RECTORA S.A.E.

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What it is

Rectora S.A.E. is a real estate company incorporated originally under the name Beckmann Paraguaya S.A. in 1981.

It began by managing its own properties and rental income, then in 1995 moved into residential lot development, launching six projects in the towns of Ypané, Itá, Limpio and Mariano Roque Alonso.

Today its declared activity covers the purchase, sale, operation, leasing, construction, refurbishment, exchange, and general management of all types of urban and rural real estate. The company entered the Bolsa de Valores de Asunción in 2016, issuing bonds rather than shares — making it a debt-market name, not an equity one.

It runs two main business lines. The first — and by far the larger — is residential lot development: it designs, builds out, and sells plots in both urban neighbourhoods and larger-scale “conceptual” country estates aimed at buyers seeking a second home.

The second is commercial rental income from the Paseo Alameda shopping centre, formerly La Rural Shopping Bloque B, which came to market in July 2022 with 8,614 m² of built space and 127 car-park spaces, currently at 95% occupancy.

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Who owns it

Rectora is the property of the Fernández Acevedo family, now in its second generation at the helm, following the transfer of shares from Domingo Atilio Fernández Sanabria and Helena Carolina Acevedo Jara to their children as an advance on inheritance, completed on 26 December 2024.

The company’s authorised share capital was raised to Gs. 59,000 million (~US$9.7 million) following statutory amendments approved at an extraordinary shareholders’ meeting on 12 November 2024.

Paid-in capital increased from Gs. 49,000 million to Gs.

55,000 million after capitalising Gs. 6,000 million of prior-year accumulated profits, representing 550 shares at a face value of Gs.

100 million each. The exact percentage held by each family member is not published in available sources.

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Who runs it

Domingo Atilio Fernández Acevedo serves as both president and general manager of Rectora S.A.E. He is the public face of every bond placement and the signatory of strategic decisions cited in the rating reports.

The names of any separate CFO, board secretary, or independent directors are not published in available exchange or regulator filings.

The financial statements used in the rating are audited by Baker Tilly Paraguay, as of 31 December 2025.

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The money, in plain words

In 2025, Rectora sold Gs. 39,941 million worth of lots and rentals — roughly US$6.6 million — up 38.9% from the year before, driven largely by lot sales and new project launches.

It kept nearly 20 guaraníes of profit from every 100 in sales — a net profit margin of 19.7%, healthy for a small developer (our calculation). Net profit reached Gs.

7,875 million (~US$1.30 million), more than double the prior year (our calculation).

Owners’ equity grew 6.7% to Gs. 79,418 million (~US$13.1 million) by December 2025, delivering a return on equity of 11.0% — meaning every guaraní of equity produced about 11 cents of annual profit.

Total debt rose a modest 3.1% to Gs. 47,339 million (~US$7.8 million), concentrated 77% in financial borrowings, leaving the business with net debt of roughly Gs.

36,317 million (~US$6.0 million, our calculation). The rating agency flags that the debt-to-operating-profit ratio, at 4.2 times, remains elevated by regional peer standards.

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What it is doing now

Rectora’s two newest projects moved fast. Its latest bond programme, PEG G3 for up to Gs.

15,000 million (~US$2.5 million), is in registration with the securities regulator (SIV) as of the December 2025 rating date. On the ground, Quintas La Campiña in Valenzuela put more than 1,500 lots on sale and sold 78.6% in its first year; Tigre del Río in Arroyos y Esteros placed 751 lots — 83% of the total — within 90 days.

For early 2026, the company is paying bondholders an annual rate of 13.75% on its Series 4 bonds, which run for four years and five months.

One recent governance note: in November 2024 Paraguay’s securities regulator, the Superintendencia de Valores, briefly suspended Rectora from issuing new securities after it missed a quarterly reporting deadline; the suspension was lifted on 25 November 2024 once the overdue quarterly report was submitted.

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What to watch

• Debt load vs. profit growth. At 4.2× debt-to-operating-profit, any slowdown in lot sales — triggered by higher interest rates or a Paraguay growth dip — would squeeze the margin of safety on bond repayments.
• PEG G3 bond placement. If the new Gs. 15,000 million (~US$2.5 million) programme is authorised and fully placed, it will materially increase the financial debt pile. Watch the use-of-funds split between new projects and refinancing existing obligations.
• Governance transition. The December 2024 family share transfer marks a generational handover. How the second generation structures decision-making — and whether independent directors are added — matters for long-term bondholder protection.
• Reporting discipline. The November 2024 regulatory suspension, though brief, is a reminder that quarterly filings must be watched; a repeat could trigger cross-default clauses in outstanding bond series.

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This is news, not investment advice.