Valora is embarking on a new venture in the stock market. The company's new real estate investment fund, VGRI11, led by Alessandro Vedrossi, concluded its IPO last week with a total of R$ 335 million. This is the eighth real estate fund in its portfolio and the seventh available for investment.

One of the properties included in the new fund has been drawing attention from the market and the press, with a arcticle published in O Globo this week. Valora acquired 2,409 m² of BOMA area, representing a 49% share, of Leblon Offices - BM 336, which previously belonged to VINO11, a Vinci Partners office-focused fund, for R$ 112 million. The transaction resulted in a price per m² of R$ 46,488.

Data from the Market Analytics platform indicates that the value is in line with what is practiced only in the most competitive office region in the country: Faria Lima, in São Paulo, which, according to SiiLA monitoring, had an average transaction value in the last year of R$46,976/m² of BOMA area. Other established regions such as JK and Itaim have an average price in the range of R$39,000/m².

The average selling price in other regions of São Paulo or Rio de Janeiro remains well below these values. The traditional Avenida Paulista, for example, has an average transaction price of R$14,000, while the Orla, in Rio de Janeiro, has an average price around R$17,000.

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"Analysis by SiiLA indicates a stabilized Cap Rate of 6.82% in the transaction. The capitalization rate, also known as Cap Rate, is the calculation that indicates the expected return rate of a property or a specific real estate investment. In other words, the Cap Rate is used to measure the potential return of an investor in the real estate market and/or to define the value to be paid for a real estate investment," comments Giancarlo Nicastro, CEO of SiiLA.

For José Eduardo Varandas, Managing Partner of Valora Investimentos, the location, market positioning, and stabilized cash generation were fundamental in the selection of assets. The expectation, according to the executive, is positive for the first three years of the fund. He explains that "the fund's feasibility study projects a dividend yield of 13% in the first year and 12% in the second year. From the third year onwards, the dividend yield stabilizes at 9%."