Adriano Mantesso believes that the current moment is favorable for real estate credit and that Tivio's brick-and-mortar funds are mature and strong. Additionally, he expects interest rates to remain at the current level for an extended period.

"I believe that interest rates should stay high for a longer period than we anticipated until last year. But this does not prevent some products, especially credit products, which are in high demand today," he explains. With this perspective, Mantesso reveals that the company has plans to develop a product focused on real estate credit.

Long-Term Real Estate Investment

"Our legacy includes funds that are over 10 years old. TVRI11, one of our main funds, consists of Banco do Brasil branches. Recently, we switched to active management, and it will become an urban income fund. So, all our investments are very long-term. There may be temporary turbulence, but the vision is to buy and invest in high-quality and resilient properties for this cycle," he says.

In the executive's view, people will not stop investing in or owning properties, whether for work or living. "We are always physically somewhere. During the pandemic, it was at home, but we continued moving around, whether visiting a shopping mall, at the office, or at home. In short, we are not outdoors. About 90% of our time is spent somewhere. The real estate sector will always overcome any crisis," he concludes.

One of the sectors that stood out the most during the discussion was shopping mall. Mantesso reveals that the sector is developing well post-pandemic and that, culturally, it is something Brazilians enjoy a lot.

"The issue with shopping malls is not about e-commerce. Our concept of shopping centers is very different from what exists abroad. It's a proposal for a place to be, a place to take family and friends and meet people. Additionally, it is a sector with limited supply, quite different from the United States. The Brazilian market is 3% of the American market," the executive comments. "Shopping centers are a sector I bet on a lot," he adds.

Mantesso mentions that the services offered by shopping malls have made them a differentiator. He cites that these establishments include colleges, hair salons, language schools, gyms, and good restaurants.

Besides shopping malls, Mantesso also believes that there are various markets to be explored in the world of funds. He mentions that "abroad" there are funds dedicated to data centers, government properties, and audiovisual production studios, among others.  

"Soon, we will start seeing these types of assets coming to the market. We are seeing everything happening in the world. I think my experience with this will help a lot, bringing innovative things here to Tivio," says Mantesso. 

Another topic discussed in the chat was the multifamily issue, also known as housing for income, which is something growing in the real estate world. The executive says it is "challenging" because of the value and profit.

"The concept has a very strong foundation, and this happens worldwide. I have participated in large portfolios in the United States, Mexico, and Chile. I believe in the thesis here in Brazil, but I think it still needs to prove the value of the final rental so that the numbers make sense. As there is not enough data in the market to prove that renting makes more sense than selling the property, it is still difficult to make a decision in this regard," he explains.