Despite the high Cap Rate, the acquisition exposes the fund to financially unstable tenants. The retailer Casas Bahia recently faced management turmoil, leading to an out-of-court debt restructuring request. 

This measure aimed to renegotiate the company’s debts without judicial intervention. The retailer reached an agreement with Bradesco and Banco do Brasil, committing to repay R$ 4.8 billion over six years, with a minimum payment of R$ 500 million by 2027. 

Additionally, high interest rates create an unfavorable environment for the retail sector. In Casas Bahia’s case, Banco Safra downgraded the company’s stock rating from neutral to sell. 

Safra’s evaluation states: “Compared to its peers, we still see the company as a laggard in terms of returns (1% return on invested capital vs. 6% for MGLU and 41% for MELI), while its operating cash burn remains high at R$ 1.4 billion over the past 12 months.” 

Meanwhile, automaker Ford operates in Brazil exclusively through vehicle imports from North America. In 2021, the company shut down its manufacturing operations in the country, and all its vehicles currently available in the market are imported. 

Recently, Ford’s CEO, Jim Farley, warned that tariffs imposed by Donald Trump could "blow a hole" in the U.S. automotive industry. 

"Let’s be very honest: in the long term, a 25% tariff at the Mexico and Canada borders would create a hole in the U.S. industry that we’ve never seen before," said Farley.  

Since the fund holds only these four properties, it has a tenant exposure of 13% to Ford and 87% to Casas Bahia. According to SiiLA's intelligence team, tenant concentration is not ideal for a fund, as greater diversification would mitigate the impact of potential tenant departures.

Another concern raised by experts is sectoral diversification. A fund composed entirely of companies from a single sector may suffer significant negative impacts if a widespread crisis hits that industry.