You real estate funds remain profitable compared to other assets, even with the rise of fees, point the Itaú BBA in a report sent to customers.
According to the broker, however, uncertainties regarding the outcome of the pandemic, in addition to Brazilian fiscal risks, may bring volatility in the short term.
“We need to closely monitor the movement in the long interest rate curve, but, in general, the economic situation must be analyzed in parallel, as a rise in interest rates and inflation, accompanied by a strong economy, can be beneficial to the FIIs”, they point out .
For October, the brokerage added the fund Kinea Real Estate Income (KNCR11) in order to protect the portfolio against market fluctuations.
Among the sectors, BBA believes that financial assets and logistical warehouses are the best options for exposure, mainly in view of the turbulent macroeconomic environment that emerges in the short term.
“Specifically about the warehouses, the sector should receive a large offer of new assets, which could pressure rental prices and, consequently, harm renewals and revisions of existing contracts”, he points out.
For corporate slabs, analysts note that the segment has improved substantially, with numerous news from companies resuming face-to-face work.
“Even so, the sector continues to play a supporting role in the current market, without arousing the interest of individual investors – it is noteworthy that the industry’s FoFs are betting on the resumption of corporate slab funds”, he completes.
In the case of shopping malls, dates such as Father’s Day, Mother’s Day and Valentine’s Day usually present strong numbers.
“But the continuous inflationary pressure puts consumption in doubt, that is, the market does not look at the segment with good eyes either”, he completes.