Patria takes lead in Brazil’s real estate funds with RBR acquisition – Valor International

12/12/2025 09h52 Atualizado 12/12/2025 09h52 Patria Investimentos announced on Friday (12) a new real estate acquisition, placing the firm at the top of Brazil’s ranking of listed real estate investment funds (REIT), with R$38 billion under management. The asset manager signed an agreement to acquire the segment-focused arm of Grupo RBR, which currently manages 12 vehicles totaling R$8 billion in assets. With the sale, RBR will manage R$4 billion and shift its focus to institutional and high-income investors. The amount of the deal was not disclosed. According to Rodrigo Abbud, partner and head of real estate in Brazil at Patria, the deal should close out the series of acquisitions launched in 2022, when the firm managed R$715 million in the segment. Purchases since then have included VBI Real Estate, Vectis Gestão, Genial Investimentos, and Credit Suisse Hedging-Griffo Real Estate. “We have always seen scale as a strategic priority because it generates clear benefits for unitholders,” Abbud told Valor. He noted that, following the most recent acquisition, the plan had been to focus on integrating and merging the acquired funds and on organic growth, without actively pursuing new opportunities. “The consolidation process is intensive—for example, we need approval from 25% of investors in each fund.” According to Abbud, about 60 days ago, he was approached by RBR co-founder Ricardo Almendra to discuss a potential deal. “These are solid, well-structured assets that allow for immediate synergies with ours. We decided to seize the opportunity,” he said. The 12 funds will be added to Patria’s current portfolio of 20. A key advantage was RBR’s strong position in fixed-income REITs, which account for R$5 billion of the R$8 billion total, aligning with Abbud’s plan to increase credit exposure. The segment’s share will rise from 28% to 35%. JHSF completes R$5.2bn property saleSantander says Central Bank left door open for January rate cut Last year, RBR hired Santander to search for a partner. Abbud said Patria participated in that process, which ended in January 2025 without an agreement on valuation. At the time, RBR even considered acquiring smaller managers. According to Almendra, the change in plans came from the firm’s “conviction that Brazil’s REIT industry will move toward the U.S. model, with very large and highly liquid funds.” He said the proceeds from the sale will be invested in RBR’s funds, as a demonstration of alignment with investors. RBR’s remaining R$4 billion will be spread across credit and multi-strategy funds; brick-and-mortar and development funds; U.S. real estate; and infrastructure, with roughly R$1 billion allocated to each. Almendra said the firm will end the year with R$1.5 billion in net inflows—an achievement in what he described as a challenging year for alternative investments amid high domestic interest rates. “We have several ongoing offerings in credit and infrastructure funds, and our winning business model continues.” The retail segment will remain in the firm through its infrastructure funds listed on B3. Meanwhile, the team that managed the 12 funds being transferred to Patria will stay at RBR. “We will be left with a team larger than we currently need, but that is a bet on the company’s growth. We have set aside capital to retain and invest in people.” RBR’s co-founder expects to raise R$2 billion in 2026. “All our fundraising this year occurred outside the scope of the transaction with Patria, which shows the potential to be captured.” Patria reported R$3.5 billion in net inflows in the REIT segment in Brazil and, according to Abbud, will bring two new offerings to market in the first quarter. In addition, he said, the firm will begin the “intensive process of consolidations, grouping funds with similar strategies.” One example is the plan to merge three logistics REITs into a single vehicle, HGLG11, which would become a R$10 billion “super-fund,” the largest in the country. An extraordinary general meeting has already been called, and unitholders may vote until December 29. Abbud sees room for a recovery in the asset class in 2026 with the start of the Selic rate-cutting cycle. “It will be a challenging year, with a difficult macro environment, but the beginning of rate cuts should stimulate our industry,” he said. This article was translated from Valor Econômico using an artificial intelligence tool under the supervision of the Valor International editorial team to ensure accuracy, clarity, and adherence to our editorial standards. Read our Editorial Principles. 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