Cy Capital, a real estate fund manager controlled by Cyrela, is set to invest R$ 1.233 billion in a new fund dedicated to logistics developments.

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The funds, comprising R$ 833 million from a capital raise and R$ 400 million in debt, will be used to construct six high-standard (A+) properties, with one already confirmed in Rio de Janeiro. This marks the fund's first project outside São Paulo, despite owning a property in Extrema, Minas Gerais, which is not part of the fund.

According to Bruno Ackermann, partner and head of industrial at Cy Capital, the other properties are expected to be built within a 30-kilometer radius of São Paulo. There is also potential for the company to seek land in areas near Brasília and Belo Horizonte.

"Our pitch to investors was to launch this fund now because we see market growth and stability in vacancy rates. In other words, it's a good time to implement these developments," Ackermann told REsource.

They are searching for plots of land with a minimum of 100 thousand square meters for construction projects ranging between 40 thousand to 50 thousand square meters. Ackermann also noted that the exit cap rate for this new fund is estimated at 7.5%, potentially reaching 8% if the assets perform well.

When asked about the primary demand drivers for these spaces, Ackermann mentioned e-commerce but highlighted growing demand from other sectors. 

"Today, e-commerce is a major demand driver and a primary source of demand. However, we have also seen growing demand from logistics operators, pharmaceuticals, and the automotive sector," he said.

Cy Capital's forecast for this second fund follows the same thesis as the first: three to five years for construction and the start of operations, plus another three years for stabilization and asset sale. 

Ackermann recalled that one of the assets from the first fund, located in Guarulhos (SP), exceeded expectations, reaching maturity in just two years.