[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fWJDsHAQ6CLoVvTVD9A3h5b3OQINtZN4Lgf5KRFFTPPo":3,"$fTe5HE0Z1vo2J86ZJWWdF8KMsEsay4hhvzos2gbGNccM":40,"$f_iPoKLJTmna0hysc3JyPQYvKVRe6ciD7LTGcnXYUH3Q":941,"$fDcSXHT0rNe5StBtRdGQ_RXvHf3dYTbrZEsfKAH6Kfpo":1446,"$fp68hrMLSAJv7mcNXQMg9VWYpfosTWfsdtoH90OP7mmg":1534},[4,24],{"id":5,"title":6,"color":7,"videoPlaylistUrl":8,"translations":9},3,"Infrastructure","#6DAAB4",null,[10,14,19],{"title":6,"slug":11,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"language":12},"infrastructure",{"code":13},"en",{"title":15,"slug":16,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"language":17},"Infraestrutura","infraestrutura",{"code":18},"pt-BR",{"title":20,"slug":21,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"language":22},"Infraestructura","infraestructura",{"code":23},"es",{"id":25,"title":26,"color":27,"videoPlaylistUrl":8,"translations":28},2,"Real Estate","#752964",[29,32,36],{"title":26,"slug":30,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"language":31},"real-estate",{"code":13},{"title":33,"slug":34,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"language":35},"Mercado Inmobiliario","mercado-inmobiliario",{"code":23},{"title":37,"slug":38,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"language":39},"Mercado Imobiliário","mercado-imobiliario",{"code":18},[41,44,48,52,56,60,64,68,72,76,80,84,88,92,96,100,104,108,112,116,119,123,127,131,135,139,143,147,151,155,158,162,166,169,173,176,180,184,188,192,196,200,203,207,211,215,219,222,225,228,231,235,239,243,247,251,255,259,263,266,270,274,278,282,285,289,292,295,298,302,306,310,314,318,321,325,328,332,335,337,340,344,347,350,354,357,361,365,369,373,377,380,384,388,392,396,400,404,407,409,413,417,420,424,428,431,435,439,443,446,450,453,457,460,464,467,471,474,477,481,485,488,491,495,499,503,506,510,513,517,521,525,529,533,536,540,544,547,551,553,556,560,562,565,568,572,576,580,584,588,591,595,598,602,605,609,612,616,619,623,626,630,633,636,640,643,646,649,653,656,659,662,666,670,674,677,680,683,687,691,694,698,700,703,706,710,713,717,721,725,728,732,735,738,741,745,748,752,755,758,762,765,767,771,775,779,783,786,789,792,795,798,800,803,807,811,813,817,820,822,826,830,834,838,841,845,848,851,854,858,861,864,868,871,874,877,881,884,886,889,891,895,899,903,906,909,913,916,918,921,925,927,931,935,937],{"id":5,"name":42,"phoneCode":43},"Afghanistan",93,{"id":45,"name":46,"phoneCode":47},189,"Åland Islands",1,{"id":49,"name":50,"phoneCode":51},4,"Albania",355,{"id":53,"name":54,"phoneCode":55},44,"Algeria",213,{"id":57,"name":58,"phoneCode":59},187,"American Samoa",1684,{"id":61,"name":62,"phoneCode":63},182,"Andorra",376,{"id":65,"name":66,"phoneCode":67},6,"Angola",244,{"id":69,"name":70,"phoneCode":71},184,"Anguilla",1264,{"id":73,"name":74,"phoneCode":75},186,"Antartica",672,{"id":77,"name":78,"phoneCode":79},183,"Antigua and Barbuda",1268,{"id":81,"name":82,"phoneCode":83},7,"Argentina",54,{"id":85,"name":86,"phoneCode":87},5,"Armenia",374,{"id":89,"name":90,"phoneCode":91},188,"Aruba",297,{"id":93,"name":94,"phoneCode":95},9,"Australia",61,{"id":97,"name":98,"phoneCode":99},8,"Austria",43,{"id":101,"name":102,"phoneCode":103},10,"Azerbaijan",994,{"id":105,"name":106,"phoneCode":107},21,"Bahamas",1242,{"id":109,"name":110,"phoneCode":111},191,"Bahrain",973,{"id":113,"name":114,"phoneCode":115},204,"Bailiwick of Guernsey",0,{"id":117,"name":118,"phoneCode":115},212,"Bailiwick of Jersey",{"id":120,"name":121,"phoneCode":122},12,"Bangladesh",880,{"id":124,"name":125,"phoneCode":126},190,"Barbados",1246,{"id":128,"name":129,"phoneCode":130},13,"Belgium",32,{"id":132,"name":133,"phoneCode":134},25,"Belize",501,{"id":136,"name":137,"phoneCode":138},17,"Benin",229,{"id":140,"name":141,"phoneCode":142},193,"Bermuda",1441,{"id":144,"name":145,"phoneCode":146},22,"Bhutan",975,{"id":148,"name":149,"phoneCode":150},19,"Bolivia",591,{"id":152,"name":153,"phoneCode":154},185,"Bonaire",599,{"id":156,"name":157,"phoneCode":154},256,"Bonaire, Sint Eustatius and Saba",{"id":159,"name":160,"phoneCode":161},11,"Bosna i Hercegovina",387,{"id":163,"name":164,"phoneCode":165},23,"Botswana",267,{"id":167,"name":168,"phoneCode":115},194,"Bouvet Island",{"id":170,"name":171,"phoneCode":172},20,"Brazil",55,{"id":174,"name":175,"phoneCode":47},211,"British Indian Ocean Territory",{"id":177,"name":178,"phoneCode":179},18,"Brunei",673,{"id":181,"name":182,"phoneCode":183},15,"Bulgaria",359,{"id":185,"name":186,"phoneCode":187},14,"Burkina Faso",226,{"id":189,"name":190,"phoneCode":191},16,"Burundi",257,{"id":193,"name":194,"phoneCode":195},86,"Cambodia",855,{"id":197,"name":198,"phoneCode":199},33,"Cameroon",237,{"id":201,"name":202,"phoneCode":47},26,"Canada",{"id":204,"name":205,"phoneCode":206},197,"Cape Verde",238,{"id":208,"name":209,"phoneCode":210},216,"Cayman Islands",1345,{"id":212,"name":213,"phoneCode":214},28,"Central African Rep.",236,{"id":216,"name":217,"phoneCode":218},155,"Chad",235,{"id":130,"name":220,"phoneCode":221},"Chile",56,{"id":223,"name":224,"phoneCode":193},34,"China",{"id":226,"name":227,"phoneCode":95},198,"Christmas Island",{"id":229,"name":230,"phoneCode":95},195,"Cocos (Keeling) Islands",{"id":232,"name":233,"phoneCode":234},35,"Colombia",57,{"id":236,"name":237,"phoneCode":238},214,"Comoros",269,{"id":240,"name":241,"phoneCode":242},29,"Congo",242,{"id":244,"name":245,"phoneCode":246},196,"Cook Islands",682,{"id":248,"name":249,"phoneCode":250},36,"Costa Rica",506,{"id":252,"name":253,"phoneCode":254},31,"Côte d`Ivoire",225,{"id":256,"name":257,"phoneCode":258},70,"Croatia",385,{"id":260,"name":261,"phoneCode":262},37,"Cuba",53,{"id":264,"name":265,"phoneCode":47},253,"Curaçao",{"id":267,"name":268,"phoneCode":269},38,"Cyprus",357,{"id":271,"name":272,"phoneCode":273},39,"Czech Rep.",420,{"id":275,"name":276,"phoneCode":277},27,"Dem. Rep. Congo",243,{"id":279,"name":280,"phoneCode":281},42,"Denmark",45,{"id":283,"name":284,"phoneCode":264},41,"Djibouti",{"id":286,"name":287,"phoneCode":288},199,"Dominica",1767,{"id":99,"name":290,"phoneCode":291},"Dominican Republic",1809,{"id":281,"name":293,"phoneCode":294},"Ecuador",593,{"id":296,"name":297,"phoneCode":170},47,"Egypt",{"id":299,"name":300,"phoneCode":301},152,"El Salvador",503,{"id":303,"name":304,"phoneCode":305},63,"Eq. Guinea",240,{"id":307,"name":308,"phoneCode":309},49,"Eritrea",291,{"id":311,"name":312,"phoneCode":313},46,"Estonia",372,{"id":315,"name":316,"phoneCode":317},51,"Ethiopia",251,{"id":83,"name":319,"phoneCode":320},"Falkland Is.",500,{"id":322,"name":323,"phoneCode":324},201,"Faroe Islands",298,{"id":262,"name":326,"phoneCode":327},"Fiji",679,{"id":329,"name":330,"phoneCode":331},52,"Finland",358,{"id":333,"name":334,"phoneCode":115},156,"Fr. S. Antarctic Lands",{"id":172,"name":336,"phoneCode":197},"France",{"id":338,"name":339,"phoneCode":47},203,"French Guiana",{"id":341,"name":342,"phoneCode":343},231,"French Polynesia",689,{"id":221,"name":345,"phoneCode":346},"Gabon",241,{"id":95,"name":348,"phoneCode":349},"Gambia",220,{"id":351,"name":352,"phoneCode":353},58,"Georgia",995,{"id":355,"name":356,"phoneCode":307},40,"Germany",{"id":358,"name":359,"phoneCode":360},59,"Ghana",233,{"id":362,"name":363,"phoneCode":364},205,"Gibraltar",350,{"id":366,"name":367,"phoneCode":368},64,"Greece",30,{"id":370,"name":371,"phoneCode":372},60,"Greenland",299,{"id":374,"name":375,"phoneCode":376},202,"Grenada",1473,{"id":378,"name":379,"phoneCode":115},206,"Guadeloupe",{"id":381,"name":382,"phoneCode":383},208,"Guam",1671,{"id":385,"name":386,"phoneCode":387},65,"Guatemala",502,{"id":389,"name":390,"phoneCode":391},62,"Guinea",224,{"id":393,"name":394,"phoneCode":395},66,"Guinea-Bissau",245,{"id":397,"name":398,"phoneCode":399},67,"Guyana",592,{"id":401,"name":402,"phoneCode":403},71,"Haiti",509,{"id":405,"name":406,"phoneCode":115},209,"Heard and Mc Donald Islands",{"id":395,"name":408,"phoneCode":271},"Holy See (Vatican City State)",{"id":410,"name":411,"phoneCode":412},69,"Honduras",504,{"id":414,"name":415,"phoneCode":416},68,"Hong Kong",852,{"id":418,"name":419,"phoneCode":248},72,"Hungary",{"id":421,"name":422,"phoneCode":423},79,"Iceland",354,{"id":425,"name":426,"phoneCode":427},76,"India",91,{"id":429,"name":430,"phoneCode":389},73,"Indonesia",{"id":432,"name":433,"phoneCode":434},78,"Iran",98,{"id":436,"name":437,"phoneCode":438},77,"Iraq",964,{"id":440,"name":441,"phoneCode":442},74,"Ireland",353,{"id":444,"name":445,"phoneCode":53},210,"Isle of Man",{"id":447,"name":448,"phoneCode":449},75,"Israel",972,{"id":451,"name":452,"phoneCode":271},80,"Italy",{"id":454,"name":455,"phoneCode":456},81,"Jamaica",1876,{"id":458,"name":459,"phoneCode":454},83,"Japan",{"id":461,"name":462,"phoneCode":463},82,"Jordan",962,{"id":465,"name":466,"phoneCode":81},90,"Kazakhstan",{"id":468,"name":469,"phoneCode":470},84,"Kenya",254,{"id":55,"name":472,"phoneCode":473},"Kiribati",686,{"id":475,"name":476,"phoneCode":47},176,"Kosovo",{"id":478,"name":479,"phoneCode":480},89,"Kuwait",965,{"id":482,"name":483,"phoneCode":484},85,"Kyrgyzstan",996,{"id":427,"name":486,"phoneCode":487},"Laos",856,{"id":434,"name":489,"phoneCode":490},"Latvia",371,{"id":492,"name":493,"phoneCode":494},92,"Lebanon",961,{"id":496,"name":497,"phoneCode":498},95,"Lesotho",266,{"id":500,"name":501,"phoneCode":502},97,"Lëtzebuerg",352,{"id":504,"name":505,"phoneCode":341},94,"Liberia",{"id":507,"name":508,"phoneCode":509},99,"Libya",218,{"id":509,"name":511,"phoneCode":512},"Liechtenstein",423,{"id":514,"name":515,"phoneCode":516},96,"Lithuania",370,{"id":518,"name":519,"phoneCode":520},222,"Macau",853,{"id":522,"name":523,"phoneCode":524},104,"Macedonia",389,{"id":526,"name":527,"phoneCode":528},103,"Madagascar",261,{"id":530,"name":531,"phoneCode":532},110,"Malawi",265,{"id":534,"name":535,"phoneCode":370},112,"Malaysia",{"id":537,"name":538,"phoneCode":539},227,"Maldives",960,{"id":541,"name":542,"phoneCode":543},105,"Mali",223,{"id":254,"name":545,"phoneCode":546},"Malta",356,{"id":548,"name":549,"phoneCode":550},221,"Marshall