Caixa Econômica Federal will create a real estate fund with Correios properties as a way of helping the state-owned company obtain new revenue and balance its financial situation. The measure will be complementary to the granting a loan to the companywhose bank’s participation in the operation is still under negotiation.
The financial institution confirmed the plans to create the real estate fund Brazil Agency. However, he reported that the details are still under study and that, for now, there is no date for the financial instrument to enter into force.
In an interview with the newspaper Folha de S.Paulo This Thursday (23), the president of Caixa, Carlos Vieira, said that discussions are in the initial phase. However, he stated that the bank’s participation attracts interest from private investors. Vieira highlighted that the real estate fund is part of a set of measures to restructure Correios, which include review of contracts, logistics and voluntary dismissal programs (PDV).
According to the president of Caixa, Correios’ real estate assets are valued at more than R$5.5 billion. The real estate fund would help capitalize Correios through the leasing backin which the company would rent the properties sold to the fund. In Brasília, Vieira highlighted, the average rental return for these properties is around 0.4% of the value of the property, which makes the investment attractive.
Loan
Regarding Caixa’s participation in the R$20 billion loan to Correios, which will have several financial institutions and will be guaranteed by the National Treasury, Vieira stated that there is still no definition of the amount to be lent by the bank. Announced last week by the Post Office, the credit operation is in negotiation phase.
