The era of multi-use portfolios: why warehouses, offices and shopping malls are converging into a single investment ecosystem

The rationale is straightforward: each asset class has its own economic driver. Offices respond to corporate demand and changes in work models; logistics assets follow the pace of e-commerce and supply chain expansion; while shopping malls are anchored by long-term contracts and extended maturation cycles.

When these different dynamics coexist within the same portfolio, they create complementarity. Nardo emphasizes this point:

“Diversification across asset classes creates value on several levels: credit diversification, cycle diversification and even business diversification. When you consolidate multiple typologies into a single vehicle, you create a natural hedge.”

The pandemic stands as the most compelling example supporting this thesis.

“If you were 100% allocated to shopping malls, you would have suffered significantly. But if you had malls and warehouses, you would have captured the e-commerce boom. Offices also faced challenges, but it is now clear that the prevailing model is hybrid, and the sector remains fundamental.”

This balance generates what is known as a “natural hedge” — intrinsic portfolio protection that does not rely on derivatives or complex strategies. The mix of assets itself smooths fluctuations, stabilizes dividends and reduces volatility.

“Location is essential. You can buy a great asset in a poor location, but it will never move to a better one. The analysis is always asset by asset.”

At RBR, the approach moves “from bricks to financials.” There are no fixed allocation targets by sector. The filter is quality, risk and return.

“We don’t aim to be X% in offices or Y% in logistics. What we seek is an investment with an attractive risk-adjusted return. When analyzing a shopping mall, for instance, we assess regional risks, expected growth and the operator. In logistics, we evaluate whether the asset is modern, its potential uses and whether it serves large corporates or operators that require flexible infrastructure for multiple clients.”

If growth is the challenge, the opportunity lies precisely in market distortions.

“Today, the market prices in a lot of risk: high interest rates, elevated NTM levels, upcoming elections. This creates opportunities to acquire outstanding assets in the secondary market, often at a discount — assets that would require very large checks if purchased directly.”

For Bruno, long-term investors are currently facing an unusual entry point:

“It’s an opportunity to access top-tier real estate with a relatively small check. Of course, investors must be aware of risks — those who want zero risk should stick to savings accounts or CDBs. But for taking the first step into risk, real estate funds are an excellent option.”