By Nayara Figueiredo
SAO PAULO (Reuters) – Boa Safra and independent investment manager Suno Asset on Monday launched their first fiagro, a hybrid fund made up of real estate and credit assets, which should help the seed company diversify its funding sources. and focus on expansion plans.
The Agroindustrial Chain Investment Fund (fiagro) aims to raise funds from investors to invest in agribusiness assets. Similar to a real estate fund, it allows the investor to buy shares.
“For the company, it is another alternative source of funding… in addition to bank financing,” Boa Safra CFO Felipe Marques told Reuters.
When the company held its IPO last year, the announced expansion expectation was to reach a production capacity of 360,000 “big bags” by 2026. Now, fundraising via fiagro should contribute to Boa Safra continuing to bet on this goal.
The fund has an initial amount of BRL 150 million, of which BRL 125 million is invested in Agribusiness Receivables Certificates (CRAs) and BRL 25 million in land leases.
With the value of the lease, two properties were acquired in Mato Grosso. The first, in Sorriso, with a total area of 90 thousand square meters, and the second in Primavera do Leste, with 293 thousand square meters. Boa Safra will be responsible for making improvements to the properties, implementing its processing units (UBS) and distribution centers (DC).
The amount invested in CRA is backed by soybean and seed receivables focused on resales and agricultural producers.
“Boa Safra sells seed to producers and producers pay at harvest, these seed sales receivables were assigned to the securitization company and we packaged it in a CRA,” said Vitor Duarte, head of investments at Suno.
According to him, given its structure, the fiagro will have a monthly income, with a flow from the lease of agricultural land and receivables from Boa Safra. The target profitability is CDI plus 3% per year and there is no performance fee.
Suno, as a manager, is in charge of decision-making and management of the amount, in addition to reporting to shareholders with detailed management reports.
Called SNAG11, the Boa Safra and Suno fiagro will have shares that will be sold for 100 reais (initial price), on B3, to complete the portfolio of individuals interested in assets linked to agribusiness.
“The focus is on the general public, exempt from income tax, it is a way for investors, especially individuals, to truly diversify”, said Duarte.
ATTRACTIVENESS
The lawyer specializing in agribusiness Marcela Cavalo said that the bonds can be divided into three types, namely: credit rights, real estate and equity.
In the case of equity and real estate –where the Boa Safra fund is included– interest rates are usually floating-rate, which makes the asset more attractive to investors at times like the current one, when the basic interest rate (Selic ) is at high levels.
“Fiagro tends to be a good investment even in this environment of high interest rates, also because it comes from agribusiness, it is a sector that tends to grow and does not bring big (negative) surprises”, he said.
Based on the most recent data from B3, she stated that as of June there were 23 fiagros registered, six of which had not yet gone through an IPO.
“And of these 23, we estimate that there is a value of 2.4 billion reais in investment… For a year of operation, it is a very expressive amount”, he said, considering that about 98% of investors are individuals.
She also said that a recent projection by XP Investimentos indicates that, by 2025, Brazil could reach 75 billion reais in fiagros.
(Reporting by Nayara Figueiredo; editing by Roberto Samora)
#Boa #Safra #launches #fiagro #Suno #Asset #diversify #funding #support #expansion #ISTOÉ #DINHEIRO