The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
Considering the need to understand financial and urban agents more attentively, in this article we propose to examine the condition of real estate investors of Brazilian pension funds. To this end, we examine the pension funds’ real estate portfolio, review the recent discussions involving the agent...
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ANPUR
2021
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Associação Nacional de Pós-Graduação e Pesquisa em Planejamento Urbano e Regional (ANPUR) |
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por |
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Magnani, Maira Sanfelici, Daniel Muniz Filho, Guilherme A. |
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Magnani, Maira Sanfelici, Daniel Muniz Filho, Guilherme A. The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern |
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Magnani, Maira Sanfelici, Daniel Muniz Filho, Guilherme A. |
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Magnani, Maira |
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The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern |
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The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern |
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The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern |
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The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern |
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The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern |
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investments of brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern |
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Considering the need to understand financial and urban agents more attentively, in this article we propose to examine the condition of real estate investors of Brazilian pension funds. To this end, we examine the pension funds’ real estate portfolio, review the recent discussions involving the agent's investment in this asset class and address the regulatory aspects surrounding these practices and allocations. We also sought to characterize the real estate assets of pension funds: what are the main investment channels used, as well as the segments and sites invested. We concluded that there are new movements in favor of real estate investments conducted through financial vehicles, but that these investments, however, have characteristics very similar to those acquired through the direct purchase of commercial real estate. Both investment channels, as shown in the article, result in real estate for commercial use (such as shopping malls and offices) and are located in the states whose commercial real estate market is better developed, São Paulo and Rio de Janeiro. |
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ANPUR |
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2021 |
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https://rbeur.anpur.org.br/rbeur/article/view/6741 |
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oai:ojs.rbeur.anpur.org.br:article-67412021-03-31T02:16:30Z The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern Os investimentos dos fundos de pensão brasileiros no mercado imobiliário comercial: uma análise do portfólio imobiliário e seu padrão territorial Magnani, Maira Sanfelici, Daniel Muniz Filho, Guilherme A. Fundos de pensão Mercado imobiliário comercial Investimento imobiliário Financeirização Agentes Financeiros Pension Funds Commercial Real Estate Market Real Estate Investment Financialization Financial Agents Considering the need to understand financial and urban agents more attentively, in this article we propose to examine the condition of real estate investors of Brazilian pension funds. To this end, we examine the pension funds’ real estate portfolio, review the recent discussions involving the agent's investment in this asset class and address the regulatory aspects surrounding these practices and allocations. We also sought to characterize the real estate assets of pension funds: what are the main investment channels used, as well as the segments and sites invested. We concluded that there are new movements in favor of real estate investments conducted through financial vehicles, but that these investments, however, have characteristics very similar to those acquired through the direct purchase of commercial real estate. Both investment channels, as shown in the article, result in real estate for commercial use (such as shopping malls and offices) and are located in the states whose commercial real estate market is better developed, São Paulo and Rio de Janeiro. Teniendo en cuenta la necesidad de comprender con más atención a los agentes financieros y urbanos, en este artículo proponemos examinar la condición de los inversores inmobiliarios en los fondos de pensiones brasileños. Para ello, examinamos la cartera inmobiliaria de los fondos de pensiones brasileños en los años 2017 a 2019, reconstituimos las recientes discusiones sobre la inversión de este agente en esta clase de activos y abordamos los aspectos reglamentarios que rodean estas prácticas y asignaciones. También buscamos caracterizar los activos inmobiliarios de los fondos de pensiones: cuáles son los principales canales de inversión utilizados, así como los segmentos y las ubicaciones en los que se invierte. Concluimos que existen nuevos movimientos a favor de las inversiones inmobiliarias realizadas a través de vehículos financieros, pero que, sin embargo, estas inversiones tienen características muy similares a las adquiridas a través de la compra directa de inmuebles comerciales. Ambos canales de inversión, como se muestra en el artículo, dan como resultado bienes inmuebles para uso comercial (como centros comerciales y oficinas) y ubicados en los estados cuyo mercado inmobiliario comercial está mejor desarrollado, São Paulo y Río de Janeiro. Considerando a necessidade de compreender de maneira mais atenta os agentes financeiros e urbanos, neste artigo, examinamos a condição de investidor imobiliário dos fundos de pensão brasileiros. Para tanto, analisamos o portfólio imobiliário dos fundos de pensão brasileiros, reconstituindo as recentes discussões sobre o investimento desse agente em tal classe de ativos e abordando os aspectos regulatórios que circundam suas práticas e alocações. Buscamos, ainda, caracterizar o patrimônio imobiliário dos fundos de pensão: quais os principais canais de investimento utilizados, bem como os segmentos e localizações investidas. A partir dos dados coletados, concluímos que há novos movimentos em favor de investimentos imobiliários conduzidos por meio de veículos financeiros; contudo, esses investimentos possuem características muito semelhantes aos investimentos adquiridos pela compra direta do imóvel comercial. Ambos os canais de investimento – direto e indireto –, como argumentamos, resultam em imóveis para uso comercial (como shopping centers e escritórios), localizados nos estados onde o mercado imobiliário comercial é bem desenvolvido, São Paulo e Rio de Janeiro. ANPUR 2021-05-18 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://rbeur.anpur.org.br/rbeur/article/view/6741 10.22296/2317-1529.rbeur.202114 Revista Brasileira de Estudos Urbanos e Regionais; Vol. 23 (2021): Janeiro-Dezembro Revista Brasileira de Estudos Urbanos e Regionais; v. 23 (2021): Janeiro-Dezembro 2317-1529 1517-4115 por https://rbeur.anpur.org.br/rbeur/article/view/6741/5373 https://creativecommons.org/licenses/by/4.0 |