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milhões",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Ficonyc_top_2021_9_17_08_37_20_1631878640.jpg","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Ficonyc_cover_2021_9_17_08_37_20_1631878640.jpg","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Ficonyc_slider_2021_9_17_08_37_20_1631878640.jpg","2021-09-17T00:00:00.000Z","Crédito: Reprodução \u002F Cyrela","#FFFFFF","Fundo residencial da Vectis com imóveis da Cyrela capta R$ 1","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Ficonyc_social_2021_9_17_08_37_20_1631878640.jpg",1351,"2021-09-17T08:37:20.000Z","2024-05-28T17:14:48.000Z",[1464],{"id":1465,"newsId":1447,"languageId":25,"title":1450,"subtitle":1466,"content":1467,"summary":8,"takeaways":8,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"createdAt":1468,"updatedAt":1469,"language":1470},1781,"Reunião virtual do GRI apresentou detalhes da operação, administrada pelo Charlie","\u003Cp dir=\"ltr\">O interesse do mercado imobiliário pelo modelo de renda residencial ganhou novo capítulo nas últimas semanas, quando a Vectis Gestão lançou o fundo imobiliário VCRR11 (Vectis Renda Residencial), cujo portfólio inicial é composto por unidades de quatro empreendimentos da Cyrela Brazil Realty: Atmosfera Vila Mariana, Cyrela For You, Cyrela On The Parc By Yoo e Iconyc - este último adquirido integralmente.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Os detalhes e as características do fundo e da operação futura das unidades foram debatidos em uma reunião virtual organizada pelo \u003Cstrong>GRI \u003C\u002Fstrong>no último dia 30, que contou com as presenças de \u003Cspan class=\"data-profile-link\" data-id=\"18808\">Alexandre Aoude\u003C\u002Fspan>, CEO da Vectis, \u003Cspan class=\"data-profile-link\" data-id=\"18806\">Laercio Boaventura\u003C\u002Fspan>, diretor de Investimentos da Vectis, \u003Cspan class=\"data-profile-link\" data-id=\"14571\">Efraim Horn\u003C\u002Fspan>, co-presidente da Cyrela, e \u003Cspan class=\"data-profile-link\" data-id=\"10967\">\u003Cspan class=\"data-profile-link\" data-id=\"13158\">Allan Sztokfisz\u003C\u002Fspan>\u003C\u002Fspan>, CEO do Charlie, que moderou o painel. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Boaventura afirmou que o IPO - oferta 400 da CVM (Comissão de Valores Mobiliários) - captou R$ 197 milhões com uma classe única de cotas negociada exclusivamente para a base do Itaú, distribuidor do fundo. Nos primeiros 36 meses, prazo estimado para conclusão das obras, os investidores terão renda garantida de 8% ao ano, período após o qual a rentabilidade dependerá das taxas de ocupação dos apartamentos. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Segundo Aoude, a Vectis identificou na Cyrela a parceira ideal para colocar o VCRR11 em pé. Uma vez definidos o tipo de produto e as localizações - dois prédios estão na Vila Mariana e outros dois na Vila Clementino -, o Charlie foi escolhido para operar os empreendimentos quando estiverem prontos. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">“Do ponto de vista de gestão, ter o controle do condomínio inteiro ou do sub-condomínio - sem depender de assembleias - é fundamental para manter a operação redonda. Isso faz bastante diferença neste tipo de produto”, disse Sztokfisz. A estratégia explica a opção por projetos que ainda estão em desenvolvimento, complementou Boaventura.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Mas o que explica a Cyrela vender seus imóveis para o fundo, se poderia lucrar mais com a venda direta no varejo? Conforme indicado por Boaventura, a Vectis adquiriu os apartamentos com um desconto médio de 15% em relação aos preços de tabela. O co-presidente da Cyrela, \u003Cspan class=\"data-profile-link\" data-id=\"14571\">Efraim Horn\u003C\u002Fspan>, pontuou que a arrecadação poderia ser até 70% maior na venda direta para os compradores.