Opinion – Marcos de Vasconcellos: The corporate fashion of selling the house to pay rent

Selling your house to continue living in it, paying rent, sounds crazy. But that’s what companies have been doing, in a move that affects both the stock market and real estate funds (REIFs).

The strategy needs to be in the sights of investors, because those who invest in FIIs or in shares need to know how to differentiate a good move from a flat boat.

This type of operation gained the spotlight this week, when Grupo Mateus announced that it will pocket R$182 million by selling three stores to the TRXF11 fund, with a commitment to lease the spaces for at least 20 years.

Owner of chain stores and supermarkets in eight states, Grupo Mateus entered the stock exchange two years ago, in October 2020, when it raised more than R$4 billion.

Its shares (GMAT3) debuted at R$8.37. By June of this year, they had fallen by more than 60%, but they have seen some relief in recent months. Today, they are traded at around R$6.30.

Two months ago, the group changed its chief executive officer (CEO) and vice president of finance (CFO) and investor relations, pressured by the market to improve its communication. The sale of the three stores to the real estate fund is the first material fact disclosed since the move.

For those who sell properties, the operation, called “sale & leasaback”, serves to unlock money for new investments. If the expansion will make it possible to profit more than the value “stuck” in the rents, in the long run, it’s a good deal.

In the case of Grupo Mateus, the market does not seem to have had a good impression. The day after the announcement of the operation, GMAT3 shares fell, while other retailers, such as Magazine Luiza, Lojas Americanas and Via (owner of Casas Bahia) rose strongly.

But what about the real estate fund? TRXF11 is a brick fund — that buys, sells and rents real estate, distributing its earnings to shareholders. He works with large companies such as Grupo Pão de Açúcar, Assaí and Leroy Merlin.

With the addition of Grupo Mateus to its portfolio, the fund diversifies its assets, reducing the dependence of its income on rents from one or another lessee.

To raise money for the purchase, the fund will issue a new quota. Although he has high leverage (his debt corresponds to about half of his equity), the new purchase will be beneficial for his shareholders, in the view of the head of FIIs at Wise Investimentos|BTG Pactual, Adair Naspolini Neto.

In our current time of high interest rates, taking money from the bank is very expensive. Exchanging a property for cash in hand may be a better option. The expectation is that, as the Selic rate should remain high next year, this type of business will appear more frequently.

Last year, Ânima Educação (ANIM3) signed a contract of this type with the Vinci Imóveis Urbanos fund (VIUR11), and Rede Globo, with Vinci Offices (VINO11), both owned by Vinci Partners.

For FIIs, the most important thing is how much they can negotiate the price of the property. In the market, it is said that with stocks, you earn when you sell more than you buy. With real estate, you earn when you buy cheaper than the market value.

There are “sale and leaseback” negotiations that are good for everyone involved, unlocking money for good investments by the company and generating a good portfolio for the FII. But it’s not simple.

The investor must understand what each party wants to do with the money raised or the good purchased. This is what stocks or quotes are based on to go up or down. The numbers involved always seem big, but they are nothing without a plan.