Invista Real Estate

inVista Real Estate is an independent real estate fund manager founded in 2023 by former Julius Baer managers Marcelo Rainho and Thiago Leomil (with roughly 25 years of experience in the real estate sector), headquartered in São Paulo with operations also in the United States. Registered with ANBIMA, it currently manages roughly R$ 1.5 billion in assets in Brazil plus more than US$ 600 million in global assets — with its first major capital injection of R$ 1.5 billion coming precisely from its former employer, Julius Baer. Its positioning is niched and well-defined: high-grade industrial (not pure logistics), aimed at multinationals that sink heavy infrastructure capital inside warehouses — such as Magna, with about US$ 60 million in installed equipment.

Track record and governance

The firm's market history is short: IBBP11 only IPO'd in May/2024, which limits any long-term performance evaluation. Operational execution, on the other hand, has been solid — the anchor asset is 100% occupied and has 0% default rate. The responsible director is Ricardo Fuscaldi de Figueiredo Baptista (engineer from ITA, MBA from IBMEC-SP). The operational partner is Brazilian Business Park (BBP), a developer that has been building the complex for over 30 years and provides the construction pipeline (500 thousand m² already built and up to 1.5 million m² of potential expansion).

There are no records of regulatory issues at CVM or ANBIMA identified. The governance point to monitor arises with the entry into XPIN11: administration remains with Vórtx DTVM, but the new management expanded the mandate — related-party transactions up to 100% of NAV and removal of the minimum rating —, which opens room for potential conflicts during the transition.

Strategy and funds under management

The firm concentrates on a single segment — high-grade industrial logistics/warehouses — and a single origin thesis: the Brazilian Business Park complex. Under management today are two vehicles, plus one in launch, which complement each other through a consolidation movement rather than diversification:

• IBBP11 (rating 6.1; DY 10.99%; P/NAV 0.82) — the flagship: 6 business parks, 142 thousand m² of GLA, 25 multinational tenants, WALE of 9.2 years, and 92% of contracts indexed to IPCA. NAV grew from R$ 400 mi to roughly R$ 480 mi (+20%) after an R$ 80 mi follow-on.
• XPIN11 (rating 5.0; DY 14.07%; P/NAV 0.60) — inherited from XP Vista Asset on 03/27/2026, it ceased to be an operational FII to become an exit event thesis: it sells its 6 warehouses to IBBP11 for R$ 339.1 mi, settles R$ 130.3 mi in CRIs, and enters orderly liquidation, delivering IBBP11 shares plus cash balance.
• IVBP11 (launch in Jun/2026) — the same strategy on a larger scale: equity exceeding R$ 1 billion, more than 30 tenants, over 400 thousand m² of GLA, projected DY of 10.4% p.a., and potential to reach R$ 5 bi in the long term.

The dispersion in quality among the funds is, in practice, artificial: XPIN11's low rating reflects the risk of the liquidation outcome (the target value of the operation, R$ 85.19/share, is R$ 17.46 below the accounting NAV of R$ 102.65), not deficient management by inVista. The firm essentially manages a single portfolio — BBP — and uses XPIN11 as growth fuel for IBBP11. Dividend consistency therefore rests on a set of multinational tenants (USA, Canada, Germany, South Korea, Japan, Italy) with long, inflation-linked contracts.

Strengths and points of attention

• Differentiated and defensive niche: HG industrial with tenants that immobilize heavy capital in the property reduces turnover and gives resilience to contracts.
• Clean operational execution: 100% occupancy, 0% default, WALE of 9.2 years, and 92% IPCA-linked in the anchor fund.
• Robust origin and capital: experienced partners, R$ 1.5 bi backing from Julius Baer, and proprietary construction pipeline via BBP.
• No regulatory liabilities known at CVM or ANBIMA.

• Short track record: less than two years on the stock exchange; the thesis still needs to prove it recycles capital and absorbs XPIN11 without destroying value.
• Extreme concentration: practically a single complex (BBP) sustains the entire firm — concentrated geographical and operational counterparty risk.
• Expanded mandate in XPIN11: related parties up to 100% of NAV and end of minimum rating require vigilance over conflicts of interest.
• Share structure: in IBBP11, the Ordinary Share is subordinated to the Senior in distribution, and 12% of GLA is under construction with delivery in 4Q26.

Which investor it makes sense for

inVista appeals to the real estate income investor who understands and tolerates sectoral and geographical concentration in exchange for long contracts, indexed to inflation and with high-quality tenants. The pure conservative profile tends to be bothered by the short track record and concentration in BBP. Meanwhile, the value/event profile investor finds an outcome bet in XPIN11 (P/NAV 0.60), provided they accept the discount between the operation value and accounting NAV as the cost of liquidity. For those entering through IBBP11, the focus is income + consolidation, aware of share subordination and ongoing construction.

What to watch moving forward: the execution of the XPIN11→IBBP11 merger (effective price and treatment given to shareholders), the delivery of construction in 4Q26, the use of the expanded mandate in related-party transactions, and the success of IVBP11's fundraising — which will be the first real test of the firm's capacity to grow beyond the original complex.