SiiLA Podcast hosts Ricardo Figueiredo to discuss the future of Real Estate Funds

Ricardo Figueiredo evaluates a favorable asymmetry, active management, and the maturing of the real estate funds industry

Ricardo Figueiredo, Partner at Grupo Primo and CNPI analyst

By: SiiLA News

09/16/2025

The Real Estate Funds (FIIs) market is going through a challenging moment, but one that also creates room for significant opportunities. In the new episode of the SiiLA PODCAST, Giancarlo Nicastro, CEO of SiiLA, welcomes Ricardo Figueiredo, Partner at Grupo Primo and CNPI analyst, a professional with more than 20 years of experience in the sector who has managed portfolios worth R$ 1.2 billion in assets.

In the interview, Figueiredo analyzed the impact of high interest rates, the evolution of the investor profile, and the performance of the main real estate segments. For him, the current scenario offers a favorable asymmetry: “The worst is behind us. There’s more room for rates to fall than to rise, and that tends to unlock value for investors,” he said.

“Once interest rates return to civilized levels, the market will price properties for what they’re truly worth. Until then, investors can count on robust income and appreciation potential,” Figueiredo added.

The new profile of FII investors

The number of individuals investing in real estate funds jumped from around 700,000 to nearly 3 million in recent years. According to Ricardo, this shift changed market dynamics, bringing a more vocal and participative audience.

“Today’s FII investors put more pressure on managers, join shareholder meetings, and demand accessible reports. This is positive for the industry’s maturation,” he explained.

This engagement also brought challenges: with a large share of investors still learning, market behavior tends to fluctuate depending on the appeal of fixed income, especially during periods of high interest rates. The lack of greater participation from institutional and foreign investors also limits the sector’s stability.

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Total return and active management

Beyond simply tracking dividends, Ricardo argues that investors should focus on total return — the combination of income and capital gains. In mature and diversified portfolios, this return can reach inflation + 15% per year, according to the specialist.

“Strong income carry allows investors to withstand volatility and wait for future appreciation,” he said.

Active management is another key differentiator. By selling assets above book value, managers signal the true worth of properties to the market while also generating additional dividends. For Ricardo, this reinforces the idea that, in the end, portfolio quality is what really matters. “A bad manager can be replaced, but a bad asset won’t find a buyer. What remains is the property,” he summarized.

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About SiiLA PODCAST

The SiiLA PODCAST is hosted by Giancarlo Nicastro, CEO of SiiLA. Each episode features top executives and decision-makers from the real estate sector to discuss the trends, strategies, and transformations shaping the market in Latin America.

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Founded in 2015, SiiLA is the industry leading REsource for comprehensive commercial real estate market insights, news and events across Latin America. The SiiLA suite of innovative products drive greater accuracy, efficiency, and strategic advantages for top players in the commercial real estate industry.