Plural Preps RE Fund of Funds

Brasil Plural is preparing a BRL200m ($98m) fund of funds investing in domestic real estate funds, according to regulatory documents. The Fundo de Investimento Imobiliario (FII) Brasil Plural Absoluto Fundo de Fundos will look to invest at least 90% in other FII funds and up to 10% in other real estate securities, such as Certificados de Recibiveis Imobiliarios (CRI) or Letras Hipotecarias (LH). The transaction could be upsized to as much as BRL270m. Plural is managing the placement itself. Issuance in the FII class is growing as more and more investors place bets on Brazilian property. Gavea Investimentos is preparing a similar BRL200m Fund of Funds, and BTG Pacutal opened a corporate office property fund to international investors in November – the first Brazilian real estate fund to do so – as part of a follow-on that could raise BRL2.0bn.