Islands",692,{"id":391,"name":552,"phoneCode":47},"Martinique",{"id":554,"name":555,"phoneCode":518},108,"Mauritania",{"id":557,"name":558,"phoneCode":559},109,"Mauritius",1664,{"id":187,"name":558,"phoneCode":561},230,{"id":317,"name":563,"phoneCode":564},"Mayotte",262,{"id":566,"name":567,"phoneCode":329},111,"Mexico",{"id":569,"name":570,"phoneCode":571},200,"Micronesia, Federated States of",691,{"id":573,"name":574,"phoneCode":575},101,"Moldova",373,{"id":577,"name":578,"phoneCode":579},219,"Monaco",377,{"id":581,"name":582,"phoneCode":583},107,"Mongolia",976,{"id":585,"name":586,"phoneCode":587},102,"Montenegro",382,{"id":589,"name":590,"phoneCode":117},100,"Morocco",{"id":592,"name":593,"phoneCode":594},113,"Mozambique",258,{"id":596,"name":597,"phoneCode":496},106,"Myanmar",{"id":599,"name":600,"phoneCode":601},114,"Namibia",264,{"id":138,"name":603,"phoneCode":604},"Nauru",674,{"id":606,"name":607,"phoneCode":608},121,"Nepal",977,{"id":610,"name":611,"phoneCode":252},119,"Netherlands",{"id":613,"name":614,"phoneCode":615},115,"New Caledonia",687,{"id":617,"name":618,"phoneCode":366},122,"New Zealand",{"id":620,"name":621,"phoneCode":622},118,"Nicaragua",505,{"id":624,"name":625,"phoneCode":537},116,"Niger",{"id":627,"name":628,"phoneCode":629},117,"Nigeria",234,{"id":561,"name":631,"phoneCode":632},"Niue",683,{"id":634,"name":635,"phoneCode":47},228,"Norfolk Island",{"id":637,"name":638,"phoneCode":639},87,"North Korea",850,{"id":641,"name":642,"phoneCode":47},175,"Northern Cyprus",{"id":543,"name":644,"phoneCode":645},"Northern Mariana Islands",1670,{"id":647,"name":648,"phoneCode":296},120,"Norway",{"id":650,"name":651,"phoneCode":652},123,"Oman",968,{"id":654,"name":655,"phoneCode":492},128,"Pakistan",{"id":629,"name":657,"phoneCode":658},"Palau",680,{"id":660,"name":661,"phoneCode":47},131,"Palestine",{"id":663,"name":664,"phoneCode":665},124,"Panama",507,{"id":667,"name":668,"phoneCode":669},126,"Papua New Guinea",675,{"id":671,"name":672,"phoneCode":673},133,"Paraguay",595,{"id":675,"name":676,"phoneCode":315},125,"Peru",{"id":678,"name":679,"phoneCode":303},127,"Philippines",{"id":360,"name":681,"phoneCode":682},"Pitcairn",870,{"id":684,"name":685,"phoneCode":686},129,"Poland",48,{"id":688,"name":689,"phoneCode":690},132,"Portugal",351,{"id":692,"name":693,"phoneCode":47},130,"Puerto Rico",{"id":695,"name":696,"phoneCode":697},134,"Qatar",974,{"id":218,"name":699,"phoneCode":115},"Reunion",{"id":701,"name":702,"phoneCode":355},135,"Romania",{"id":704,"name":705,"phoneCode":81},137,"Russia",{"id":707,"name":708,"phoneCode":709},138,"Rwanda",250,{"id":711,"name":712,"phoneCode":47},151,"S. Sudan",{"id":714,"name":715,"phoneCode":716},192,"Saint Barthélemy",590,{"id":718,"name":719,"phoneCode":720},215,"Saint Kitts and Nevis",1869,{"id":722,"name":723,"phoneCode":724},217,"Saint LUCIA",1758,{"id":349,"name":726,"phoneCode":727},"Saint Martin",1599,{"id":729,"name":730,"phoneCode":731},246,"Saint Vincent and the Grenadines",1784,{"id":709,"name":733,"phoneCode":734},"Samoa",685,{"id":206,"name":736,"phoneCode":737},"San Marino",378,{"id":739,"name":740,"phoneCode":739},239,"Sao Tome and Principe",{"id":742,"name":743,"phoneCode":744},139,"Saudi Arabia",966,{"id":746,"name":747,"phoneCode":548},148,"Senegal",{"id":749,"name":750,"phoneCode":751},136,"Serbia",381,{"id":214,"name":753,"phoneCode":754},"Seychelles",248,{"id":756,"name":753,"phoneCode":757},144,290,{"id":759,"name":760,"phoneCode":761},147,"Sierra Leone",232,{"id":763,"name":764,"phoneCode":385},143,"Singapore",{"id":470,"name":766,"phoneCode":47},"Sint Maarten (Dutch part)",{"id":768,"name":769,"phoneCode":770},146,"Slovakia",421,{"id":772,"name":773,"phoneCode":774},145,"Slovenia",386,{"id":776,"name":777,"phoneCode":778},140,"Solomon Is.",677,{"id":780,"name":781,"phoneCode":782},149,"Somalia",252,{"id":784,"name":785,"phoneCode":47},177,"Somaliland",{"id":787,"name":788,"phoneCode":275},179,"South Africa",{"id":790,"name":791,"phoneCode":115},207,"South Georgia and the South Sandwich Islands",{"id":793,"name":794,"phoneCode":461},88,"South Korea",{"id":796,"name":797,"phoneCode":223},50,"Spain",{"id":43,"name":799,"phoneCode":504},"Sri Lanka",{"id":761,"name":801,"phoneCode":802},"St. Pierre and Miquelon",508,{"id":804,"name":805,"phoneCode":806},141,"Sudan",249,{"id":808,"name":809,"phoneCode":810},150,"Suriname",597,{"id":199,"name":812,"phoneCode":115},"Svalbard and Jan Mayen Islands",{"id":814,"name":815,"phoneCode":816},154,"Swaziland",268,{"id":818,"name":819,"phoneCode":311},142,"Sweden",{"id":368,"name":821,"phoneCode":283},"Switzerland",{"id":823,"name":824,"phoneCode":825},153,"Syria",963,{"id":827,"name":828,"phoneCode":829},165,"Taiwan",886,{"id":831,"name":832,"phoneCode":833},159,"Tajikistan",992,{"id":835,"name":836,"phoneCode":837},166,"Tanzania",255,{"id":839,"name":840,"phoneCode":393},158,"Thailand",{"id":842,"name":843,"phoneCode":844},160,"Timor-Leste",670,{"id":846,"name":847,"phoneCode":634},157,"Togo",{"id":346,"name":849,"phoneCode":850},"Tokelau",690,{"id":242,"name":852,"phoneCode":853},"Tonga",676,{"id":855,"name":856,"phoneCode":857},164,"Trinidad and Tobago",1868,{"id":859,"name":860,"phoneCode":208},162,"Tunisia",{"id":862,"name":863,"phoneCode":465},163,"Türkiye",{"id":865,"name":866,"phoneCode":867},161,"Turkmenistan",993,{"id":305,"name":869,"phoneCode":870},"Turks and Caicos Islands",1649,{"id":277,"name":872,"phoneCode":873},"Tuvalu",688,{"id":875,"name":876,"phoneCode":156},168,"Uganda",{"id":878,"name":879,"phoneCode":880},167,"Ukraine",380,{"id":25,"name":882,"phoneCode":883},"United Arab Emirates",971,{"id":234,"name":885,"phoneCode":53},"United Kingdom",{"id":887,"name":888,"phoneCode":47},169,"United States",{"id":67,"name":890,"phoneCode":115},"United States Minor Outlying Islands",{"id":892,"name":893,"phoneCode":894},170,"Uruguay",598,{"id":896,"name":897,"phoneCode":898},171,"Uzbekistan",998,{"id":900,"name":901,"phoneCode":902},174,"Vanuatu",678,{"id":904,"name":905,"phoneCode":351},172,"Venezuela",{"id":907,"name":908,"phoneCode":468},173,"Vietnam",{"id":910,"name":911,"phoneCode":912},247,"Virgin Islands (British)",1284,{"id":754,"name":914,"phoneCode":915},"Virgin Islands (U.S.)",1340,{"id":686,"name":917,"phoneCode":47},"W. Sahara",{"id":806,"name":919,"phoneCode":920},"Wallis and Futuna Islands",681,{"id":922,"name":923,"phoneCode":924},178,"Yemen",967,{"id":837,"name":926,"phoneCode":8},"Yugoslavia",{"id":928,"name":929,"phoneCode":930},180,"Zambia",260,{"id":932,"name":933,"phoneCode":934},181,"Zimbabwe",263,{"id":782,"name":936,"phoneCode":8},"Zona del Canal de Panamá",{"id":938,"name":939,"phoneCode":940},24,"Беларусь",375,[942,965,985,1006,1028,1050,1072,1102,1130,1158,1186,1208,1230,1252,1274,1296,1318,1336,1358,1380,1402,1424],{"id":159,"label":943,"segment":944,"translations":952},"Basic sanitation",{"id":5,"title":6,"translations":945},[946,948,950],{"title":6,"slug":11,"language":947},{"code":13},{"title":15,"slug":16,"language":949},{"code":18},{"title":20,"slug":21,"language":951},{"code":23},[953,957,961],{"label":954,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":955,"language":956},"Basic Sanitation","basic-sanitation",{"code":13},{"label":958,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":959,"language":960},"Saneamento Básico","saneamento-basico",{"code":18},{"label":962,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":963,"language":964},"Saneamiento Básico","saneamiento-basico",{"code":23},{"id":212,"label":966,"segment":967,"translations":975},"Data Center",{"id":25,"title":26,"translations":968},[969,971,973],{"title":26,"slug":30,"language":970},{"code":13},{"title":33,"slug":34,"language":972},{"code":23},{"title":37,"slug":38,"language":974},{"code":18},[976,980,983],{"label":977,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":978,"language":979},"Data Centres","",{"code":13},{"label":981,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":978,"language":982},"Data Centers",{"code":18},{"label":981,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":978,"language":984},{"code":23},{"id":120,"label":986,"segment":987,"translations":995},"Energy",{"id":5,"title":6,"translations":988},[989,991,993],{"title":6,"slug":11,"language":990},{"code":13},{"title":15,"slug":16,"language":992},{"code":18},{"title":20,"slug":21,"language":994},{"code":23},[996,999,1003],{"label":986,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":997,"language":998},"energy",{"code":13},{"label":1000,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1001,"language":1002},"Energia","energia",{"code":18},{"label":1004,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1001,"language":1005},"Energía",{"code":23},{"id":189,"label":1007,"segment":1008,"translations":1016},"Environmental