[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fWJDsHAQ6CLoVvTVD9A3h5b3OQINtZN4Lgf5KRFFTPPo":3,"$fTe5HE0Z1vo2J86ZJWWdF8KMsEsay4hhvzos2gbGNccM":40,"$f_iPoKLJTmna0hysc3JyPQYvKVRe6ciD7LTGcnXYUH3Q":941,"$fGfV38T1OibdensVZeFVztUZ7x4Is863Qdw0EUHDY8e4":1446,"$fp68hrMLSAJv7mcNXQMg9VWYpfosTWfsdtoH90OP7mmg":1543},[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":1535,"urls":1539},3381,"TRUE","urbanova-ciudad-planificada-capital-institucional-america-latina","El modelo Urbanova bajo escrutinio: ¿puede la ciudad planificada escalar sin el capital institucional que promete?",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Furbanova-ciudad-planificada-capital-institucional-america-latina.webp","2026-03-26T00:00:00.000Z",764,"2026-03-26T09:08:13.000Z",[1457,1469,1480],{"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},4040,"The Urbanova model under scrutiny: can the planned city scale without the institutional capital it promises?","Planned cities in Latin America face a paradox: they require patient capital, but institutional money flows toward fast-stabilizing assets.","\u003Ch2>The promise of the planned city and the reality of available capital\u003C\u002Fh2>\n\u003Cp>Latin America is experiencing a unique moment in urban development. On one hand, the region projects a residential real estate market valued at $333.37 billion by 2031, according to Mordor Intelligence. On the other, the commercial segment is advancing at a compound annual growth rate (CAGR) of 6.47% toward the same horizon, driven by nearshoring and sustained institutional capital inflows, according to the same source. These indicators fuel an optimistic narrative around urban strategy megaprojects — integrated developments that combine housing, retail, offices, and infrastructure under a value-capture model.\u003C\u002Fp>\n\u003Cp>However, the narrative demands nuance. Planned city models require patient capital over timeframes that exceed the typical cycles of institutional funds. Available capital in the region currently favors fast-stabilizing sectors, such as nearshoring-linked logistics and multifamily with predictable cash flows, with growing demands around environmental, social, and governance (ESG) criteria. The tension between the long-term vision a planned city requires and the current preferences of institutional capital is the structural fracture that deserves analysis.\u003C\u002Fp>\n\u003Cp>This article examines that fracture through two representative cases: Urbanova, the real estate arm of Grupo Breca in Peru, focused on urban clusters and prime offices, and real estate development funds managed from Mexico by firms such as Artha Capital, whose portfolio exceeds $2.6 billion in assets under management, according to Isla Grande \u002F DEWA data for the 2025-2026 cycle.\u003C\u002Fp>\n\u003Ch2>Why is Latin American institutional capital moving away from urban megaprojects?\u003C\u002Fh2>\n\u003Cp>The direct answer is that the risk-return profile of a planned city collides with the fiduciary mandate of most institutional vehicles active in the region. An integrated urban development requires maturation periods of ten to twenty years before generating stable cash flows. During that interval, the project absorbs capital without distributing significant returns, faces shifting municipal regulatory risks, and depends on macroeconomic variables no developer controls: interest rates, exchange rates, and residential demand cycles.\u003C\u002Fp>\n\u003Cp>The regulatory environment amplifies uncertainty. In Mexico, the bill updating the General Law on Human Settlements, Territorial Planning, and Urban Development was approved by the Senate's Urban Development and Territorial Planning Commission in March 2026. This reform modifies regulations ranging from the Agrarian Law to the General Tourism Law, seeking greater legal certainty in land-use regulation. Simultaneously, the Mexico City General Development Plan 2025-2045, the governing instrument defining long-term morphology and land uses, is undergoing public consultation forums. Both legislative processes illustrate a critical point: \u003Cstrong>long-term urban planning operates on regulatory frameworks that are being rewritten in real time\u003C\u002Fstrong>.