author
Lígia Carvalho
author
Lígia Carvalho
post date
30/07/2025
reading time
2 minutes
share
O Estado de S. Paulo, in a report by journalist Breno Damascena, announced that CIX Capital has launched the CIX Retrofit FII RL, its first real estate investment fund dedicated to the city of Rio de Janeiro. The project involves converting two commercial buildings in the city center into residential units, with the most prominent being the iconic João Úrsulo Building, designed by renowned architect Lúcio Costa, creator of Brasília’s master plan. The initiative begins with an initial investment of R$ 50 million, with an expected Gross Development Value (GDV) of over R$ 100 million.
With approximately 10,000 m² of retrofit potential, the plan aims to transform currently underutilized office spaces—such as João Úrsulo, which has an occupancy rate of only 9%—into compact apartments ranging from 25 m² to 40 m². The strategy leverages incentives from the Reviver Centro Program, which offers subsidies per square meter, tax benefits, and increased building potential for urban renewal projects. Beyond the urban impact, the transformation is also expected to boost commerce and safety in the area.
According to CEO Carlos Balthazar, the retrofit presents an opportunity to align financial returns with positive urban impact. He notes that properties refurbished under the Reviver Centro Program have seen significant appreciation and believes that CIX’s project will serve as a catalyst to attract new residents and revitalize Rio’s downtown core. With completion expected by 2027 and sales starting in 2026, the operation joins the firm’s robust portfolio, which includes R$ 2.8 billion in assets under management and over 100 transactions conducted across Brazil and the United States.
Access full article on: Estadão
author
Lígia Carvalho
share
CIX Capital is an investment by Maiz: maiz.com.br
