A utilização dos fundos de investimento imobiliários como veículos na gestão de ativos das empresas
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2015-03-18
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Ridolfo Neto, Arthur
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In Brazil, historically, companies have bought real estate assets (headquarters, plants, warehouses, etc.), driven by macroeconomic instability, which caused a hardship estimating the money value. After inflation control, it was possible to expand long-term funding mechanisms, enabling companies to begin to allocate capital more efficiently in their core business. Thus, the discussion over portfolio property management is recent. And a period shorter than that, the new alternatives have been developed, such as Real Estate Investment Trust (REIT) that have became more representative over the last 3 years. This work aims to analyze the reasons for companies that plan their corporate property management, to allow Real Estate Investment Trust (REIT) as an option whenever they intend to rent the building, instead of immobilize capital. To achieve this objective, research was conducted using qualitative methods and there are two case studies about structures that have different types of companies as tenants. The first case is about the sale and leaseback operation of a distribution center of Magazine Luiza, one of the largest retail store in Brazil, to Kinea Renda Imobiliária REIT. The second example is the sale and leaseback of Banco do Brasil's offices and branches to BB Progressivo II REIT. The companies objectives were achieved in both cases and that, in fact, REIT can be considered as an alternative. However, it is not possible to conclude that it produces the best results and that there is any business sector that has higher propensity to use it. The research indicates the REIT with a focus on tenants and enables new quantitative studies about Brazilian market reactions when the number of operations starts to increase and new qualitative researches which involve new financing structured products.