\u003C\u002Fp>\n\u003Cp>For an institutional fund with a periodic distribution mandate, investing in a project that depends on regulations still under legislative debate represents a risk few investment committees are willing to assume. Capital then migrates toward the familiar and stabilized: industrial warehouses with triple-net contracts linked to nearshoring companies, or multifamily buildings with pre-committed occupancy.\u003C\u002Fp>\n\u003Cp>This dynamic does not mean urban megaprojects lack merit. It means their financing model must evolve if they aspire to scale.\u003C\u002Fp>\n\u003Ch2>What sets the Urbanova model apart from other planned city attempts in the region?\u003C\u002Fh2>\n\u003Cp>Urbanova, as the real estate arm of Grupo Breca, operates with a structural advantage most planned city developers do not have: the backing of a diversified family conglomerate that functions as an endogenous source of patient capital. In December 2025, according to Revista Economía, Urbanova expanded its leasable area by 2,200 square meters at La Rambla San Borja, launching operations with near-zero vacancy. This data reveals a model that prioritizes incremental densification over massive territorial expansion.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>The fundamental difference lies in the scale of ambition and the source of capital.\u003C\u002Fstrong> While greenfield planned city megaprojects depend on raising successive institutional funds in capital markets, the Urbanova model operates within the asset structure of a family group with a multigenerational horizon. This structure allows it to absorb maturation periods without the pressure of quarterly distributions.\u003C\u002Fp>\n\u003Cp>But this same advantage limits its replicability. Latin America has few family conglomerates willing to commit capital of this magnitude to integrated urban development over decades. \u003Cstrong>A model that only works when a family group stands behind it is not a scalable model; it is a patrimonial exception.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>The strategic question for the sector is whether investment vehicles can be designed that replicate the patience of family capital at the scale of institutional capital. Impact investment instruments offer a clue: according to the Global Impact Investing Network (GIIN) and Proptech Latam Connection, 46% of global impact investors plan to increase their exposure in Latin America, while Latin American families have already deployed $1.4 billion in urban and social impact investments. Impact capital, with its longer horizons and adjusted return metrics, could become the bridge between the planned city's ambition and the reality of the regional capital market.\u003C\u002Fp>\n\u003Ch2>What risks does the market consensus underestimate?\u003C\u002Fh2>\n\u003Cp>The first underestimated risk is municipal regulatory fragmentation. A planned city spanning municipal jurisdictions faces distinct regulatory frameworks, disparate approval timelines, and political administrations with shifting priorities every three to six years. The ongoing legislative processes in Mexico, such as the update to the General Law on Human Settlements and the Mexico City General Development Plan 2025-2045, seek precisely to mitigate this fragmentation, but their effective implementation will take years.\u003C\u002Fp>\n\u003Cp>The second risk is dependence on complementary public infrastructure. A planned city that delivers housing and retail without road connectivity, public transit, and basic services operating simultaneously becomes a disconnected enclave. Latin American urban history has ample examples of developments that promised self-sufficiency and ended up as car-dependent suburbs.\u003C\u002Fp>\n\u003Cp>The third risk is overestimating high-end residential demand in markets where the middle class faces persistent credit constraints. \u003Cstrong>The success of a planned city is not measured by the quality of its master plan, but by the speed at which it absorbs population with sustained purchasing power.