What happens if an operation is ultimately not completed?

Even when we publish an opportunity for co-investment, the final acquisition of the property can take some time to formalise, depending on the type of operation. In most cases, when we open an operation we have already made the corresponding deposit or reservation and hold a preferential position to acquire the property. Even so, it can take several months until the purchase is formalised. For example, in auction awards the court resolution can take between 6 and 8 months; that said, an auction actually being cancelled is extremely rare and almost never happens. In other acquisition channels (bank-owned properties, direct purchases, etc.) it can also happen, though very infrequently, that an operation does not close. In the unlikely event that the acquisition does not take place, the capital contributed by co-investors is returned in full, since the operation will not have been executed and therefore no profits or losses will have been generated. For investors who chose the investment option without selecting a specific opportunity, they can decide whether to recover their capital or allocate it to the next available opportunity.