Itaú's ICDI11 FII Approves R$ 300.3 Million Share Offering

The real estate investment trust Itaú Crédito Imobiliário CDI (ICDI11) has approved its second share issuance, aiming to raise up to R$ 300.3 million. Managed by Intrag Distribuidora and coordinated by Itaú BBA, the primary public offering will issue 3 million new shares to expand the fund's portfolio. This move comes amid a shifting macroeconomic landscape where professional investors are seeking targeted real estate credit exposure.

Under the terms of the offering, the base issue price is set at R$ 100.10 per share, which directly matches the fund's book value as of June 30. When factoring in the distribution fee of R$ 1.27 per share, the final subscription price rises to R$ 101.37. Current shareholders will have preemptive rights to subscribe to the new shares to avoid dilution, while new professional investors must meet a minimum investment threshold of 500 shares, equivalent to R$ 50,050 excluding fees.

The capital raised will be deployed in accordance with ICDI11’s active management mandate, which focuses primarily on CDI-indexed real estate credit assets. This capital increase follows the fund's successful first offering earlier this year, which raised R$ 375 million.

The announcement arrives during a mixed session for Brazilian equities. The benchmark Ibovespa index (IBOV) edged down 0.36% to 176,010.9 points, while Itaú Unibanco (ITUB4) fell 1.12% to 43.14. Meanwhile, Petrobras (PETR4) slipped 0.17% to 40.59, and Vale (VALE3) gained 0.68% to trade at 74.51.