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>For firms like Artha Capital, whose portfolio of over $2.6 billion in assets under management spans real estate development and hospitality platforms, diversification partially mitigates these risks. But the very scale of the portfolio demands that each urban project justify its opportunity cost against lower-risk, faster-stabilizing alternatives.\u003C\u002Fp>\n\u003Ch2>The path toward a financially viable planned city model\u003C\u002Fh2>\n\u003Cp>The sector requires financial innovation as much as urban planning innovation. Patient capital vehicles — whether impact funds, infrastructure trusts with extended mandates, or co-investments between family groups and institutional players — represent the most plausible path to bridging the gap between long-term vision and market appetite.\u003C\u002Fp>\n\u003Cp>In discussions held within the GRI Institute community, industry leaders have repeatedly noted that the next generation of planned cities in Latin America will only be viable if it solves three simultaneous equations: long-term regulatory certainty, capital structures with multigenerational horizons, and verifiable residential-commercial demand before construction begins.\u003C\u002Fp>\n\u003Cp>The Urbanova model, in its Peruvian version of incremental densification, offers valuable lessons on how to grow without depending on successive mega-fundraises. Its expansion at La Rambla San Borja with near-zero vacancy demonstrates that demand exists when the product is embedded in consolidated urban fabrics. The remaining question is whether this incremental approach can coexist with the ambition of building complete cities from scratch, or whether the industry must accept that scale and financial prudence impose natural limits on the planned city model.\u003C\u002Fp>\n\u003Cp>The answer will define the next cycle of urban investment in the region. GRI Institute will continue monitoring this evolution through its regional gatherings and research platform, where capital and development stakeholders debate these tensions with the candor the market demands.\u003C\u002Fp>","The article analyzes the structural tension between planned cities in Latin America — which demand patient capital over decades — and available institutional capital, which favors fast-stabilizing assets like logistics and multifamily. The regional real estate market is projected at $333.37 billion by 2031, but urban megaprojects face regulatory risks, public infrastructure dependence, and uncertain demand. Through the cases of Urbanova (Grupo Breca, Peru) and Artha Capital (Mexico, +$2.6B in assets), it concludes that future viability hinges on financial innovation: impact vehicles, family-institutional co-investments, and long-term regulatory certainty.","\u003Cul>\n\u003Cli>Planned cities require patient capital (10-20 years), incompatible with the periodic distribution mandates of institutional funds.\u003C\u002Fli>\n\u003Cli>The Urbanova model works thanks to Grupo Breca's family backing, but its reliance on family capital makes it a non-scalable exception.\u003C\u002Fli>\n\u003Cli>Municipal regulatory fragmentation and frameworks being rewritten in real time create critical uncertainty for urban megaprojects.\u003C\u002Fli>\n\u003Cli>46% of global impact investors plan to increase exposure in Latin America, offering a potential financing bridge.\u003C\u002Fli>\n\u003Cli>Institutional capital migrates toward fast-stabilizing assets: industrial warehouses and multifamily.