Invaca Inmuebles, Valores y Capitales, C.A.

What it is

INVACA Investment Company is a real estate and financial company founded in 1925 by the partners of C.A. Cervecería Caracas — the business that later became Cervecería Polar, Venezuela’s largest brewer.

That origin makes it older than almost every institution in Venezuelan capital markets.

The company operates and manages shopping centres across Venezuela, alongside car parks and other commercial property. At its fiscal year-end of 30 June 2024, the group held approximately 117,000 square metres of lettable property.

Among its flagship assets are El Tolón Fashion Mall and Paseo El Hatillo — two of Caracas’s most recognisable upscale retail destinations. Owning hard property — bricks, mortar and retail space — rather than cash or bonds makes INVACA a natural hedge against Venezuela’s chronic inflation: when the bolivar falls, the dollar-linked rental value of a shopping mall tends to hold.

Who owns it

INVACA was founded in 1925 and has been listed on the Bolsa de Valores de Caracas since 1955 under the ticker IVC. Its share structure has two classes — A (restricted) and B (freely traded) — mirroring the structure of the company it absorbed in 2024.

The controlling family has historically been the Velutini group. Horacio Velutini Sosa served as President of INVACA and the Velutinis were the dominant shareholders behind sister company Fondo de Valores Inmobiliarios (FVI).

Following the 2024 merger and board renewal, exact ownership percentages post-consolidation are not disclosed in available sources; the company describes itself as widely held through the Caracas bourse.

Who runs it

The board elected at the September 30, 2024 extraordinary shareholder meeting, covering the 2024–2026 term, is led by President Luis Carlos Serra Carmona; principal directors include Horacio José Velutini Sosa, Domingo Amaro, Fulvio Italiani and Claudio Dolman. Fulvio Italiani signed the merger agreement on behalf of INVACA as its representative.

A CFO is not separately named in public filings; financial oversight rests with the board and external auditors González, Valdez & Asociados. The company is supervised by SUNAVAL, Venezuela’s national securities regulator, and must file financial statements under Venezuelan-adapted international accounting standards.

The money, in plain words

Venezuela’s hyperinflationary environment makes any bolivar figure look enormous in nominal terms; INVACA’s accounts are restated for inflation under local standards (VEN-NIF), so the numbers are real-purchasing-power adjusted, not raw bolivars. The company applies the National Consumer Price Index (INPC) to restate inventory and assets, which is the standard method for Venezuelan listed companies operating under hyperinflation rules.

At its December 2024 shareholder meeting, the board declared a cash dividend of Bs. 12,203,676 in total — equivalent to roughly US$17,473 at current exchange rates, or about Bs.

0.11 per share — a dividend yield of 0.22%, which is modest but notable as the first cash dividend paid after several years of none. Full revenue and net-profit figures from the FY2024 audited accounts (year ended 30 June 2024, approved December 2024) were not accessible in the public extracts reviewed; the complete income statement is available directly from INVACA’s investor-relations page.

The market itself has been generous: INVACA’s IVC shares rose from 16 to 50.01 bolivars during 2024, a gain of 212.56% — the fourth-best performance among all stocks on the Caracas exchange that year, according to SUNAVAL’s own annual market report.

What it is doing now

INVACA completed the merger by absorption of Fondo de Valores Inmobiliarios S.A.C.A. (FVI), a move approved by SUNAVAL and by shareholders of both companies.

The deal, effective 30 September 2024, brought all of FVI’s shopping-centre portfolio under the INVACA umbrella and eliminated FVI’s US-listed ADR programme.

The logic of the deal was to consolidate a larger asset base, improve access to domestic and international capital markets, attract foreign investors, simplify the management structure, reduce costs and eliminate duplication. The company simultaneously renamed itself INVACA Investment Company, signalling a broader investment mandate beyond pure real estate.

As of July 2026, INVACA has announced a public share offering and capital increase, its most recent material filing on the Bolsa de Valores de Caracas. The company views Venezuela as a priority market and plans new expansion projects in retail and property through 2025 and 2026, alongside a stronger presence on the stock market.

What to watch

• The capital increase: A fresh equity offering (announced July 2026) will test appetite from both local and international investors — and will dilute existing shareholders if take-up is strong.
• Full financials disclosure: Revenue and net-profit figures for FY2024 and FY2025 (year ended 30 June 2025) are published by the company but were not accessible in full from public search snippets. The FY2025 financial statements were authorised for release on 30 September 2025 and are pending final board and shareholder approval.
• Ownership transparency: Post-merger share structure and the controlling stake held by the Velutini family interests remain undisclosed at precise percentages; any regulatory filing clarifying the free float would be material.
• SUNAVAL suspension history: Venezuela’s securities regulator SUNAVAL temporarily suspended trading in IVC shares from 25 September 2024, citing protection of minority shareholders during the merger process. The suspension was lifted for the relaunched IVC.A / IVC.B dual-class shares — but the episode is a reminder that regulatory intervention in Venezuela’s market remains a live risk.
• Macro dependency: Nearly all revenue is in bolivars tied to Venezuela’s economy; any renewed currency collapse or political shock would directly compress the dollar value of earnings, however stable the property assets look in local terms.

This is news, not investment advice.