We have launched a new real estate fund, which has a residential rental strategy in the United States. In this context, Fynsa together with our partners UpperGrowth, have established agreements with first level US General Partners, which act as local partners in the process of search, acquisition and operation of the assets of the new FynsaUpper Residential Rental US I fund. The strategy is developed in high-opportunity niches, selected in those states and cities that are pro-business and attract migration with housing needs.

In Houston, Texas, together with MarketSpace Capital, we are participating in a value added strategy, which means acquiring poorly managed assets, optimizing and improving their management to improve the quality of the tenants and therefore the asset, and then repositioning and selling them at a higher value.

MarketSpace has successfully participated in 16 projects of more than 185 thousand square meters, with an average return of 28%.

Together with MarketSpace, we are acquiring a portfolio of Multifamily buildings located within minutes of the Texas Medical Center, the largest medical center in the world, and NRG Stadium, home of the Houston Texans. This opportunity offers an expected return of over 20% before taxes.

In addition, together with Kingbird Investment Management, we are investing, through a fund, in a diversified portfolio of properties. A set of multifamily units in Columbus, Ohio, are in the process of improvement, and we expect to acquire 4 more in the short term, mainly in Huntsville, Alabama.

Kingbird, has to date assets under management of more than $1 billion, and have participated in the management of more than 8,860 Multifamily units with an average return to investors of 20.3%.

In this scenario, FynsaUpper has an assured seat to participate in the fund's investment committee.