\u003C\u002Fli>\n\u003C\u002Ful>\n","Urbanova: can the planned city scale in Latam?","urbanova, urban strategy, artha capital, planned cities, institutional capital, nearshoring, multifamily, Latin America, impact investing","Critical analysis of the Urbanova model and planned cities in Latin America. Can institutional capital sustain urban megaprojects in a cycle that favors fast-stabilizing assets like nearshoring and multifamily?","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002Furbanova-ciudad-planificada-capital-institucional-america-latina-seo.jpg",{"code":13},{"id":1470,"newsId":1447,"languageId":25,"title":1471,"subtitle":1472,"content":1473,"summary":1474,"takeaways":1475,"seoTagConversionId":8,"seoTag":8,"seoTitle":1476,"seoKeywords":1477,"seoDescription":1478,"seoAbstract":8,"seoImage":1467,"createdAt":1455,"updatedAt":8,"language":1479},4041,"O modelo Urbanova sob escrutínio: a cidade planejada pode escalar sem o capital institucional prometido?","Cidades planejadas na América Latina enfrentam um paradoxo: exigem capital paciente, mas o dinheiro institucional migra para ativos de estabilização rápida.","\u003Ch2>A promessa da cidade planejada e a realidade do capital disponível\u003C\u002Fh2>\n\u003Cp>A América Latina vive um momento singular em desenvolvimento urbano. De um lado, a região projeta um mercado imobiliário residencial avaliado em 333,37 bilhões de dólares até 2031, segundo a Mordor Intelligence. De outro, o segmento comercial avança a uma taxa composta anual (CAGR) de 6,47% no mesmo horizonte, impulsionado pela deslocalização produtiva (nearshoring) e por entradas sustentadas de capital institucional, conforme a mesma fonte. Esses indicadores alimentam uma narrativa otimista sobre os megaprojetos de estratégia urbana — os empreendimentos integrados que combinam habitação, comércio, escritórios e infraestrutura sob um modelo de captura de mais-valia.\u003C\u002Fp>\n\u003Cp>No entanto, a narrativa exige nuances. Os modelos de cidades planejadas demandam capital paciente em prazos que superam os ciclos habituais dos fundos institucionais. O dinheiro disponível na região prioriza hoje setores de rápida estabilização, como o logístico associado ao nearshoring e o multifamily com fluxos previsíveis, com exigências crescentes em critérios de impacto ambiental, social e de governança (ESG). A tensão entre a visão de longo prazo exigida por uma cidade planejada e as preferências atuais do capital institucional é a fratura estrutural que merece análise.\u003C\u002Fp>\n\u003Cp>Este artigo examina essa fratura por meio de dois casos representativos: Urbanova, o braço imobiliário do Grupo Breca no Peru, focado em clusters urbanos e escritórios prime, e os fundos de desenvolvimento imobiliário geridos a partir do México por firmas como Artha Capital, cujo portfólio supera 2,6 bilhões de dólares em ativos sob gestão, segundo dados da Isla Grande \u002F DEWA referentes ao ciclo 2025-2026.\u003C\u002Fp>\n\u003Ch2>Por que o capital institucional latino-americano se afasta dos megaprojetos urbanos?\u003C\u002Fh2>\n\u003Cp>A resposta direta é que o perfil de risco-retorno de uma cidade planejada colide com o mandato fiduciário da maioria dos veículos institucionais ativos na região. Um desenvolvimento urbano integrado requer períodos de maturação de dez a vinte anos antes de gerar fluxos estáveis. Durante esse intervalo, o projeto absorve capital sem distribuir rendimentos significativos, enfrenta riscos regulatórios municipais mutáveis e depende de variáveis macroeconômicas que nenhum incorporador controla: taxas de juros, câmbio e ciclos de demanda residencial.\u003C\u002Fp>\n\u003Cp>O ambiente regulatório amplifica a incerteza. No México, o parecer de atualização da Ley General de Asentamientos Humanos, Ordenamiento Territorial y Desarrollo Urbano foi aprovado na Comissão de Desenvolvimento Urbano e Ordenamento Territorial do Senado em março de 2026. Essa reforma modifica ordenamentos que vão da Lei Agrária à Lei Geral de Turismo, buscando maior segurança jurídica na regulação do uso do território. Simultaneamente, o Plano Geral de Desenvolvimento da Cidade do México 2025-2045, instrumento que define a morfologia e os usos do solo a longo prazo, encontra-se em fóruns de consulta pública. Ambos os processos legislativos ilustram um ponto crítico: \u003Cstrong>o planejamento urbano de longo prazo opera sobre marcos normativos que estão sendo reescritos em tempo real\u003C\u002Fstrong>.