11/03/2008 10h41
The time of real assets
Valor Econômico - 11/03/08
In a moment when there is visible investments flight from the financing market to real assets, the Securities & Exchange Commission (CVM) gives its contribution and publishes the long-awaited instruction that promises to drive the real state funds. Regulated in 1994, the sector had never been through a review. With the de bureaucratization and more flexible rules, the expectations of the participants, who celebrate but also criticize the measures, are that the real state funds assets offers should have a boom everywhere and the segment finally gains muscle - today, there are 72 funds in activity, gathering a patrimony of more than R$ 3.6 billion (US$ 1.6 billion). While Ibovespa lost more than 40% last month, the existing real state funds market only fell 3%, to R$ 2;248 billion (US$ 1.021 billion), which shows the most conservative nature of this kind of investment, affirms Sérgio Belleza, partner of the Brazil Partners. It does not mean, however, that they are investments with too long term results, he affirms. A proof of that are the profitability history of the existing portfolio and the closing of the distribution quotas of the West Plaza Shopping, fully amidst a period of market setback. The main advance of the new CVM 472 instruction, in the specialists' opinion, was the flexibility of the investments rules. The real state funds - which could only invest its funds either in real state or in rights upon those assets - can now purchase society quotas of specific purposes (SPEs), share funds (FIPs), receivable funds and other real state funds, as long as they work in the real state sector, and also receivable real state certificates (CRIs). For the director of Brazilian Mortgages, Rodrigo Machado, the possibility of structuring portfolios to invest in quotas of other real state funds will be the biggest driver of the market. "Many financial market's players, such as big banks that do not have vocation to manage real state assets, but have demands for clients, are going to enter that market as funds managers", he affirms. Belleza, from the Brazil Partners, expects that the banks become more active in the offer and structuring of the real state funds, which will certainly boost the sector. Nonetheless, he criticizes the rule that allows institutions to create portfolio with assets that belong to the bank itself or with real state in which they are tenants. "It is controversial, because law number 8.668, from 1993, which regulates the funds, prohibits carrying out real state transactions in a situation of conflict of interests", he says. The new CVM instruction established that it is up to the shareholders assembly - representing half of the issued quotas - of the respective funds to judge whether or not there is conflict, prior to carrying out the business.