Assets",{"id":5,"title":6,"translations":1009},[1010,1012,1014],{"title":6,"slug":11,"language":1011},{"code":13},{"title":15,"slug":16,"language":1013},{"code":18},{"title":20,"slug":21,"language":1015},{"code":23},[1017,1020,1024],{"label":1007,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1018,"language":1019},"environmental-assets",{"code":13},{"label":1021,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1022,"language":1023},"Ativos Ambientais","ativos-ambientais",{"code":18},{"label":1025,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1026,"language":1027},"Activos Ambientales","activos-ambientales",{"code":23},{"id":97,"label":1029,"segment":1030,"translations":1038},"ESG & Sustainability",{"id":25,"title":26,"translations":1031},[1032,1034,1036],{"title":26,"slug":30,"language":1033},{"code":13},{"title":33,"slug":34,"language":1035},{"code":23},{"title":37,"slug":38,"language":1037},{"code":18},[1039,1042,1046],{"label":1029,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1040,"language":1041},"esg-sustainability",{"code":13},{"label":1043,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1044,"language":1045},"ESG & Sustentabilidade","esg-sustentabilidade",{"code":18},{"label":1047,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1048,"language":1049},"ESG y Sostenibilidad","esg-y-sostenibilidad",{"code":23},{"id":136,"label":1051,"segment":1052,"translations":1060},"Financing & Capital Markets",{"id":5,"title":6,"translations":1053},[1054,1056,1058],{"title":6,"slug":11,"language":1055},{"code":13},{"title":15,"slug":16,"language":1057},{"code":18},{"title":20,"slug":21,"language":1059},{"code":23},[1061,1064,1068],{"label":1051,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1062,"language":1063},"financing-capital-markets",{"code":13},{"label":1065,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1066,"language":1067},"Financiamento & Mercado de Capitais","financiamento-mercado-de-capitais",{"code":18},{"label":1069,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1070,"language":1071},"Financiación y Mercados de Capitales","financiacion-y-mercados-de-capitales",{"code":23},{"id":132,"label":1073,"segment":1074,"translations":1084},"GRI Analisa",{"id":589,"title":1075,"translations":1076},"Latin America",[1077,1080,1082],{"title":1075,"slug":1078,"language":1079},"latin-america",{"code":13},{"title":1075,"slug":1078,"language":1081},{"code":18},{"title":1075,"slug":1078,"language":1083},{"code":23},[1085,1091,1096],{"label":1086,"title":1087,"subtitle":1088,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1089,"language":1090},"GRI Analyses","Strategic thought leadership","The GRI Analyses series presents in-depth diagnostics and original studies by the GRI Institute on high-impact themes. It translates contemporary challenges into technical analysis. That analysis grounds strategic debate.","gri-analyses",{"code":13},{"label":1073,"title":1092,"subtitle":1093,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1094,"language":1095},"Liderança de pensamento estratégico","A série GRI Analisa apresenta diagnósticos aprofundados e estudos originais do GRI Institute sobre temas de alto impacto. Traduz desafios contemporâneos em análise técnica. Essa análise fundamenta o debate estratégico.","gri-analisa",{"code":18},{"label":1097,"title":1098,"subtitle":1099,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1100,"language":1101},"GRI Analiza","Liderazgo de pensamiento estratégico","La serie GRI Analiza presenta diagnósticos en profundidad y estudios originales del GRI Institute sobre temas de alto impacto. Traduce los desafíos contemporáneos en análisis técnico. Ese análisis sustenta el debate estratégico.","gri-analiza",{"code":23},{"id":163,"label":1103,"segment":1104,"translations":1112},"GRI Antecipa",{"id":589,"title":1075,"translations":1105},[1106,1108,1110],{"title":1075,"slug":1078,"language":1107},{"code":13},{"title":1075,"slug":1078,"language":1109},{"code":18},{"title":1075,"slug":1078,"language":1111},{"code":23},[1113,1119,1124],{"label":1114,"title":1115,"subtitle":1116,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1117,"language":1118},"GRI Foresees","Trend analysis","The GRI Foresees series anticipates market trends and movements. It consolidates the critical data captured by the GRI Barometer. The Barometer is the GRI Institute's research tool for measuring the current state of the industry.","gri-foresees",{"code":13},{"label":1103,"title":1120,"subtitle":1121,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1122,"language":1123},"Análise de tendências","A série GRI Antecipa projeta tendências e movimentos de mercado. Consolida os dados críticos captados pelo GRI Barometer. O Barometer é a ferramenta de pesquisa do GRI Institute para medir o estado atual do setor.","gri-antecipa",{"code":18},{"label":1125,"title":1126,"subtitle":1127,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1128,"language":1129},"GRI Anticipa","Análisis de tendencias","La serie GRI Anticipa proyecta tendencias y movimientos del mercado. Consolida los datos críticos captados por el GRI Barometer. El Barometer es la herramienta de investigación del GRI Institute para medir el estado actual del sector.","gri-anticipa",{"code":23},{"id":938,"label":1131,"segment":1132,"translations":1140},"GRI Monitora",{"id":589,"title":1075,"translations":1133},[1134,1136,1138],{"title":1075,"slug":1078,"language":1135},{"code":13},{"title":1075,"slug":1078,"language":1137},{"code":18},{"title":1075,"slug":1078,"language":1139},{"code":23},[1141,1147,1152],{"label":1142,"title":1143,"subtitle":1144,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1145,"language":1146},"GRI Monitors","Leading-edge monitoring","The GRI Monitors series tracks the regulatory landscape in depth. This tracking is essential for sound decision-making. The GRI Institute develops the specialized technical content of the series.","gri-monitors",{"code":13},{"label":1131,"title":1148,"subtitle":1149,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1150,"language":1151},"Monitoramento de vanguarda","A série GRI Monitora acompanha em profundidade o cenário regulatório. Esse acompanhamento é essencial para decisões seguras. O GRI Institute desenvolve o conteúdo técnico especializado da série.","gri-monitora",{"code":18},{"label":1153,"title":1154,"subtitle":1155,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1156,"language":1157},"GRI Monitorea","Monitoreo de vanguardia","La serie GRI Monitorea acompaña en profundidad el escenario regulatorio. Ese seguimiento es esencial para decisiones seguras. El GRI Institute desarrolla el contenido técnico especializado de la serie.","gri-monitorea",{"code":23},{"id":105,"label":1159,"segment":1160,"translations":1168},"GRI Propõe",{"id":589,"title":1075,"translations":1161},[1162,1164,1166],{"title":1075,"slug":1078,"language":1163},{"code":13},{"title":1075,"slug":1078,"language":1165},{"code":18},{"title":1075,"slug":1078,"language":1167},{"code":23},[1169,1175,1180],{"label":1170,"title":1171,"subtitle":1172,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1173,"language":1174},"GRI Proposes","Policy & legal framework proposals","The GRI Proposes series presents strategic recommendations for public policy and legal frameworks. It draws on the collective intelligence of the GRI Institute. It mobilizes the public sector and the market to enable structural transformation across the industry.","gri-proposes",{"code":13},{"label":1159,"title":1176,"subtitle":1177,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1178,"language":1179},"Propostas de marcos legais e regulatórios","A série GRI Propõe apresenta recomendações estratégicas para políticas públicas e marcos legais. Nasce da inteligência coletiva do GRI Institute. Mobiliza o setor público e o mercado para viabilizar transformações estruturais no setor.","gri-propoe",{"code":18},{"label":1181,"title":1182,"subtitle":1183,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1184,"language":1185},"GRI Propone","Propuestas de marcos legales y regulatorios","La serie GRI Propone presenta recomendaciones estratégicas para políticas públicas y marcos legales. Nace de la inteligencia colectiva del GRI Institute. Moviliza al sector público y al mercado para viabilizar transformaciones estructurales en el sector.","gri-propone",{"code":23},{"id":85,"label":1187,"segment":1188,"translations":1196},"Hotel & Hospitality",{"id":25,"title":26,"translations":1189},[1190,1192,1194],{"title":26,"slug":30,"language":1191},{"code":13},{"title":33,"slug":34,"language":1193},{"code":23},{"title":37,"slug":38,"language":1195},{"code":18},[1197,1200,1204],{"label":1187,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1198,"language":1199},"hotel-hospitality",{"code":13},{"label":1201,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1202,"language":1203},"Hotelaria & Hospitalidade","hotelaria-hospitalidade",{"code":18},{"label":1205,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1206,"language":1207},"Hotelería y Hospitalidad","hoteleria-y-hospitalidad",{"code":23},{"id":49,"label":1209,"segment":1210,"translations":1218},"Industrial & Logistics",{"id":25,"title":26,"translations":1211},[1212,1214,1216],{"title":26,"slug":30,"language":1213},{"code":13},{"title":33,"slug":34,"language":1215},{"code":23},{"title":37,"slug":38,"language":1217},{"code":18},[1219,1222,1226],{"label":1209,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1220,"language":1221},"industrial-logistics",{"code":13},{"label":1223,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1224,"language":1225},"Industrial & Logística","industrial-logistica",{"code":18},{"label":1227,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1228,"language":1229},"Industrial y Logístico","industrial-y-logistico",{"code":23},{"id":65,"label":1231,"segment":1232,"translations":1240},"Investments & Finance",{"id":25,"title":26,"translations":1233},[1234,1236,1238],{"title":26,"slug":30,"language":1235},{"code":13},{"title":33,"slug":34,"language":1237},{"code":23},{"title":37,"slug":38,"language":1239},{"code":18},[1241,1244,1248],{"label":1231,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1242,"language":1243},"investments-finance",{"code":13},{"label":1245,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1246,"language":1247},"Investimentos & Fundos Imobiliários","investimentos-e-fundos-imobiliarios",{"code":18},{"label":1249,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1250,"language":1251},"Inversiones y Fondos Inmobiliarios","fondos-inmobiliarios-y-financiacion",{"code":23},{"id":93,"label":1253,"segment":1254,"translations":1262},"Legal\u002FCorporate\u002FGeopolitics",{"id":25,"title":26,"translations":1255},[1256,1258,1260],{"title":26,"slug":30,"language":1257},{"code":13},{"title":33,"slug":34,"language":1259},{"code":23},{"title":37,"slug":38,"language":1261},{"code":18},[1263,1266,1270],{"label":1253,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1264,"language":1265},"legal-corporate-geopolitics",{"code":13},{"label":1267,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1268,"language":1269},"Legislação & Jurídico","legislacao-juridico",{"code":18},{"label":1271,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1272,"language":1273},"Legislación y Legal","legislacion-y-legal",{"code":23},{"id":25,"label":1275,"segment":1276,"translations":1284},"Offices",{"id":25,"title":26,"translations":1277},[1278,1280,1282],{"title":26,"slug":30,"language":1279},{"code":13},{"title":33,"slug":34,"language":1281},{"code":23},{"title":37,"slug":38,"language":1283},{"code":18},[1285,1288,1292],{"label":1275,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1286,"language":1287},"offices",{"code":13},{"label":1289,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1290,"language":1291},"Lajes Corporativas","lajes-corporativas",{"code":18},{"label":1293,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1294,"language":1295},"Oficinas","oficinas",{"code":23},{"id":47,"label":1297,"segment":1298,"translations":1306},"Residential & BTR",{"id":25,"title":26,"translations":1299},[1300,1302,1304],{"title":26,"slug":30,"language":1301},{"code":13},{"title":33,"slug":34,"language":1303},{"code":23},{"title":37,"slug":38,"language":1305},{"code":18},[1307,1310,1314],{"label":1297,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1308,"language":1309},"residential-btr",{"code":13},{"label":1311,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1312,"language":1313},"Residencial & BTR","residencial-btr",{"code":18},{"label":1315,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1316,"language":1317},"Residencial y Multifamily","residencial-y-multifamily",{"code":23},{"id":5,"label":1319,"segment":1320,"translations":1328},"Shopping & Retail",{"id":25,"title":26,"translations":1321},[1322,1324,1326],{"title":26,"slug":30,"language":1323},{"code":13},{"title":33,"slug":34,"language":1325},{"code":23},{"title":37,"slug":38,"language":1327},{"code":18},[1329,1332,1334],{"label":1319,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1330,"language":1331},"shopping-retail",{"code":13},{"label":1319,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1330,"language":1333},{"code":18},{"label":1319,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1330,"language":1335},{"code":23},{"id":181,"label":1337,"segment":1338,"translations":1346},"Social Infrastructure",{"id":5,"title":6,"translations":1339},[1340,1342,1344],{"title":6,"slug":11,"language":1341},{"code":13},{"title":15,"slug":16,"language":1343},{"code":18},{"title":20,"slug":21,"language":1345},{"code":23},[1347,1350,1354],{"label":1337,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1348,"language":1349},"social-infrastructure",{"code":13},{"label":1351,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1352,"language":1353},"Infraestrutura Social","infraestrutura-socia",{"code":18},{"label":1355,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1356,"language":1357},"Infraestructura Social","infraestructura-social",{"code":23},{"id":81,"label":1359,"segment":1360,"translations":1368},"Technology & Innovation",{"id":25,"title":26,"translations":1361},[1362,1364,1366],{"title":26,"slug":30,"language":1363},{"code":13},{"title":33,"slug":34,"language":1365},{"code":23},{"title":37,"slug":38,"language":1367},{"code":18},[1369,1372,1376],{"label":1359,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1370,"language":1371},"technology-innovation",{"code":13},{"label":1373,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1374,"language":1375},"Tecnologia & Inovação","tecnologia-inovacao",{"code":18},{"label":1377,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1378,"language":1379},"Tecnología e Innovación","tecnologia-y-innovacion",{"code":23},{"id":128,"label":1381,"segment":1382,"translations":1390},"Telecommunications",{"id":5,"title":6,"translations":1383},[1384,1386,1388],{"title":6,"slug":11,"language":1385},{"code":13},{"title":15,"slug":16,"language":1387},{"code":18},{"title":20,"slug":21,"language":1389},{"code":23},[1391,1394,1398],{"label":1381,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1392,"language":1393},"telecommunications",{"code":13},{"label":1395,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1396,"language":1397},"Telecomunicações","telecomunicacoes",{"code":18},{"label":1399,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1400,"language":1401},"Telecomunicaciones","telecomunicaciones",{"code":23},{"id":101,"label":1403,"segment":1404,"translations":1412},"Transport & Logistics",{"id":5,"title":6,"translations":1405},[1406,1408,1410],{"title":6,"slug":11,"language":1407},{"code":13},{"title":15,"slug":16,"language":1409},{"code":18},{"title":20,"slug":21,"language":1411},{"code":23},[1413,1416,1420],{"label":1403,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1414,"language":1415},"transport-logistics",{"code":13},{"label":1417,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1418,"language":1419},"Transportes & Logística","transportes-logistica",{"code":18},{"label":1421,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1422,"language":1423},"Transporte y Logística","transporte-y-logistica",{"code":23},{"id":185,"label":1425,"segment":1426,"translations":1434},"Urban Mobility",{"id":5,"title":6,"translations":1427},[1428,1430,1432],{"title":6,"slug":11,"language":1429},{"code":13},{"title":15,"slug":16,"language":1431},{"code":18},{"title":20,"slug":21,"language":1433},{"code":23},[1435,1438,1442],{"label":1425,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1436,"language":1437},"urban-mobility",{"code":13},{"label":1439,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1440,"language":1441},"Mobilidade Urbana","mobilidade-urbana",{"code":18},{"label":1443,"title":8,"subtitle":8,"seoTitle":8,"seoDescription":8,"videoPlaylistUrl":8,"videoTitle":8,"videoSubtitle":8,"slug":1444,"language":1445},"Movilidad Urbana","movilidad-urbana",{"code":23},{"id":1447,"status":1448,"segmentId":25,"slug":1449,"title":1450,"editorsPick":1451,"topImage":1452,"coverImage":1452,"slideImage":8,"publishDate":1453,"readTime":8,"maxRelatedEvents":5,"image":8,"imageCredit":8,"imageCreditColor":8,"breakNewsUntil":8,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"visitCounter":1454,"createdAt":1455,"updatedAt":8,"translations":1456,"segment":1490,"categories":1498,"countries":1523,"authors":1526,"urls":1530},3018,"TRUE","carvalho-hosken-construcap-landbankers-rio-estrategia-banco-de-terras-reposicionamento-2026","Carvalho Hosken, Construcap e os landbankers tradicionais: reposicionamento estratégico para 2026",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fcarvalho-hosken-construcap-landbankers-rio-estrategia-banco-de-terras-reposicionamento-2026.webp","2026-02-20T00:00:00.000Z",901,"2026-03-17T20:14:15.000Z",[1457,1469,1479],{"id":1458,"newsId":1447,"languageId":47,"title":1459,"subtitle":1460,"content":1461,"summary":1462,"takeaways":1463,"seoTagConversionId":8,"seoTag":8,"seoTitle":1464,"seoKeywords":1465,"seoDescription":1466,"seoAbstract":8,"seoImage":1467,"createdAt":1455,"updatedAt":8,"language":1468},3258,"Carvalho Hosken, Construcap and traditional landbankers: strategic repositioning for 2026","Ilha Pura sale to BTG, Rio's new Master Plan and the shift from patrimonial to financial asset management reshape Rio's real estate game.","\u003Cp>The sale of the entire Ilha Pura planned neighborhood to BTG Pactual, through Enforce, in June 2024, marked a turning point in Carvalho Hosken's trajectory — and, by extension, in the business model of Rio de Janeiro's major traditional landbankers. The transaction, confirmed by NeoFeed and ADEMI-RJ, signaled to the market that the era of patrimonial landowners holding large plots for decades without significant financial pressure had entered a new chapter. What is now taking shape is a profound reconfiguration: century-old companies are cleaning up their balance sheets, seeking partnerships, and moving closer to structured financial capital.