\u003C\u002Fp>\n\u003Cp>Para um fundo institucional com mandato de distribuição periódica, investir em um projeto que depende de regulamentações ainda em debate legislativo representa um risco que poucos comitês de investimento estão dispostos a assumir. O capital migra então para o conhecido e o estabilizado: galpões industriais com contratos triple net vinculados a empresas de nearshoring, ou edifícios multifamily com ocupação pré-comprometida.\u003C\u002Fp>\n\u003Cp>Essa dinâmica não significa que os megaprojetos urbanos careçam de mérito. Significa que seu modelo de financiamento precisa evoluir se aspirar a escalar.\u003C\u002Fp>\n\u003Ch2>O que diferencia o modelo Urbanova de outras tentativas de cidades planejadas na região?\u003C\u002Fh2>\n\u003Cp>A Urbanova, como braço imobiliário do Grupo Breca, opera com uma vantagem estrutural que a maioria dos incorporadores de cidades planejadas não possui: o respaldo de um conglomerado familiar diversificado que funciona como fonte endógena de capital paciente. Em dezembro de 2025, segundo a Revista Economía, a Urbanova expandiu sua área locável em 2.200 metros quadrados no La Rambla San Borja, iniciando operações com vacância próxima de zero. Esse dado revela um modelo que prioriza a densificação incremental sobre a expansão territorial massiva.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>A diferença fundamental está na escala de ambição e na fonte de capital.\u003C\u002Fstrong> Enquanto os megaprojetos de cidades planejadas do zero dependem de captar fundos institucionais sucessivos nos mercados de capitais, o modelo Urbanova opera dentro da estrutura patrimonial de um grupo familiar com horizonte multigeracional. Essa estrutura permite absorver os períodos de maturação sem a pressão de distribuições trimestrais.\u003C\u002Fp>\n\u003Cp>Mas essa mesma vantagem limita sua replicabilidade. A América Latina conta com poucos conglomerados familiares dispostos a comprometer capital dessa magnitude em desenvolvimento urbano integrado por décadas. \u003Cstrong>Um modelo que só funciona quando existe um grupo familiar por trás não é um modelo escalável; é uma exceção patrimonial.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>A questão estratégica para o setor é se podem ser desenhados veículos de investimento que repliquem a paciência do capital familiar com a escala do capital institucional. Os instrumentos de investimento de impacto oferecem uma pista: segundo o Global Impact Investing Network (GIIN) e o Proptech Latam Connection, 46% dos investidores de impacto globais planejam aumentar sua exposição na América Latina, enquanto famílias latino-americanas já destinaram 1,4 bilhão de dólares em investimentos de impacto urbano e social. O capital de impacto, com seus horizontes mais longos e métricas de retorno ajustadas, poderia se tornar a ponte entre a ambição da cidade planejada e a realidade do mercado de capitais regional.\u003C\u002Fp>\n\u003Ch2>Quais são os riscos que o consenso de mercado subestima?\u003C\u002Fh2>\n\u003Cp>O primeiro risco subestimado é a fragmentação regulatória municipal. Uma cidade planejada que atravessa jurisdições municipais enfrenta marcos normativos distintos, prazos de aprovação díspares e administrações políticas com prioridades mutáveis a cada três ou seis anos. Os processos legislativos em curso no México, como a atualização da Ley General de Asentamientos Humanos e o Plano Geral de Desenvolvimento da Cidade do México 2025-2045, buscam justamente mitigar essa fragmentação, mas sua implementação efetiva levará anos.\u003C\u002Fp>\n\u003Cp>O segundo risco é a dependência de infraestrutura pública complementar. Uma cidade planejada que entrega moradias e comércio sem conectividade viária, transporte público e serviços básicos operando simultaneamente se torna um enclave desconectado. A história urbana latino-americana tem exemplos suficientes de empreendimentos que prometeram autossuficiência e acabaram como subúrbios dependentes do automóvel.\u003C\u002Fp>\n\u003Cp>O terceiro risco é a superestimação da demanda residencial de alto padrão em mercados onde a classe média enfrenta restrições creditícias persistentes. \u003Cstrong>O sucesso de uma cidade planejada não se mede pela qualidade do seu masterplan, mas pela velocidade com que absorve população com capacidade de pagamento sustentada.