LETTER TO THE TEAM
“We are looking to expand our “We are looking to expand our activities, always with dedication, activities, always with dedication, excellence and creativity.” excellence and creativity.”
Marcelo Carletti Director of Real Estate
MESSAGE FROM THE PARTNER
Marcelo Carletti
Director of Real Estate
My life has always been connected to the property market. My father owned a
company that sold explosives and, under the regulation of the Brazilian army, sold them to companies and construction companies that used them for various purposes such as building roads, imploding old buildings, widening river channels such as the banks of the Pinheiros and Tietê rivers here in São Paulo, mining, among other things. As it was something that was always present, I
became interested in its impact on cities, be it in visual terms or in the change it would bring to people’s lives. Aside from this, my father liked to invest in property, especially during the period of hyperinflation. With a brother already studying civil engineering and a sister studying chemical engineering, I decided to take up civil engineering as well in 1995.
In 1997, I joined Birmann S.A. as a trainee, one of the largest commercial and residential developers in São Paulo at the time, and the company that introduced the
The reason I chose Real Estate
concept of Triple A corporate buildings to Brazil During my time at Birmann, I followed residential developments from their conception to final development. Interestingly, SPX’s current office in São Paulo is in the Birmann 32 building, built by the same company Between 1998/1999, the company ceased to be relevant in the sector, at which point I decided to return to my studies and leave the company
The beginning of my career
Shortly after graduating civil engineering in 1999, I started as a trainee at CB Richard Ellis (CBRE), one of the largest property consulting agencies in Brazil, where I worked on valuations and general consultancy in the property market. It was an important period for me, where I gained market and technical knowledge of the sector, as I consulted for all classes of property assets. I also analysed assets in different regions throughout Brazil and for different investors.
Resilience and Facing Adversity
It was during this time at CBRE that I lost my maternal grandparents in 2001 and, later that same year, I lost my father when I was 24, a very trying time for me I began to look at life differently. In my first job, my focus was on learning, something that became very important not only during that period, but throughout my career. I realised that I needed to keep up to date with new studies. So I decided to do an MBA in Real Estate at Poli/USP.
After five years working in consultancy, it bothered me that I wasn’t involved in decision making or in the risk side of the business. Then I was invited to work at McDonald’s in the chain’s expansion area Unlike the previous period, at McDonald’s I gained important experience in commercial development and risk-taking. My job was to evaluate new shops using market analysis, buy land, negotiate new shops throughout Brazil, renegotiate leases and close unprofitable shops.
After two years at McDonald’s, someone I worked with at CBRE invited me to join BR Properties (BRPR) The then real estate start-up had audacious plans, big investors and a team that Pedro Daltro was part of
The nine years I spent at BRPR were professionally challenging and interesting We carried out several asset purchases, M&As, company IPO, asset/portfolio sales and even the sale of the company itself via a takeover bid. It was also during this period that I decided to attend an executive programme called PLD (Program for Leadership Development) at Harvard Business School
However, the greatest lessons learned were not the operations or the courses taken, but being resilient and knowing how to deal with all the types of adversity the market and life throw at you. We went through different spikes in interest rates and inflation, the impeachment of the President, the American property bubble, the problems of one of the company’s main investors
(Lehman Brothers), the recession between 2015 and 2016, among other things
After these intense nine years and with the sale of BRPR, I decided once again to follow a new path and joined the Autonomy Investimentos management company to take over their investment and development area in the property market. It’s a company focused on developing corporate and logistics assets, but with an emphasis on expanding the portfolio of the JV between Autonomy and Cadillac Fairview/OTPP (Ontario Teachers' Pension Plan). This JV created the GOLGI brand for the development of logistics warehouses, which we implemented throughout Brazil.
Challenges at SPX
After five years at Autonomy, Pedro Daltro invited me to join SPX at the end of 2020 in the new Real Estate area at the beginning of 2021 We knew the challenges, especially with the Selic rate beginning its upward cycle from the start of 2021 Also at the end of 2021, two development funds were launched: FIP SPX Distressed Portugal and FIP SPX SYN Desenvolvimento
Multiestratégia. After that, with the Selic rate reaching its highest level, the alternative was to create a multi-strategy listed fund for credit in the property sector, becoming SPX’s first listed fund
Looking ahead, it will be necessary to overcome adversity and have the resilience to navigate this challenging market. We are looking to expand our activities, always
with dedication, excellence and creativity. I am optimistic about what lies ahead, because we have the necessary conditions for the work to be carried out. I believe there will be good challenges ahead
ENGAGING THE SPX PROJECT NETWORK
by ESG
On 20 June, we were delighted to welcome to our office in Rio de Janeiro the university students taking part in the Ismart project, which is supported by SPX through the Ambikira Institute, our partner in philanthropic initiatives
It was a day for sharing experiences about careers, giving young people a unique opportunity to explore different professional areas, understand career challenges and discover the countless opportunities offered by the corporate finance market.
Our volunteers were enthusiastic about sharing their experiences and knowledge
with these future professionals. From inspiring talks to conversations in smaller groups, the students were able to learn more about the skills needed to succeed in their own careers.
We firmly believe in the power of guidance and mentoring to help young people reach their full potential. We are committed to supporting the next generation of leaders and professionals, and this initiative reflects our commitment to community and talent development.
SPX LATEST NEWS
by IR
SPX Seahawk Debentures Incentivadas has completed six months since its launch in December 2023 The fund has net assets of BRL110 million and an accumulated return of +7.30%, while the CDI returned +5.36%. It also has an income tax exemption for individuals and invests in the local credit market, primarily in companies in the infrastructure sector, based on a careful selection of diversified assets with tax incentives It is available for investment on the BTG Pactual, Necton, XP Investimentos, Itaú, Íon, C6, Azimut and Genial platforms.
SPX
Seahawk
Debêntures
Incentivadas has completed 6 months available on the platforms
Albano Franco, Director and Head of EM Credit at SPX Capital, shared his vision of the global private credit scenario in an article published in Valor Econômico
Click here to see the full content.
ComBio, a company in the renewable energy sector that is part of our Private Equity portfolio, was featured in an article in Brazil Journal for raising a loan from the IFC (International Finance Corporation), part of the World Bank’s ecosystem, which works to promote economic growth in developing countries by investing in private companies
Click here to access the full content.
4.
Daniel Schneider, Member of the Board of Directors and Institutional Director of SPX, gave an interview to Público Imobiliário commenting on the One Green Way development, a real estate and residential project with 89 homes in Quinta do Lago, in the Algarve, southern Portugal, which is part of the SPX DISTRESSED REAL ESTATE OPPORTUNITY PORTUGAL strategy launched in 2021, and which makes up the portfolio of the Real Estate vertical.
Click here for the complete interview.
FII SPXS11 distributed dividends of BRL 0 097/share for 24 February (Dividend Yield: 1.00% p.m. or 12.50% p.a. - DY calculated using the closing price on 31/05). The highlights, according to the Management Report, were an increase in the fund’s daily liquidity of BRL 806,000 to BRL 1 9 million and the sale of part of the position in FII BTCI with a return of 163% of the CDI
Click here to read the Report.
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