Key Takeaways
- • Tivio raised 502,961,000 BRL (about $91.4 million) through a public offering of quotas in its Tivio Opportunities II Malls IPCA real-estate fund (FII), per Dealroom and supplemental reporting.
- • The offering covered the first issuance of Subclass A and Subclass B quotas and will fund the fund's acquisition of shopping malls.
- • Banco Bradesco BBI served as lead underwriter, with Cescon Barrieu advising on legal aspects and i2a Advogados advising Tivio.
- • The raise follows an October agreement by a Tivio fund to buy stakes in seven shopping malls from Vinci for R$477.4 million.
- • The move marks a deliberate repositioning away from bank-branch concentration toward income-generating retail property.
Summary
Brazilian fund manager Tivio has raised 502,961,000 BRL (about $91.4 million) through a public offering of quotas in its Tivio Opportunities II Malls IPCA real-estate fund (FII), according to Dealroom and supplemental reporting from The Latin American Lawyer. The offering covered the first issuance of Subclass A and Subclass B quotas, and proceeds are earmarked for the fund's acquisition of shopping malls.
Banco Bradesco BBI acted as lead underwriter. Cescon Barrieu advised the underwriter on legal matters, including the underwriting agreement and registration documents filed with B3 and the Brazilian Securities and Exchange Commission (CVM). i2a Advogados advised Tivio on the offering and on structuring the mall acquisitions. The offering was carried out under the automatic registration procedure set by CVM Resolutions No. 160 and No. 175.
The transaction extends a broader push by Tivio to expand its property exposure. In October, one of its funds agreed to buy stakes in seven shopping malls from Vinci for R$477.4 million. Vinci said the sale would bolster its cash position and reduce financial obligations. Separately, Tivio's TVRI11 fund has been preparing an offering of up to R$700 million. Materials for that fund note that 95.8% of its assets were concentrated in bank branches, with most leases set to expire in November 2027.
The raise signals a deliberate shift from bank-branch concentration toward income-generating retail property, which reporting describes as repositioning rather than simple growth. It also points to continued appetite among Brazilian investors for listed real-estate funds tied to shopping malls.
Banco Bradesco BBI acted as lead underwriter. Cescon Barrieu advised the underwriter on legal matters, including the underwriting agreement and registration documents filed with B3 and the Brazilian Securities and Exchange Commission (CVM). i2a Advogados advised Tivio on the offering and on structuring the mall acquisitions. The offering was carried out under the automatic registration procedure set by CVM Resolutions No. 160 and No. 175.
The transaction extends a broader push by Tivio to expand its property exposure. In October, one of its funds agreed to buy stakes in seven shopping malls from Vinci for R$477.4 million. Vinci said the sale would bolster its cash position and reduce financial obligations. Separately, Tivio's TVRI11 fund has been preparing an offering of up to R$700 million. Materials for that fund note that 95.8% of its assets were concentrated in bank branches, with most leases set to expire in November 2027.
The raise signals a deliberate shift from bank-branch concentration toward income-generating retail property, which reporting describes as repositioning rather than simple growth. It also points to continued appetite among Brazilian investors for listed real-estate funds tied to shopping malls.
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