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>Para firmas como a Artha Capital, cujo portfólio de mais de 2,6 bilhões de dólares em ativos sob gestão abrange plataformas de desenvolvimento imobiliário e hospitalidade, a diversificação mitiga parcialmente esses riscos. Mas a própria escala do portfólio exige que cada projeto urbano justifique seu custo de oportunidade frente a alternativas de menor risco e estabilização mais rápida.\u003C\u002Fp>\n\u003Ch2>O caminho para um modelo de cidade planejada financeiramente viável\u003C\u002Fh2>\n\u003Cp>O setor requer inovação financeira tanto quanto inovação urbanística. Os veículos de capital paciente — sejam fundos de impacto, fundos de infraestrutura com mandatos estendidos ou coinvestimentos entre grupos familiares e institucionais — representam a via mais plausível para fechar a lacuna entre a visão de longo prazo e o apetite do mercado.\u003C\u002Fp>\n\u003Cp>Nas discussões realizadas no âmbito da comunidade GRI Institute, líderes do setor têm apontado reiteradamente que a próxima geração de cidades planejadas na América Latina só será viável se resolver três equações simultâneas: segurança regulatória de longo prazo, estruturas de capital com horizonte multigeracional e demanda residencial-comercial verificável antes de iniciar a construção.\u003C\u002Fp>\n\u003Cp>O modelo Urbanova, em sua versão peruana de densificação incremental, oferece lições valiosas sobre como crescer sem depender de megacaptações sucessivas. Sua expansão no La Rambla San Borja com vacância próxima de zero demonstra que a demanda existe quando o produto se insere em tecidos urbanos consolidados. A pergunta que resta responder é se essa abordagem incremental pode coexistir com a ambição de construir cidades completas do zero, ou se a indústria deverá aceitar que a escala e a prudência financeira impõem limites naturais ao modelo de cidade planejada.\u003C\u002Fp>\n\u003Cp>A resposta definirá o próximo ciclo de investimento urbano na região. O GRI Institute continuará monitorando essa evolução por meio de seus encontros regionais e sua plataforma de pesquisa, onde os protagonistas do capital e do desenvolvimento debatem essas tensões com a franqueza que o mercado exige.\u003C\u002Fp>","O artigo analisa a tensão entre cidades planejadas na América Latina — que demandam capital paciente por décadas — e o capital institucional, que prioriza ativos de estabilização rápida como logística e multifamily. O mercado imobiliário regional é projetado em US$ 333,37 bilhões até 2031, mas megaprojetos urbanos enfrentam riscos regulatórios, dependência de infraestrutura pública e demanda incerta. Através dos casos de Urbanova (Grupo Breca, Peru) e Artha Capital (México, +US$ 2,6 bi em ativos), conclui-se que a viabilidade depende de inovação financeira: veículos de impacto, coinvestimentos familiares-institucionais e segurança regulatória.","\u003Cul>\n\u003Cli>Cidades planejadas exigem capital paciente (10-20 anos), incompatível com mandatos de distribuição periódica de fundos institucionais.\u003C\u002Fli>\n\u003Cli>O modelo Urbanova funciona pelo respaldo patrimonial do Grupo Breca, mas sua dependência de capital familiar o torna uma exceção não escalável.\u003C\u002Fli>\n\u003Cli>A fragmentação regulatória municipal e marcos normativos em reescrita geram incerteza crítica para megaprojetos urbanos.\u003C\u002Fli>\n\u003Cli>46% dos investidores de impacto globais planejam aumentar exposição na América Latina, oferecendo uma possível ponte de financiamento.\u003C\u002Fli>\n\u003Cli>O capital institucional migra para ativos de estabilização rápida: galpões industriais e multifamily.