Riza Asset is going to the market seeking R$ 428 million for a real estate investment fund (REIT) that will invest in assets linked to the food retail sector, focusing on generating income through rentals.
The first issuance of the Riza Renda Imobiliária Feeder Real Estate Investment Fund foresees the issuance of 4.28 million units, at a subscription price of R$ 100 each. No additional issuance is planned.
In the prospectus, Riza states that the REIT intends to indirectly acquire a stake in ten assets totaling approximately 163,000 square meters of leasable area.
The pipeline outlined in the prospectus consists of five Atacadão stores, located in three states (MT, MS, and SP), and three Grupo Mateus units, in two states (BA and AL). The plan also involves the acquisition of two logistics assets: one from the Almanara restaurant chain and another fromBRF , located in São Paulo and Pernambuco, respectively.
This is a multi-class fund. Subclass A (senior) has a target return of IPCA plus 9% per year, with the possibility of reaching IPCA plus 9.5% through a kicker linked to asset performance. The units of subclass B (subordinated) will be subscribed by GARE11, a fund managed by Guardian Real Estate, which will remain exposed to the risk of the assets.
The prospectus also states that the fund will have a term of five years, with the possibility of extension for another year. And the fund's financial structure presents a subordination level of approximately 62.3%, including seller finance, to protect senior shareholders.
Riza is yet another asset manager that uses funds with subclasses to mitigate the effects of high interest rates. A study conducted by Banco Daycoval for NeoFeed showed that, of the 45 most significant transactions registered with the CVM (Brazilian Securities and Exchange Commission) in terms of volume in 2025, 37% of the total amount was raised by vehicles with multiple asset classes . Considering the feeder funds of these funds, this percentage rises to 47%. In total, the year registered 428 transactions.
Riza has R$25 billion in assets under management, of which R$10.1 billion are in the real estate investment trust (REIT) vertical, distributed across seven funds, according to data from the Brazilian Association of Financial and Capital Market Entities (Anbima).
The reservation period begins on July 1st and ends on July 31st. Settlement of the offer is scheduled for August 4th.
The operation is being coordinated by XP Investimentos , while Banco Daycoval will act as administrator.
Contacted by NeoFeed , Riza did not respond to requests for comment.
