Tivio raises $91.4M for Brazilian mall-focused real-estate fund
What's the deal? Brazilian fund manager TivioDealroom has a profile for this one. Try Dealroom → has raised US$128.7M through a public offering of quotas in its Tivio Opportunities II Malls IPCA real-estate fund (FII). The offering, which covered the first issuance of Subclass A and Subclass B quotas, funds the fund's acquisition of shopping malls.
Who advised? Cescon Barrieu advised Banco Bradesco BBI, the lead underwriter, on the offering's legal aspects, including the underwriting agreement and registration documents for B3 and the Brazilian Securities and Exchange Commission (CVM). i2a Advogados advised Tivio on the offering and on structuring the mall acquisitions.
Why now? The deal extends a broader push by Tivio to broaden its property exposure. In October, one of its funds agreed to buy stakes in seven shopping malls from VinciDealroom has a profile for this one. Try Dealroom → for US$122.1M; Vinci said the sale would bolster its cash and cut financial obligations.
What's the endgame? Tivio is repositioning its real-estate portfolio toward malls. Its separate TVRI11 fund has been preparing an offering of up to US$179.1M, with materials noting 95.8% of its assets were concentrated in bank branches and most leases set to expire in November 2027.
The offering was carried out under the automatic registration procedure set by CVM Resolution No. 160 and CVM Resolution No. 175.
The signal: The raise marks a deliberate shift from bank-branch concentration toward income-generating retail property, repositioning rather than simply growing. It also signals continued appetite among Brazilian investors for listed real-estate funds tied to shopping malls.
Read more: thelatinamericanlawyer.com
Image credit: AR McLin