\u003C\u002Fli>\n\u003C\u002Ful>\n","Urbanova: a cidade planejada escala na América Latina?","urbanova, estratégia urbana, artha capital, cidades planejadas, capital institucional, nearshoring, multifamily, América Latina, investimento de impacto","Análise crítica do modelo Urbanova e das cidades planejadas na América Latina. O capital institucional consegue sustentar megaprojetos urbanos em um ciclo que prioriza ativos de estabilização rápida como nearshoring e multifamily?",{"code":18},{"id":1481,"newsId":1447,"languageId":5,"title":1450,"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},4042,"Las ciudades planificadas en América Latina enfrentan una paradoja: requieren capital paciente, pero el dinero institucional migra hacia activos de estabilizaci","\u003Ch2>La promesa de la ciudad planificada y la realidad del capital disponible\u003C\u002Fh2>\n\u003Cp>América Latina vive un momento singular en materia de desarrollo urbano. Por un lado, la región proyecta un mercado inmobiliario residencial valorado en 333.370 millones de dólares hacia 2031, según Mordor Intelligence. Por otro, el segmento comercial avanza a una tasa anual compuesta (CAGR) del 6,47% hacia ese mismo horizonte, impulsado por la deslocalización productiva (nearshoring) y las entradas sostenidas de capital institucional, de acuerdo con la misma fuente. Estos indicadores alimentan una narrativa optimista sobre los megaproyectos de estrategia urbana, los desarrollos integrados que combinan vivienda, comercio, oficinas e infraestructura bajo un modelo de captura de plusvalía.\u003C\u002Fp>\n\u003Cp>Sin embargo, la narrativa exige matices. Los modelos de ciudades planificadas demandan capital paciente a plazos que superan los ciclos habituales de los fondos institucionales. El dinero disponible en la región prioriza hoy sectores de rápida estabilización, como el logístico asociado al nearshoring y el multifamily con flujos predecibles, con exigencias crecientes en criterios de impacto ambiental, social y de gobernanza (ESG). La tensión entre la visión de largo plazo que requiere una ciudad planificada y las preferencias actuales del capital institucional es la fractura estructural que merece análisis.\u003C\u002Fp>\n\u003Cp>Este artículo examina esa fractura a través de dos casos representativos: Urbanova, el brazo inmobiliario del Grupo Breca en Perú, enfocado en clústeres urbanos y oficinas prime, y los fondos de desarrollo inmobiliario gestionados desde México por firmas como Artha Capital, cuyo portafolio supera los 2.600 millones de dólares en activos bajo administración, según datos de Isla Grande \u002F DEWA correspondientes al ciclo 2025-2026.\u003C\u002Fp>\n\u003Ch2>¿Por qué el capital institucional latinoamericano se aleja de los megaproyectos urbanos?\u003C\u002Fh2>\n\u003Cp>La respuesta directa es que el perfil de riesgo-retorno de una ciudad planificada colisiona con el mandato fiduciario de la mayoría de los vehículos institucionales activos en la región. Un desarrollo urbano integrado requiere periodos de maduración de diez a veinte años antes de generar flujos estables. Durante ese intervalo, el proyecto absorbe capital sin distribuir rendimientos significativos, enfrenta riesgos regulatorios municipales cambiantes y depende de variables macroeconómicas que ningún desarrollador controla: tasas de interés, tipo de cambio y ciclos de demanda residencial.\u003C\u002Fp>\n\u003Cp>El entorno regulatorio amplifica la incertidumbre. En México, el dictamen de actualización a la Ley General de Asentamientos Humanos, Ordenamiento Territorial y Desarrollo Urbano fue aprobado en la Comisión de Desarrollo Urbano y Ordenamiento Territorial del Senado en marzo de 2026. Esta reforma modifica ordenamientos que van desde la Ley Agraria hasta la Ley General de Turismo, buscando mayor certeza jurídica en la regulación del uso del territorio. Simultáneamente, el Plan General de Desarrollo de la Ciudad de México 2025-2045, instrumento rector que define la morfología y los usos de suelo a largo plazo, se encuentra en foros de consulta pública. Ambos procesos legislativos ilustran un punto crítico: \u003Cstrong>la planificación urbana de largo plazo opera sobre marcos normativos que están siendo reescritos en tiempo real\u003C\u002Fstrong>.