\u003C\u002Fp>\u003Cp>This Market Radar analyzes how Carvalho Hosken, Construcap, and figures such as Helio Seibel and Alberto Guth form a thematic cluster that illustrates the transition from patrimonial real estate in Brazil toward active asset management.\u003C\u002Fp>\u003Ch2>Carvalho Hosken: from Ilha Pura to Grand Quartier\u003C\u002Fh2>\u003Cp>Over decades, Carvalho Hosken built one of Brazil's largest private land banks, concentrated in Barra da Tijuca and its surroundings. Ilha Pura, the Olympic Village for the 2016 Games, was its most emblematic project — and also the most challenging in terms of commercial absorption. The decision to fully divest the development to BTG Pactual represented a deliberate strategy of deleveraging and capital release.\u003C\u002Fp>\u003Cp>\u003Cstrong>The sale of Ilha Pura to BTG was not a forced liquidation, but a repositioning: Carvalho Hosken traded idle inventory for the capacity to launch new projects with well-capitalized partners.\u003C\u002Fstrong> The transaction transferred the commercialization risk of a mature asset to financial capital and allowed the developer to redirect efforts toward its future pipeline.\u003C\u002Fp>\u003Cp>The first visible outcome of this new phase is Grand Quartier, a development launched in the Rio2 complex in partnership with Patrimar, as reported by Monitor Mercantil and Sinduscon-Rio in October 2023. The partnership with a listed, professionally managed developer marks a shift in approach: Carvalho Hosken, historically self-sufficient in developing its own land, now shares risk and capital with market operators.\u003C\u002Fp>\u003Ch2>How does Rio's new Master Plan put pressure on major landowners?\u003C\u002Fh2>\u003Cp>Complementary Law No. 270\u002F2024, which established Rio de Janeiro's new Master Plan, came into effect in January 2024 and brought direct implications for holders of large urban plots. Two instruments stand out: the Onerous Grant of Building Rights (OODC), now applicable citywide, and the reinforcement of mechanisms to combat idle land, including the possibility of Progressive Property Tax (IPTU Progressivo) over time.\u003C\u002Fp>\u003Cp>\u003Cstrong>The combination of universal Onerous Grant and Progressive Property Tax substantially raises the carrying cost of inactive land banks, forcing patrimonial landowners to develop, sell, or seek partnerships.\u003C\u002Fstrong> For companies like Carvalho Hosken, which hold extensive land in Barra da Tijuca and the Centro Metropolitano, the new regulatory framework alters the financial equation of holding undeveloped land.\u003C\u002Fp>\u003Cp>According to analysis by GRI Institute, this regulatory pressure, combined with a high interest rate environment, creates a structural incentive for traditional landbankers to accelerate the development of their assets or seek financial vehicles that enable monetization.\u003C\u002Fp>\u003Ch2>Construcap: infrastructure, concessions, and diversified operations\u003C\u002Fh2>\u003Cp>It is important to contextualize Construcap's role in this cluster. Unlike Carvalho Hosken, Construcap does not operate as a residential landbanker in Rio de Janeiro. Its activity in the state capital focuses on infrastructure and industrial projects, while the conglomerate's real estate arm — organized through Grupo Cap — operates predominantly in São Paulo.\u003C\u002Fp>\u003Cp>What places Construcap in this analysis is its diversification strategy toward long-term asset management. A key milestone was winning the concession for the Aparados da Serra and Serra Geral National Parks, as reported by O Eco based on BNDES data in 2021. The transaction demonstrated the company's willingness to shift from a purely construction-based model to asset management with recurring revenue streams — in this case, natural and tourism assets.\u003C\u002Fp>\u003Cp>\u003Cstrong>Construcap exemplifies a distinct strand of patrimonial repositioning: instead of monetizing urban land banks, the company diversifies into infrastructure concessions and tourism assets, generating recurring revenue outside the residential real estate cycle.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>This strategy parallels the broader movement of traditional builders and developers seeking revenue predictability in a volatile macroeconomic environment.\u003C\u002Fp>\u003Ch2>What role does structured financial capital play in this transition?\u003C\u002Fh2>\u003Cp>The transition from the patrimonial model to financial asset management does not occur in a vacuum. It depends on sophisticated capital vehicles capable of pricing and absorbing the risk of underutilized land banks or unsold inventory. In this context, two names from the cluster under analysis gain relevance: Helio Seibel and Alberto Guth.\u003C\u002Fp>\u003Cp>HS Investimentos, led by Helio Seibel, operates in the real estate sector through structured credit and stakes in asset managers such as VBI Real Estate, according to ANBIMA data and HS Investimentos' own institutional information. This positions Seibel as a link between financial capital and real assets — a sophisticated intermediary who facilitates the transfer of asset ownership from patrimonial companies to investment funds and capital market vehicles.\u003C\u002Fp>\u003Cp>Alberto Guth, in turn, has a track record linked to turnaround processes and urban development in a broad sense, although specific recent statements about the 2025 residential market were not available for this analysis.\u003C\u002Fp>\u003Cp>Market projections, based on the precedent set by the Carvalho Hosken\u002FBTG transaction, indicate that special situations funds — such as those managed by Angra Partners or Enforce\u002FBTG itself — will be the primary vehicles for unlocking land banks of indebted patrimonial companies or those with underutilized assets in the 2025-2026 horizon. This trend reinforces the growing role of structured financial capital as a catalyst for sector transformation.\u003C\u002Fp>\u003Ch2>Barra da Tijuca and Centro Metropolitano: the high-end pipeline for 2025-2026\u003C\u002Fh2>\u003Cp>According to projections from Sinduscon-Rio and market analyses compiled by GRI Institute, Barra da Tijuca and the so-called Barra Olímpica will account for the largest volume of high-end launches in Rio de Janeiro in 2025 and 2026. Two factors drive this projection: the reduction of available inventory in the area — accelerated by the Ilha Pura sale — and the emergence of new projects in Centro Metropolitano, an adjacent area with large undeveloped plots.\u003C\u002Fp>\u003Cp>For traditional landbankers holding land in these regions, the launch window coincides with the regulatory pressure from the new Master Plan and the availability of financial capital interested in development partnerships. The convergence of these factors creates conditions for an acceleration of development activity in Rio's western zone.\u003C\u002Fp>\u003Ch2>What changes in the business model of traditional landbankers?\u003C\u002Fh2>\u003Cp>The current cycle demands a redefinition of the patrimonial model. The assumptions that sustained the accumulation of land for decades — relatively controlled real interest rates, absence of punitive urban planning instruments, and continuous land appreciation — no longer hold in their original form.\u003C\u002Fp>\u003Cp>The new paradigm requires traditional landbankers to pursue at least one of three strategies: develop in partnership with well-capitalized developers, as Carvalho Hosken did with Patrimar on Grand Quartier; divest assets to special situations funds with the appetite and capacity for active management, as in the Ilha Pura\u002FBTG transaction; or diversify into recurring revenue-generating assets, as Construcap did with national park concessions.\u003C\u002Fp>\u003Cp>In all three cases, the common denominator is financial sophistication. Landowners who fail to connect with capital markets, structured credit, or institutional partners will likely be penalized by the Onerous Grant, Progressive Property Tax, and the opportunity cost of holding idle assets in a high interest rate environment.\u003C\u002Fp>\u003Cp>GRI Institute closely monitors this structural transformation of the Brazilian real estate market. At the club's private gatherings, leaders from developers, funds, and asset managers regularly discuss land bank monetization strategies and the evolving dynamics between patrimonial and financial capital — discussions that are set to intensify as the cycle progresses toward 2026.\u003C\u002Fp>","The full sale of Ilha Pura to BTG Pactual in June 2024 signaled the end of an era for Rio de Janeiro's major patrimonial landbankers. Carvalho Hosken traded idle inventory for the capacity to launch new projects, such as Grand Quartier, in partnership with Patrimar — marking a historic shift by sharing risk and capital with market operators.\n\nRio's new Master Plan (LC 270\u002F2024), with its universal Onerous Grant of Building Rights and Progressive Property Tax, substantially raised the carrying cost of idle land, pressuring owners to develop, sell, or seek partnerships. Meanwhile, Construcap illustrates another strand of repositioning, diversifying into infrastructure concessions and tourism assets with recurring revenue.