixa esperado para honrar o empréstimo, o credor DIP pode utilizar seu crédito privilegiado para capitalizar a incorporadora - troca de dívida por ações - ou exercer o direito de preferência para arrematar judicialmente ativos estratégicos ou SPEs sem risco de sucessão de passivos.","\u003Cul>\r\n\t\u003Cli>O capital disponível em fundos de special situations já supera o montante de private equity, em um momento em que os juros altos e a dificuldade de crédito aumenta a quantidade de ativos estressados e empresas em recuperação judicial. \u003C\u002Fli>\r\n\t\u003Cli>As recuperações judiciais de incorporadoras cresceram 124% em um período de três anos. Atualmente, uma em cada dez empresas em recuperação judicial no Brasil é uma incorporadora, ante a proporção de uma para quinze registrada três anos antes. \u003C\u002Fli>\r\n\t\u003Cli>As principais estratégias de special sits consistem na aquisição de crédito inadimplido, retomada de obras paralisadas, dívida mezanino e recuperação de empresas em situação de insolvência ou falência. \u003C\u002Fli>\r\n\u003C\u002Ful>\r\n","mercado imobiliário, ativos estressados, special sits, recuperação judicial, incorporadoras","Pressão macroeconômica e nova regulação aumentam oportunidades em ativos estressados e empresas em recuperação\r\n","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FHub_Social_special_sits_2026_9_18_11_26_42_1789741602.jpg","2026-09-18T11:24:43.000Z","2026-09-18T11:28:04.000Z",{"code":18},{"id":25,"color":27,"translations":1471},[1472,1474,1476],{"title":26,"slug":30,"language":1473},{"code":13},{"title":37,"slug":38,"language":1475},{"code":18},{"title":33,"slug":34,"language":1477},{"code":23},[1479,1487],{"id":65,"label":1231,"translations":1480},[1481,1483,1485],{"label":1231,"slug":1242,"language":1482},{"code":13},{"label":1245,"slug":1246,"language":1484},{"code":18},{"label":1249,"slug":1250,"language":1486},{"code":23},{"id":136,"label":1051,"translations":1488},[1489,1491,1493],{"label":1051,"slug":1062,"language":1490},{"code":13},{"label":1065,"slug":1066,"language":1492},{"code":18},{"label":1069,"slug":1070,"language":1494},{"code":23},[1496],{"name":171,"enName":171,"ptName":171,"iso2":1497},"BR",[1499],{"name":1500,"slug":1501,"image":1502,"order":115},"Henrique Cisman","henrique-cisman","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews_author\u002FHenrique_Marcal_Cisman_GRI_Institute_Profile_PIC_2025_11_04_11_31_12_1762266672.jpg",{"pt-BR":1504},"\u002Fmercado-imobiliario\u002Fbolso-de-special-sits-cresce-no-mercado-brasileiro",[1506,1507,1508,1509,1510,1511],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]