The initial public offering of an FII is the event that marks the first sale of shares in the fund and, later, when the FII is listed, the start of trading of their shares on the stock exchange. This transaction may be carried out via a primary offering, a secondary offering, or a combination of both.
A primary public offering occurs when new shares in the fund are issued and offered in the market, with inflow of capital to the issuer of the offering. In a primary distribution, the administrator issues and sells new shares on the market. In this case, the seller is the fund itself and, therefore, the proceeds from the distribution are allocated to the fund’s cash position and, later, to new asset acquisitions. The first issue of shares may be followed by other issues, which are normally referred to as follow-ons.
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A secondary public offering occurs when existing shares in real estate funds are offered. Therefore, the proceeds are not allocated to the fund but rather directed to the selling shareholders. The shares may be acquired in the secondary market through a broker authorized by the stock exchange. The trading of shares via the secondary market of B3 is one of the main characteristics of FIIs. Even though funds are not required to be listed, several of them are, which provides shareholders with a liquidity alternative. Additionally, the fund share value is calculated at market price
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The fund’s shares are traded on B3 under the following tickers:
|CSHG Real Estate FII||HGRE11|
|CSHG Prime Offices FII||HGPO11|
|Castello Branco Office Park FII||CBOP11|
|CSHG Logística FII||HGLG11|
|CSHG Residencial FII||HGRS11|
|CSHG Recebíveis Imobiliários FII||HGCR11|
|CSHG Imobiliário FOF FII||HGFF11|
|CSHG Renda Urbana FII||HGRU11|