\n\nThe article highlights that the common denominator among viable strategies for traditional landbankers is financial sophistication. Special situations funds, structured credit, and institutional partnerships are emerging as catalysts for this transformation, especially in Barra da Tijuca and Centro Metropolitano, where the main high-end launches for 2025-2026 are concentrated.","The Ilha Pura sale to BTG marked Carvalho Hosken's transition from the patrimonial model to partnerships with structured financial capital.\nRio's new Master Plan, with universal OODC and Progressive Property Tax, raises the cost of holding inactive land banks.\nTraditional landbankers now need to develop in partnership, divest assets, or diversify into recurring revenue streams.\nSpecial situations funds will be the primary vehicles for unlocking underutilized land banks in the 2025-2026 horizon.\nBarra da Tijuca and Centro Metropolitano will concentrate the largest high-end launches in Rio in 2025-2026.","Carvalho Hosken, Construcap and Rio's Landbankers","carvalho hosken, construcap, alberto guth, helio seibel, land bank, rio de janeiro real estate, ilha pura, btg pactual, master plan","Analysis of the land bank strategies of Carvalho Hosken and Construcap: the Ilha Pura sale to BTG, impact of Rio's new Master Plan, and the repositioning of traditional patrimonial landbankers for 2025-2026.","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Fcarvalho-hosken-construcap-landbankers-rio-estrategia-banco-de-terras-reposicionamento-2026-seo.jpg",{"code":13},{"id":1470,"newsId":1447,"languageId":25,"title":1450,"subtitle":1471,"content":1472,"summary":978,"takeaways":1473,"seoTagConversionId":8,"seoTag":8,"seoTitle":1474,"seoKeywords":1475,"seoDescription":1476,"seoAbstract":8,"seoImage":1467,"createdAt":1455,"updatedAt":1477,"language":1478},3259,"Venda do Ilha Pura ao BTG, novo Plano Diretor do Rio e a transição do modelo patrimonialista para a gestão financeira de ativos redefinem o jogo imobiliário","\u003Cp>A venda da totalidade do bairro planejado Ilha Pura ao \u003Cspan class=\"company-profile-link\" data-id=\"2031\">BTG Pactual\u003C\u002Fspan>, por meio da Enforce, em junho de 2024, marcou um ponto de inflexão na trajetória da \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan> — e, por extensão, no modelo de negócios dos grandes landbankers tradicionais do Rio de Janeiro. A operação, confirmada por NeoFeed e ADEMI-RJ, sinalizou ao mercado que a era do proprietário patrimonialista que carrega glebas por décadas sem pressão financeira relevante chegou a um novo capítulo. O que se desenha agora é uma reconfiguração profunda: empresas centenárias limpam balanço, buscam parcerias e se aproximam do capital financeiro estruturado.\u003C\u002Fp>\r\n\r\n\u003Cp>Este Radar de Mercado analisa como \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan>, Construcap, e figuras como \u003Cspan class=\"data-profile-link\" data-id=\"35391\">Helio Seibel\u003C\u002Fspan> e \u003Cspan class=\"data-profile-link\" data-id=\"4335\">Alberto Guth\u003C\u002Fspan> compõem um cluster temático que ilustra a transição do real estate patrimonial brasileiro rumo à gestão ativa de ativos.\u003C\u002Fp>\r\n\r\n\u003Ch2>\u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken: \u003C\u002Fspan>do Ilha Pura ao Grand Quartier\u003C\u002Fh2>\r\n\r\n\u003Cp>A \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan> construiu ao longo de décadas um dos maiores bancos de terras privados do Brasil, concentrado na Barra da Tijuca e no seu entorno. O Ilha Pura, vila olímpica dos Jogos de 2016, foi o projeto mais emblemático — e também o mais desafiador em termos de absorção comercial. A decisão de alienar integralmente o empreendimento ao \u003Cspan class=\"company-profile-link\" data-id=\"2031\">BTG Pactual\u003C\u002Fspan> representou uma estratégia deliberada de desalavancagem e liberação de capital.\u003C\u002Fp>\r\n\r\n\u003Cp>\u003Cstrong>A venda do Ilha Pura ao BTG não foi uma liquidação forçada, mas um reposicionamento: a \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan> trocou estoque parado por capacidade de lançar novos projetos com parceiros capitalizados.\u003C\u002Fstrong> A operação transferiu ao capital financeiro o risco de comercialização de um ativo maduro e permitiu à incorporadora redirecionar esforços para o pipeline futuro.\u003C\u002Fp>\r\n\r\n\u003Cp>O primeiro fruto visível dessa nova fase é o Grand Quartier, empreendimento lançado no complexo Rio2 em parceria com a Patrimar, conforme registrado pelo Monitor Mercantil e pelo Sinduscon-Rio em outubro de 2023. A parceria com uma incorporadora listada e de gestão profissionalizada marca uma mudança de postura: a \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan>, historicamente autossuficiente no desenvolvimento de seus terrenos, agora compartilha risco e capital com operadores de mercado.\u003C\u002Fp>\r\n\r\n\u003Ch2>Como o novo Plano Diretor do Rio pressiona os grandes donos de terra?\u003C\u002Fh2>\r\n\r\n\u003Cp>A Lei Complementar nº 270\u002F2024, que instituiu o novo Plano Diretor do Rio de Janeiro, entrou em vigor em janeiro de 2024 e trouxe implicações diretas para os detentores de grandes glebas urbanas. Dois instrumentos se destacam: a Outorga Onerosa do Direito de Construir (OODC), agora aplicável em toda a cidade, e o reforço dos mecanismos de combate à ociosidade, incluindo a possibilidade de IPTU Progressivo no tempo.\u003C\u002Fp>\r\n\r\n\u003Cp>\u003Cstrong>A combinação de Outorga Onerosa universal e IPTU Progressivo eleva substancialmente o custo de carregamento de landbanks inativos, forçando proprietários patrimonialistas a desenvolver, vender ou buscar parcerias.\u003C\u002Fstrong> Para empresas como a \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan>, que detêm terrenos extensos na Barra da Tijuca e no Centro Metropolitano, o novo arcabouço regulatório altera a equação financeira de manter terras não desenvolvidas.\u003C\u002Fp>\r\n\r\n\u003Cp>Segundo análise do \u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>, essa pressão regulatória, somada ao ambiente de juros elevados, cria um incentivo estrutural para que landbankers tradicionais acelerem o desenvolvimento de seus ativos ou busquem veículos financeiros que viabilizem a monetização.\u003C\u002Fp>\r\n\r\n\u003Ch2>Construcap: infraestrutura, concessões e a atuação diversificada\u003C\u002Fh2>\r\n\r\n\u003Cp>É necessário contextualizar o papel da Construcap neste cluster. Diferentemente da \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan>, a Construcap não opera como landbanker residencial no Rio de Janeiro. Sua atuação na capital fluminense se concentra em infraestrutura e projetos industriais, enquanto o braço imobiliário do conglomerado — articulado por meio do Grupo Cap — atua predominantemente em São Paulo.\u003C\u002Fp>\r\n\r\n\u003Cp>O que posiciona a Construcap nesta análise é sua estratégia de diversificação para gestão de ativos de longo prazo. Um marco relevante foi a conquista da concessão dos Parques Nacionais de Aparados da Serra e Serra Geral, conforme reportado por O Eco com base em dados do BNDES em 2021. A operação demonstrou a disposição da empresa de migrar de um modelo puramente construtivo para a gestão de ativos com fluxo de receita recorrente — neste caso, ativos naturais e turísticos.\u003C\u002Fp>\r\n\r\n\u003Cp>\u003Cstrong>A Construcap exemplifica uma vertente distinta do reposicionamento patrimonialista: em vez de monetizar landbanks urbanos, a empresa diversifica para concessões de infraestrutura e ativos turísticos, criando receita recorrente fora do ciclo imobiliário residencial.\u003C\u002Fstrong>\u003C\u002Fp>\r\n\r\n\u003Cp>Essa estratégia encontra paralelo no movimento mais amplo de construtoras e incorporadoras tradicionais que buscam previsibilidade de receita em um ambiente macroeconômico volátil.\u003C\u002Fp>\r\n\r\n\u003Ch2>Qual é o papel do capital financeiro estruturado nessa transição?\u003C\u002Fh2>\r\n\r\n\u003Cp>A transição do modelo patrimonialista para a gestão financeira de ativos não ocorre no vácuo. Ela depende de veículos sofisticados de capital que consigam precificar e absorver o risco de landbanks subutilizados ou de estoques encalhados. Nesse contexto, dois nomes do cluster analisado ganham relevância: \u003Cspan class=\"data-profile-link\" data-id=\"35391\">Helio Seibel\u003C\u002Fspan> e \u003Cspan class=\"data-profile-link\" data-id=\"4335\">Alberto Guth\u003C\u002Fspan>.\u003C\u002Fp>\r\n\r\n\u003Cp>A \u003Cspan class=\"company-profile-link\" data-id=\"17179\">HS Investimentos\u003C\u002Fspan>, de \u003Cspan class=\"data-profile-link\" data-id=\"35391\">Helio Seibel\u003C\u002Fspan>, atua no setor imobiliário por meio de crédito estruturado e participações em gestoras como a \u003Cspan class=\"company-profile-link\" data-id=\"425\">VBI Real Estate\u003C\u002Fspan>, segundo dados da ANBIMA e informações institucionais da própria \u003Cspan class=\"company-profile-link\" data-id=\"17179\">HS Investimentos\u003C\u002Fspan>. Essa atuação posiciona Seibel como um elo entre o capital financeiro e os ativos reais — um intermediário sofisticado que viabiliza a transição de propriedade de ativos de empresas patrimonialistas para fundos de investimento e veículos de mercado de capitais.