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">A resposta, contudo, tem vários ângulos, segundo Horn: “O primeiro é que a Cyrela é uma empresa que busca um propósito. A gente se esforça para encantar os clientes, portanto, não queremos só vender e partir para a próxima. Não somos experts em operar unidades não residenciais e não queremos entregar um produto que simplesmente seja vendido, mas que a gente não garanta a qualidade do serviço que o investidor pode fornecer para o cliente”.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Neste sentido, o executivo também faz coro à importância de que haja um único dono e operador: “A gente quer transformar a localização em um patrimônio que vai ser cuidado como deve para que o inquilino sempre tenha um ativo cinco estrelas, tal como entregue pela Cyrela, mas isso não explica por que topamos vender”. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">De acordo com Horn, a capacitação de corretores para a venda de unidades não residenciais levaria tempo e tiraria o foco do \u003Cem>core\u003C\u002Fem> \u003Cem>business\u003C\u002Fem> da empresa, que é a venda residencial. “É mais conveniente a gente focar em nosso negócio, abrir mão de parte da rentabilidade e acelerar o negócio. Além disso, a gente tem uma parcela nesse fundo, então a gente espera também ganhar na valorização”.  \u003C\u002Fp>\r\n\r\n\u003Ch3 dir=\"ltr\">\u003Cspan style=\"font-size:18px\">Tese foi bem aceita?\u003C\u002Fspan>\u003C\u002Fh3>\r\n\r\n\u003Cp dir=\"ltr\">O diretor de Investimentos da Vectis afirma que levou um susto nas primeiras rodadas de apresentação do fundo, dada a grande quantidade de perguntas e solicitações de reuniões dos investidores para entender o produto. “A gente achou que seria mais simples explicar a tese, já que investir em imóveis está no DNA do brasileiro”, contou Boaventura.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">“Quando se faz um produto diferente em relação ao que as bases de distribuição estão acostumadas, isso requer um tempo maior, o \u003Cem>roadshow \u003C\u002Fem>passa a ser muito mais importante para explicar ao investidor. Ele está acostumado a tijolo ou a renda, aí criamos um produto que tem uma renda garantida durante três anos e depois um \u003Cem>upside\u003C\u002Fem> de acordo com a comercialização. O investidor ficou meio perdido, mas uma vez que o mercado entenda, o negócio decola”, complementou Aoude.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Segundo Sztokfisz, o foco da operação é o \u003Cem>short stay\u003C\u002Fem>, que está “no meio do caminho” entre a hotelaria e a moradia. “Isso faz com que a gente consiga entregar um retorno superior em relação ao modelo tradicional, o que é um dos diferenciais. A operação é complexa, e até então não havia nenhum fundo voltado para isso. Tivemos que explicar essa particularidade”. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Boaventura ainda acrescentou que foram escolhidas diferentes tipologias de apartamentos - de um e dois dormitórios - para haver maior flexibilidade. “A plataforma do Charlie permite que faça a migração de \u003Cem>short stay\u003C\u002Fem> para \u003Cem>mid stay\u003C\u002Fem>. Essa flexibilização, combinada com a boa localização dos ativos, oferece proteção ao produto que a gente desenhou”. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">“O perfil do cliente residencial é muito mais amplo do que meramente hoteleiro, que é de dois ou três dias. Tem uma demanda maior, é mais resiliente que a hotelaria tradicional. No meio do \u003Cem>roadshow\u003C\u002Fem>, a gente já tinha números para mostrar que o negócio se manteve com certa estabilidade [durante a pandemia]”, ratificou o CEO do Charlie. \u003C\u002Fp>\r\n\r\n\u003Ch3 dir=\"ltr\">\u003Cspan style=\"font-size:18px\">Perfil do investidor\u003C\u002Fspan>\u003C\u002Fh3>\r\n\r\n\u003Cp dir=\"ltr\">Embora inicialmente houvesse a expectativa de que investidores institucionais entrassem no fundo, o perfil predominante no IPO foi do investidor do varejo. “A pessoa física, antes, comprava um apartamento com R$ 350 mil, que hoje não custa menos que R$ 600 mil. O pequeno investidor não consegue mais manter o apartamento na região e na qualidade que deseja. O fundo imobiliário abre essa oportunidade para ele”, explicou Boaventura.