MXRF11 Opens R$ 1.25 Billion Share Offering to Public Phase

The public phase of the 12th share issuance for Maxi Renda (MXRF11), Brazil’s largest real estate fund by shareholder count, is now open to the broader market. Managed by XP Vista Asset Management, the fund is executing a massive capital increase with an initial target of R$ 1 billion. The offering can expand up to R$ 1.25 billion if the 25% additional allotment is fully exercised.

For global investors looking to invest in Brazil, this offering represents a significant liquidity event in the local real estate investment trust (FII) market, which is tracked by the benchmark IFIX index. The subscription price is set at R$ 9.37 per share. When factoring in the 2.89% distribution fee (equivalent to R$ 0.27 per share), the final acquisition cost for new market participants stands at R$ 9.64 per share.

The proceeds from this capital raise will be deployed primarily into real estate debt instruments, with a strong focus on Real Estate Receivables Certificates (CRIs). This strategy allows the fund to lock in attractive yields amid a high local interest rate environment. The move comes as the broader Brazilian equities market experiences downward pressure. On the B3 exchange today, the Ibovespa index (IBOV) fell 1.00% to 174,962.44, while major blue chips also slipped, with Petrobras (PETR4) down 1.21% to R$ 42.43, Vale (VALE3) dropping 0.42% to R$ 75.36, and Itaú Unibanco (ITUB4) declining 0.68% to R$ 42.27.