The macroeconomic environment—marked by election-related uncertainty and the lingering effects of high interest rates—should not significantly impact cy.capital’s short-term strategy. According to Ackermann, a focus on execution reduces exposure to a more volatile market cycle. 

“We won’t be aiming a cannon at leasing or sales. The focus is construction, cost, and execution. That, in a way, shields us from the turbulence,” he says. 

The manager remains optimistic about its core markets, especially the 15–20 km radius around São Paulo and infill zones in Rio de Janeiro, where it continues to see an imbalance between supply and demand favoring landlords. 

Complex permitting, capital costs, and the pace of negotiations should keep supply constrained, while demand remains supported by retailers, logistics operators, and e-commerce platforms. 

Even with high interest rates, Ackermann says last mile continues on a structural growth path. “It’s a channel shift—from physical to digital—and increasingly fierce competition to deliver faster. That continues to drive the market.” 

Next year also marks a symbolic milestone for the firm. cy.capital is completing the full cycle of its first fund, which deployed around R$450 million in equity and developed roughly 200,000 m² of warehouses. 

With assets sold and returns distributed, the manager closes out its first thesis while accelerating investment through its second fund, which already surpasses R$800 million in committed capital—nearly double the inaugural vehicle. 

“It’s an important moment for us: closing the first fund with delivered returns and starting a new cycle that is larger and more robust.” 

With its land pipeline acquired, permitting well advanced, and capital ready to be deployed, cy.capital enters 2026 with the mission of transforming approved projects into construction sites and, finally, construction sites into completed assets. The most labor-intensive phase is about to give way to the most visible—and for the firm, the most rewarding.