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">A leitura da Vectis é que, em um primeiro momento, os investidores maiores querem ver a tese se comprovar dentro de um fundo com essa operação. A expectativa é que haja adesão conforme haja mais liquidez e visibilidade do VCRR11. \u003C\u002Fp>\r\n\r\n\u003Ch3 dir=\"ltr\">\u003Cspan style=\"font-size:18px\">Alta dos juros é prejudicial?\u003C\u002Fspan>\u003C\u002Fh3>\r\n\r\n\u003Cp dir=\"ltr\">Para o CEO da Vectis, \u003Cspan class=\"data-profile-link\" data-id=\"18808\">Alexandre Aoude\u003C\u002Fspan>, a resposta é não. “Quando pegamos a curva futura dos juros, hoje, a renda garantida [do VCRR11] já é superior. Com o \u003Cem>upside\u003C\u002Fem>, isso fica ainda melhor. Acho que não vamos ter taxas de juros tão altas quanto no passado, então o produto está corretamente precificado quando se considera a curva de juros futura”. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Ainda segundo Aoude, não há mais espaço para “sentar no dinheiro” esperando por rentabilidades de 14% com o CDI. “Se usar a mesma premissa dos juros subindo, os preços dos imóveis deveriam estar caindo, e não é isso que estamos vendo”, compara. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">Outro aspecto, segundo Boaventura, é a valorização imobiliária das unidades, que não está na conta. “São regiões nas quais, entre a gente assinar a compra do imóvel com a Cyrela e o IPO ocorrer, teve valorização de 30% a 40%. O preço estava congelado porque já havíamos negociado. Só essa diferença já deveria trazer para o fundo, em valor patrimonial, uma valorização”.\u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">De acordo com o co-presidente da Cyrela, os terrenos já subiram em torno de 20%, o custo de construção de fato (não o INCC) subiu cerca de 30% nos últimos 20 meses. “Se o INCC subiu pouco mais que 20%, o custo real aumentou, então o valor de reposição do que o fundo já tem hoje são algumas dezenas a mais, talvez 30%”. \u003C\u002Fp>\r\n\r\n\u003Cp dir=\"ltr\">“A Cyrela sempre focou no produto de morador, mas temos muitos investidores que compram nosso produto também, surpreendentemente, até mesmo apartamentos de luxo. A gente acredita que, independentemente da subida de juros, o reconhecimento por parte de muitos investidores imobiliários vai continuar igual ao que foi nos últimos anos”, encerrou \u003Cspan class=\"data-profile-link\" data-id=\"14571\">Efraim Horn\u003C\u002Fspan>. \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cspan style=\"color:#6b6b6b\">Por \u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"11829\">Henrique Cisman\u003C\u002Fspan>\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Fevent\u002Freal-estate\u002Fforum-gri-de-fundos-imobiliarios_1466.html\" target=\"_blank\">\u003Cimg alt=\"\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002FForum_GRI_de_Fundos_Imobilia_rios_Keynote_Session_Banner_HTML_[1]_2021_9_17_15_08_42_1631891322.jpg\" style=\"border-radius:20px; width:100%\" \u002F>\u003C\u002Fa>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\r\n","2021-09-17T08:37:33.000Z","2021-09-17T12:11:03.000Z",{"code":18},{"id":25,"color":27,"translations":1472},[1473,1475,1477],{"title":26,"slug":30,"language":1474},{"code":13},{"title":37,"slug":38,"language":1476},{"code":18},{"title":33,"slug":34,"language":1478},{"code":23},[1480],{"id":47,"label":1297,"translations":1481},[1482,1484,1486],{"label":1297,"slug":1308,"language":1483},{"code":13},{"label":1311,"slug":1312,"language":1485},{"code":18},{"label":1315,"slug":1316,"language":1487},{"code":23},[1489],{"name":171,"enName":171,"ptName":171,"iso2":1490},"BR",[],{"pt-BR":1493},"\u002Fmercado-imobiliario\u002Ffundo-residencial-da-vectis-com-imoveis-da-cyrela-capta-r-197-milhoes_1623",[1495,1496,1497,1498,1499,1500],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]