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Capital Market Trends, New Products and the
Quest for Expanding Opportunities
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Recent Development of the Market
Multi-tenant office buildings / Owners Brazilian
Pension Fund/ Real Estate Investment Fund
Built-to-suit transactions
Debt Capital Market Instrument CRIs
Sale with title retention (Alienação Fiduciária)
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Business Last Year
Built-to-suit transactions
Development of Commercial Real Estate Ventures
offices and plants
Brazilian Developers
Tenants first-tier companies
Investors Brazilian institutional investors
Financing Inflation Indexed Securities (CRIs)
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Business Last Year
Real Estate Investment Funds
Sale / Development of office buildings
Owners / Developers Brazilian pension funds /
Foreign Developers
Tenants first-tier companies
Buyers local retail and institutional investors
/ foreign investors
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Business Last Year
Real Estate Venture
Development of Residential Units
Brazilian and Foreign Developers
Buyers local retail market
Financing developers equity
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Business Today
Increase of Debt Capital Market Instruments
Decrease of issuance of Real Estate Investment
Fund quotas
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Market Trends
Government likely continuing to promote capital
market instruments
Recent regulation of asset-backed securities
funds (fundos de recebíveis)
Biggest Real Estate lender CEF intends a
partnership with PMSP to develop low-income
residential projects based on MP 122/2003
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The Premier Latin American Law Firm
Contacts Rossana Fernandes Riet Corrêa -
ross_at_tozzini.com.br José Paulo Marzagão -
jpm_at_tozzini.com.br www.tozzini.com.br