\u003C\u002Fp>\r\n\r\n\u003Cp>\u003Cspan class=\"data-profile-link\" data-id=\"4335\">Alberto Guth\u003C\u002Fspan>, por sua vez, tem trajetória ligada a processos de turnaround e desenvolvimento urbano em sentido amplo, embora declarações recentes específicas sobre o mercado residencial de 2025 não estejam disponíveis para esta análise.\u003C\u002Fp>\r\n\r\n\u003Cp>A projeção de mercado, baseada no precedente da operação \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan>\u002FBTG, aponta que fundos de special situations — como os geridos pela Angra Partners ou pela própria Enforce\u002FBTG — serão os principais veículos para destravar landbanks de empresas patrimoniais endividadas ou com ativos subutilizados no horizonte 2025-2026. Essa tendência reforça o papel crescente do capital financeiro estruturado como catalisador da transformação do setor.\u003C\u002Fp>\r\n\r\n\u003Ch2>Barra da Tijuca e Centro Metropolitano: o pipeline de alta renda para 2025-2026\u003C\u002Fh2>\r\n\r\n\u003Cp>De acordo com projeções do Sinduscon-Rio e análises de mercado compiladas pelo \u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>, a Barra da Tijuca e a chamada Barra Olímpica concentrarão o maior volume de lançamentos de alta renda no Rio de Janeiro em 2025 e 2026. Dois fatores impulsionam essa projeção: a redução do estoque disponível na região — acelerada pela venda do Ilha Pura — e o surgimento de novos projetos no Centro Metropolitano, área adjacente que concentra glebas ainda não desenvolvidas.\u003C\u002Fp>\r\n\r\n\u003Cp>Para landbankers tradicionais que detêm terrenos nessas regiões, a janela de lançamentos coincide com a pressão regulatória do novo Plano Diretor e com a disponibilidade de capital financeiro interessado em parcerias de desenvolvimento. A convergência desses fatores cria condições para uma aceleração da atividade incorporadora na zona oeste do Rio.\u003C\u002Fp>\r\n\r\n\u003Ch2>O que muda no modelo de negócios dos landbankers tradicionais?\u003C\u002Fh2>\r\n\r\n\u003Cp>O ciclo atual impõe uma redefinição do modelo patrimonialista. As premissas que sustentaram o acúmulo de terras por décadas — juros reais relativamente controlados, ausência de instrumentos urbanísticos punitivos e valorização fundiária contínua — já não se sustentam no formato original.\u003C\u002Fp>\r\n\r\n\u003Cp>O novo paradigma exige dos landbankers tradicionais pelo menos uma de três estratégias: desenvolver em parceria com incorporadoras capitalizadas, como fez a \u003Cspan class=\"company-profile-link\" data-id=\"5775\">Carvalho Hosken\u003C\u002Fspan> com a Patrimar no Grand Quartier; alienar ativos para fundos de special situations que tenham apetite e capacidade de gestão ativa, como na operação Ilha Pura\u002FBTG; ou diversificar para ativos geradores de receita recorrente, como a Construcap fez com concessões de parques nacionais.\u003C\u002Fp>\r\n\r\n\u003Cp>Nos três casos, o denominador comum é a sofisticação financeira. O dono de terra que não se conectar ao mercado de capitais, ao crédito estruturado ou a parceiros institucionais tende a ser penalizado pela Outorga Onerosa, pelo IPTU Progressivo e pelo custo de oportunidade de manter ativos parados em um ambiente de juros elevados.\u003C\u002Fp>\r\n\r\n\u003Cp>O \u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan> acompanha de perto essa transformação estrutural do mercado imobiliário brasileiro. Nos encontros reservados do clube, líderes de incorporadoras, fundos e gestoras de ativos debatem regularmente as estratégias de monetização de landbanks e as novas dinâmicas entre capital patrimonial e capital financeiro — discussões que tendem a se intensificar à medida que o ciclo avança em direção a 2026.\u003C\u002Fp>\r\n","A venda do Ilha Pura ao BTG marcou a transição da Carvalho Hosken do modelo patrimonialista para parcerias com capital financeiro estruturado. O novo Plano Diretor do Rio, com OODC universal e IPTU Progressivo, eleva o custo de manter landbanks inativos. Landbankers tradicionais agora precisam desenvolver em parceria, alienar ativos ou diversificar para receita recorrente. Fundos de special situations serão os principais veículos para destravar landbanks subutilizados no horizonte 2025-2026. A Barra da Tijuca e o Centro Metropolitano concentrarão os maiores lançamentos de alta renda no Rio em 2026.","Carvalho Hosken, Construcap e Landbankers do Rio","carvalho hosken, construcap, alberto guth, helio seibel","Análise da estratégia de banco de terras da Carvalho Hosken e Construcap: venda do Ilha Pura ao BTG, impacto do novo Plano Diretor do Rio e o reposicionamento dos landbankers patrimonialistas tradicionais para 2025-2026.","2026-02-20T17:07:26.000Z",{"code":18},{"id":1480,"newsId":1447,"languageId":5,"title":1481,"subtitle":1482,"content":1483,"summary":1484,"takeaways":1485,"seoTagConversionId":8,"seoTag":8,"seoTitle":1486,"seoKeywords":1487,"seoDescription":1488,"seoAbstract":8,"seoImage":1467,"createdAt":1455,"updatedAt":8,"language":1489},3260,"Carvalho Hosken, Construcap y los landbankers tradicionales: reposicionamiento estratégico para 2026","Venta de Ilha Pura a BTG, nuevo Plan Director de Río y la transición del modelo patrimonialista a la gestión financiera de activos.","\u003Cp>La venta de la totalidad del barrio planificado Ilha Pura a BTG Pactual, a través de Enforce, en junio de 2024, marcó un punto de inflexión en la trayectoria de Carvalho Hosken — y, por extensión, en el modelo de negocios de los grandes landbankers tradicionales de Río de Janeiro. La operación, confirmada por NeoFeed y ADEMI-RJ, señaló al mercado que la era del propietario patrimonialista que mantiene grandes terrenos durante décadas sin presión financiera relevante llegó a un nuevo capítulo. Lo que se dibuja ahora es una reconfiguración profunda: empresas centenarias limpian sus balances, buscan alianzas y se acercan al capital financiero estructurado.\u003C\u002Fp>\u003Cp>Este Radar de Mercado analiza cómo Carvalho Hosken, Construcap y figuras como Helio Seibel y Alberto Guth componen un cluster temático que ilustra la transición del real estate patrimonial brasileño hacia la gestión activa de activos.\u003C\u002Fp>\u003Ch2>Carvalho Hosken: de Ilha Pura al Grand Quartier\u003C\u002Fh2>\u003Cp>Carvalho Hosken construyó a lo largo de décadas uno de los mayores bancos de tierras privados de Brasil, concentrado en Barra da Tijuca y sus alrededores. Ilha Pura, villa olímpica de los Juegos de 2016, fue el proyecto más emblemático — y también el más desafiante en términos de absorción comercial. La decisión de enajenar íntegramente el emprendimiento a BTG Pactual representó una estrategia deliberada de desapalancamiento y liberación de capital.\u003C\u002Fp>\u003Cp>\u003Cstrong>La venta de Ilha Pura a BTG no fue una liquidación forzada, sino un reposicionamiento: Carvalho Hosken cambió inventario paralizado por capacidad de lanzar nuevos proyectos con socios capitalizados.\u003C\u002Fstrong> La operación transfirió al capital financiero el riesgo de comercialización de un activo maduro y permitió a la desarrolladora redirigir esfuerzos hacia su pipeline futuro.\u003C\u002Fp>\u003Cp>El primer fruto visible de esta nueva fase es el Grand Quartier, emprendimiento lanzado en el complejo Rio2 en alianza con Patrimar, según lo registrado por Monitor Mercantil y Sinduscon-Rio en octubre de 2023. La alianza con una desarrolladora listada y de gestión profesionalizada marca un cambio de postura: Carvalho Hosken, históricamente autosuficiente en el desarrollo de sus terrenos, ahora comparte riesgo y capital con operadores de mercado.\u003C\u002Fp>\u003Ch2>¿Cómo presiona el nuevo Plan Director de Río a los grandes propietarios de tierra?\u003C\u002Fh2>\u003Cp>La Ley Complementaria nº 270\u002F2024, que instituyó el nuevo Plan Director de Río de Janeiro, entró en vigor en enero de 2024 y trajo implicaciones directas para los tenedores de grandes terrenos urbanos. Dos instrumentos se destacan: la Otorga Onerosa del Derecho de Construir (OODC), ahora aplicable en toda la ciudad, y el refuerzo de los mecanismos de combate a la ociosidad, incluyendo la posibilidad de IPTU Progresivo en el tiempo.\u003C\u002Fp>\u003Cp>\u003Cstrong>La combinación de Otorga Onerosa universal e IPTU Progresivo eleva sustancialmente el costo de mantener bancos de tierra inactivos, obligando a los propietarios patrimonialistas a desarrollar, vender o buscar alianzas.\u003C\u002Fstrong> Para empresas como Carvalho Hosken, que poseen terrenos extensos en Barra da Tijuca y en el Centro Metropolitano, el nuevo marco regulatorio altera la ecuación financiera de mantener tierras sin desarrollar.\u003C\u002Fp>\u003Cp>Según análisis del GRI Institute, esta presión regulatoria, sumada al entorno de tasas de interés elevadas, crea un incentivo estructural para que los landbankers tradicionales aceleren el desarrollo de sus activos o busquen vehículos financieros que viabilicen su monetización.\u003C\u002Fp>\u003Ch2>Construcap: infraestructura, concesiones y actuación diversificada\u003C\u002Fh2>\u003Cp>Es necesario contextualizar el papel de Construcap en este cluster. A diferencia de Carvalho Hosken, Construcap no opera como landbanker residencial en Río de Janeiro. Su actuación en la capital fluminense se concentra en infraestructura y proyectos industriales, mientras que el brazo inmobiliario del conglomerado — articulado a través del Grupo Cap — opera predominantemente en São Paulo.