Inter Asset plans to turn INHF11 into a real estate “megafund”

Proposal includes the acquisition of assets from three real estate investment funds and the adoption of a hybrid strategy spanning properties, funds, equities and debt securities

Guilherme de Almeida, fund manager at Inter Asset

By: SiiLA News

07/24/2026

Inter Asset is seeking to consolidate INHF11 into a major investment fund. The real estate investment fund plans to bring together three vehicles already established in the market: INRD11, ITIT11 and ITIP11.

In an interview with REsource, Guilherme de Almeida, fund manager at Inter Asset, explained that the goal is to transform INHF11 into a hybrid fund capable of investing across different segments of the real estate market. These include properties, development projects, shares in real estate investment funds, equities issued by companies in the sector and debt securities, particularly Brazilian real estate receivables certificates, known as CRIs.

“The proposal follows a more modern industry model, providing the flexibility to seize opportunities across different asset classes while offering investors greater diversification. Real estate segments go through different cycles. During the pandemic, for example, shopping malls and office properties were negatively affected, while the logistics sector benefited from the growth of e-commerce. The same dynamic applies to properties, listed assets and debt securities,” Almeida said.

The strategy is essentially designed so that the fund’s different investment fronts complement one another throughout the various cycles of the real estate market.

According to Almeida, the decision to combine the funds was based on three pillars: market trends, internal assessment and opportunity.

“The first was to follow industry trends and investor demand, keeping our products aligned with regulatory changes and market developments. The second was to assess the products already managed by Inter Asset and identify ways to improve its offering to investors. The third was to take advantage of the current environment to address challenges involving liquidity, portfolio composition and the separation of investment mandates. The intention is to use a structured transaction to generate value for investors who are already shareholders in the firm’s funds,” he said.

Current market conditions

The proposed transaction comes amid greater economic volatility, marked by pressure on the yield curve, reduced expectations for cuts to Brazil’s benchmark Selic rate and uncertainty surrounding fiscal policy and the elections. According to Inter Asset, although this environment has made investors more cautious, it has also created opportunities in discounted assets and debt securities offering more attractive rates.

“The macroeconomic environment has become more volatile. The yield curve has been more unstable in recent months, expectations for rate cuts have declined and fiscal policy has generated uncertainty. The elections may also increase volatility and raise further questions about the direction of future fiscal policy,” Almeida explained.

The deadline for voting on the consolidation is next Monday, July 27. If approved, INHF11 is expected to complete the transition with capital available for new investments. The strategy will be to deploy these funds gradually, following market conditions and seeking to build a diversified portfolio capable of delivering more stable long-term returns.

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