The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern

Detalhes bibliográficos
Autor(a) principal: Magnani, Maira
Data de Publicação: 2021
Outros Autores: Sanfelici, Daniel, Muniz Filho, Guilherme A.
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Brasileira de Estudos Urbanos e Regionais (Online)
Texto Completo: https://rbeur.anpur.org.br/rbeur/article/view/6741
Resumo: 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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spelling The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial patternOs investimentos dos fundos de pensão brasileiros no mercado imobiliário comercial: uma análise do portfólio imobiliário e seu padrão territorialFundos de pensãoMercado imobiliário comercialInvestimento imobiliárioFinanceirizaçãoAgentes FinanceirosPension FundsCommercial Real Estate MarketReal Estate InvestmentFinancializationFinancial AgentsConsidering 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.ANPUR2021-05-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://rbeur.anpur.org.br/rbeur/article/view/674110.22296/2317-1529.rbeur.202114Revista Brasileira de Estudos Urbanos e Regionais; Vol. 23 (2021): Janeiro-DezembroRevista Brasileira de Estudos Urbanos e Regionais; v. 23 (2021): Janeiro-Dezembro2317-15291517-4115reponame:Revista Brasileira de Estudos Urbanos e Regionais (Online)instname:Associação Nacional de Pós-graduação e Pesquisa em Planejamento Urbano e Regional (ANPUR)instacron:ANPURporhttps://rbeur.anpur.org.br/rbeur/article/view/6741/5373http://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessMagnani, MairaSanfelici, DanielMuniz Filho, Guilherme A. 2022-12-01T20:24:33Zoai:ojs.rbeur.anpur.org.br:article/6741Revistahttps://rbeur.anpur.org.br/rbeurONGhttps://rbeur.anpur.org.br/rbeur/oairevista@anpur.org.br2317-15291517-4115opendoar:2022-12-01T20:24:33Revista Brasileira de Estudos Urbanos e Regionais (Online) - Associação Nacional de Pós-graduação e Pesquisa em Planejamento Urbano e Regional (ANPUR)false
dc.title.none.fl_str_mv 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
title The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
spellingShingle The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
Magnani, Maira
Fundos de pensão
Mercado imobiliário comercial
Investimento imobiliário
Financeirização
Agentes Financeiros
Pension Funds
Commercial Real Estate Market
Real Estate Investment
Financialization
Financial Agents
title_short The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
title_full The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
title_fullStr The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
title_full_unstemmed The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
title_sort The investments of Brazilian pension funds in the commercial real estate market: a property portfolio analysis and its territorial pattern
author Magnani, Maira
author_facet Magnani, Maira
Sanfelici, Daniel
Muniz Filho, Guilherme A.
author_role author
author2 Sanfelici, Daniel
Muniz Filho, Guilherme A.
author2_role author
author
dc.contributor.author.fl_str_mv Magnani, Maira
Sanfelici, Daniel
Muniz Filho, Guilherme A.
dc.subject.por.fl_str_mv Fundos de pensão
Mercado imobiliário comercial
Investimento imobiliário
Financeirização
Agentes Financeiros
Pension Funds
Commercial Real Estate Market
Real Estate Investment
Financialization
Financial Agents
topic Fundos de pensão
Mercado imobiliário comercial
Investimento imobiliário
Financeirização
Agentes Financeiros
Pension Funds
Commercial Real Estate Market
Real Estate Investment
Financialization
Financial Agents
description 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.
publishDate 2021
dc.date.none.fl_str_mv 2021-05-18
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://rbeur.anpur.org.br/rbeur/article/view/6741
10.22296/2317-1529.rbeur.202114
url https://rbeur.anpur.org.br/rbeur/article/view/6741
identifier_str_mv 10.22296/2317-1529.rbeur.202114
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://rbeur.anpur.org.br/rbeur/article/view/6741/5373
dc.rights.driver.fl_str_mv http://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv ANPUR
publisher.none.fl_str_mv ANPUR
dc.source.none.fl_str_mv 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
reponame:Revista Brasileira de Estudos Urbanos e Regionais (Online)
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instname_str Associação Nacional de Pós-graduação e Pesquisa em Planejamento Urbano e Regional (ANPUR)
instacron_str ANPUR
institution ANPUR
reponame_str Revista Brasileira de Estudos Urbanos e Regionais (Online)
collection Revista Brasileira de Estudos Urbanos e Regionais (Online)
repository.name.fl_str_mv Revista Brasileira de Estudos Urbanos e Regionais (Online) - Associação Nacional de Pós-graduação e Pesquisa em Planejamento Urbano e Regional (ANPUR)
repository.mail.fl_str_mv revista@anpur.org.br
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