\u003C\u002Fp>\u003Cp>Lo que posiciona a Construcap en este análisis es su estrategia de diversificación hacia la gestión de activos a largo plazo. Un hito relevante fue la obtención de la concesión de los Parques Nacionales de Aparados da Serra y Serra Geral, según lo reportado por O Eco con base en datos del BNDES en 2021. La operación demostró la disposición de la empresa de migrar de un modelo puramente constructivo hacia la gestión de activos con flujo de ingresos recurrentes — en este caso, activos naturales y turísticos.\u003C\u002Fp>\u003Cp>\u003Cstrong>Construcap ejemplifica una vertiente distinta del reposicionamiento patrimonialista: en vez de monetizar bancos de tierra urbanos, la empresa diversifica hacia concesiones de infraestructura y activos turísticos, generando ingresos recurrentes fuera del ciclo inmobiliario residencial.\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Esta estrategia encuentra paralelo en el movimiento más amplio de constructoras y desarrolladoras tradicionales que buscan previsibilidad de ingresos en un entorno macroeconómico volátil.\u003C\u002Fp>\u003Ch2>¿Cuál es el papel del capital financiero estructurado en esta transición?\u003C\u002Fh2>\u003Cp>La transición del modelo patrimonialista a la gestión financiera de activos no ocurre en el vacío. Depende de vehículos sofisticados de capital capaces de preciar y absorber el riesgo de bancos de tierra subutilizados o inventarios sin vender. En este contexto, dos nombres del cluster analizado cobran relevancia: Helio Seibel y Alberto Guth.\u003C\u002Fp>\u003Cp>HS Investimentos, de Helio Seibel, actúa en el sector inmobiliario a través de crédito estructurado y participaciones en gestoras como VBI Real Estate, según datos de ANBIMA e información institucional de la propia HS Investimentos. Esta actuación posiciona a Seibel como un eslabón entre el capital financiero y los activos reales — un intermediario sofisticado que viabiliza la transición de propiedad de activos de empresas patrimonialistas hacia fondos de inversión y vehículos del mercado de capitales.\u003C\u002Fp>\u003Cp>Alberto Guth, por su parte, tiene una trayectoria vinculada a procesos de turnaround y desarrollo urbano en sentido amplio, aunque declaraciones recientes específicas sobre el mercado residencial de 2025 no estaban disponibles para este análisis.\u003C\u002Fp>\u003Cp>La proyección de mercado, basada en el precedente de la operación Carvalho Hosken\u002FBTG, apunta a que los fondos de special situations — como los gestionados por Angra Partners o la propia Enforce\u002FBTG — serán los principales vehículos para destrabar bancos de tierra de empresas patrimoniales endeudadas o con activos subutilizados en el horizonte 2025-2026. Esta tendencia refuerza el papel creciente del capital financiero estructurado como catalizador de la transformación del sector.\u003C\u002Fp>\u003Ch2>Barra da Tijuca y Centro Metropolitano: el pipeline de alta gama para 2025-2026\u003C\u002Fh2>\u003Cp>De acuerdo con proyecciones de Sinduscon-Rio y análisis de mercado compilados por el GRI Institute, Barra da Tijuca y la llamada Barra Olímpica concentrarán el mayor volumen de lanzamientos de alta gama en Río de Janeiro en 2025 y 2026. Dos factores impulsan esta proyección: la reducción del inventario disponible en la región — acelerada por la venta de Ilha Pura — y el surgimiento de nuevos proyectos en el Centro Metropolitano, área adyacente que concentra terrenos aún sin desarrollar.\u003C\u002Fp>\u003Cp>Para los landbankers tradicionales que poseen terrenos en estas regiones, la ventana de lanzamientos coincide con la presión regulatoria del nuevo Plan Director y con la disponibilidad de capital financiero interesado en alianzas de desarrollo. La convergencia de estos factores crea condiciones para una aceleración de la actividad desarrolladora en la zona oeste de Río.\u003C\u002Fp>\u003Ch2>¿Qué cambia en el modelo de negocios de los landbankers tradicionales?\u003C\u002Fh2>\u003Cp>El ciclo actual impone una redefinición del modelo patrimonialista. Las premisas que sustentaron la acumulación de tierras durante décadas — tasas de interés reales relativamente controladas, ausencia de instrumentos urbanísticos punitivos y valorización fundiaria continua — ya no se sostienen en su formato original.\u003C\u002Fp>\u003Cp>El nuevo paradigma exige a los landbankers tradicionales al menos una de tres estrategias: desarrollar en alianza con desarrolladoras capitalizadas, como hizo Carvalho Hosken con Patrimar en el Grand Quartier; enajenar activos a fondos de special situations que tengan apetito y capacidad de gestión activa, como en la operación Ilha Pura\u002FBTG; o diversificar hacia activos generadores de ingresos recurrentes, como hizo Construcap con concesiones de parques nacionales.\u003C\u002Fp>\u003Cp>En los tres casos, el denominador común es la sofisticación financiera. El propietario de tierra que no se conecte al mercado de capitales, al crédito estructurado o a socios institucionales tenderá a ser penalizado por la Otorga Onerosa, por el IPTU Progresivo y por el costo de oportunidad de mantener activos paralizados en un entorno de tasas elevadas.\u003C\u002Fp>\u003Cp>El GRI Institute sigue de cerca esta transformación estructural del mercado inmobiliario brasileño. En los encuentros reservados del club, líderes de desarrolladoras, fondos y gestoras de activos debaten regularmente las estrategias de monetización de bancos de tierra y las nuevas dinámicas entre capital patrimonial y capital financiero — discusiones que tienden a intensificarse a medida que el ciclo avanza hacia 2026.\u003C\u002Fp>","La venta integral de Ilha Pura a BTG Pactual, en junio de 2024, señaló el fin de una era para los grandes landbankers patrimonialistas de Río de Janeiro. Carvalho Hosken cambió inventario paralizado por capacidad de lanzar nuevos proyectos, como el Grand Quartier, en alianza con Patrimar — marcando un cambio de postura histórico al compartir riesgo y capital con operadores de mercado.\n\nEl nuevo Plan Director de Río (LC 270\u002F2024), con la Otorga Onerosa del Derecho de Construir universal y el IPTU Progresivo, elevó sustancialmente el costo de mantener terrenos ociosos, presionando a los propietarios a desarrollar, vender o buscar alianzas. Paralelamente, Construcap ilustra otra vertiente de reposicionamiento, diversificando hacia concesiones de infraestructura y activos turísticos con ingresos recurrentes.\n\nEl artículo señala que el denominador común de las estrategias viables para los landbankers tradicionales es la sofisticación financiera. Fondos de special situations, crédito estructurado y alianzas institucionales surgen como catalizadores de esta transformación, especialmente en Barra da Tijuca y el Centro Metropolitano, donde se concentran los principales lanzamientos de alta gama previstos para 2025-2026.","La venta de Ilha Pura a BTG marcó la transición de Carvalho Hosken del modelo patrimonialista a alianzas con capital financiero estructurado.\nEl nuevo Plan Director de Río, con OODC universal e IPTU Progresivo, eleva el costo de mantener bancos de tierra inactivos.\nLos landbankers tradicionales ahora necesitan desarrollar en alianza, enajenar activos o diversificar hacia ingresos recurrentes.\nLos fondos de special situations serán los principales vehículos para destrabar bancos de tierra subutilizados en el horizonte 2025-2026.\nBarra da Tijuca y el Centro Metropolitano concentrarán los mayores lanzamientos de alta gama en Río en 2025-2026.","Carvalho Hosken, Construcap y los Landbankers de Río","carvalho hosken, construcap, alberto guth, helio seibel, banco de tierras, mercado inmobiliario río de janeiro, ilha pura, btg pactual","Análisis de la estrategia de banco de tierras de Carvalho Hosken y Construcap: venta de Ilha Pura a BTG, impacto del nuevo Plan Director de Río y el reposicionamiento de los landbankers patrimonialistas tradicionales para 2025-2026.",{"code":23},{"id":25,"color":27,"translations":1491},[1492,1494,1496],{"title":26,"slug":30,"language":1493},{"code":13},{"title":37,"slug":38,"language":1495},{"code":18},{"title":33,"slug":34,"language":1497},{"code":23},[1499,1507,1515],{"id":65,"label":1231,"translations":1500},[1501,1503,1505],{"label":1231,"slug":1242,"language":1502},{"code":13},{"label":1245,"slug":1246,"language":1504},{"code":18},{"label":1249,"slug":1250,"language":1506},{"code":23},{"id":93,"label":1253,"translations":1508},[1509,1511,1513],{"label":1253,"slug":1264,"language":1510},{"code":13},{"label":1267,"slug":1268,"language":1512},{"code":18},{"label":1271,"slug":1272,"language":1514},{"code":23},{"id":136,"label":1051,"translations":1516},[1517,1519,1521],{"label":1051,"slug":1062,"language":1518},{"code":13},{"label":1065,"slug":1066,"language":1520},{"code":18},{"label":1069,"slug":1070,"language":1522},{"code":23},[1524],{"name":171,"enName":171,"ptName":171,"iso2":1525},"BR",[1527],{"name":1528,"slug":1529,"image":8,"order":115},"GRI Institute","gri-institute",{"en":1531,"pt-BR":1532,"es":1533},"\u002Freal-estate\u002Fcarvalho-hosken-construcap-landbankers-rio-estrategia-banco-de-terras-reposicionamento-2026","\u002Fmercado-imobiliario\u002Fcarvalho-hosken-construcap-landbankers-rio-estrategia-banco-de-terras-reposicionamento-2026","\u002Fmercado-inmobiliario\u002Fcarvalho-hosken-construcap-landbankers-rio-estrategia-banco-de-terras-reposicionamento-2026",[1535,1536,1537,1538,1539,1540],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]