\u003C\u002Fp>\n\u003Cp>Para un fondo institucional con mandato de distribución periódica, invertir en un proyecto que depende de regulaciones aún en debate legislativo representa un riesgo que pocas juntas de inversión están dispuestas a asumir. El capital migra entonces hacia lo conocido y lo estabilizado: naves industriales con contratos triple neto ligados a empresas de nearshoring, o edificios multifamily con ocupación precomprometida.\u003C\u002Fp>\n\u003Cp>Esta dinámica no implica que los megaproyectos urbanos carezcan de mérito. Significa que su modelo de financiamiento debe evolucionar si aspira a escalar.\u003C\u002Fp>\n\u003Ch2>¿Qué diferencia al modelo Urbanova de otros intentos de ciudades planificadas en la región?\u003C\u002Fh2>\n\u003Cp>Urbanova, como brazo inmobiliario del Grupo Breca, opera con una ventaja estructural que la mayoría de los desarrolladores de ciudades planificadas no poseen: el respaldo de un conglomerado familiar diversificado que funciona como fuente de capital paciente endógeno. En diciembre de 2025, según Revista Economía, Urbanova expandió su superficie arrendable en 2.200 metros cuadrados en La Rambla San Borja, iniciando operaciones con una vacancia cercana a cero. Este dato revela un modelo que prioriza la densificación incremental sobre la expansión territorial masiva.\u003C\u002Fp>\n\u003Cp>\u003Cstrong>La diferencia fundamental radica en la escala de ambición y en la fuente de capital.\u003C\u002Fstrong> Mientras que los megaproyectos de ciudades planificadas desde cero dependen de levantar fondos institucionales sucesivos en mercados de capitales, el modelo Urbanova opera dentro de la estructura patrimonial de un grupo familiar con horizonte multigeneracional. Esta estructura le permite absorber los periodos de maduración sin la presión de distribuciones trimestrales.\u003C\u002Fp>\n\u003Cp>Pero esta misma ventaja limita su replicabilidad. América Latina cuenta con pocos conglomerados familiares dispuestos a comprometer capital de esta magnitud en desarrollo urbano integrado durante décadas. \u003Cstrong>Un modelo que solo funciona cuando existe un grupo familiar detrás no es un modelo escalable; es una excepción patrimonial.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>La pregunta estratégica para el sector es si pueden diseñarse vehículos de inversión que repliquen la paciencia del capital familiar con la escala del capital institucional. Los instrumentos de inversión de impacto ofrecen una pista: según el Global Impact Investing Network (GIIN) y Proptech Latam Connection, el 46% de los inversionistas de impacto globales planea aumentar su exposición en América Latina, mientras que las familias latinoamericanas ya han desplegado 1.400 millones de dólares en inversiones de impacto urbano y social. El capital de impacto, con sus horizontes más largos y métricas de retorno ajustadas, podría convertirse en el puente entre la ambición de la ciudad planificada y la realidad del mercado de capitales regional.\u003C\u002Fp>\n\u003Ch2>¿Cuáles son los riesgos que el consenso del mercado subestima?\u003C\u002Fh2>\n\u003Cp>El primer riesgo subestimado es la fragmentación regulatoria municipal. Una ciudad planificada que atraviesa jurisdicciones municipales enfrenta marcos normativos distintos, tiempos de aprobación dispares y administraciones políticas con prioridades cambiantes cada tres o seis años. Los procesos legislativos en curso en México, como la actualización a la Ley General de Asentamientos Humanos y el Plan General de Desarrollo de la Ciudad de México 2025-2045, buscan precisamente mitigar esta fragmentación, pero su implementación efectiva tomará años.\u003C\u002Fp>\n\u003Cp>El segundo riesgo es la dependencia de infraestructura pública complementaria. Una ciudad planificada que entrega viviendas y comercio sin conectividad vial, transporte público y servicios básicos operando simultáneamente se convierte en un enclave desconectado. La historia urbana latinoamericana tiene ejemplos suficientes de desarrollos que prometieron autosuficiencia y terminaron como suburbios dependientes del automóvil.\u003C\u002Fp>\n\u003Cp>El tercer riesgo es la sobreestimación de la demanda residencial de alta gama en mercados donde la clase media enfrenta restricciones crediticias persistentes. \u003Cstrong>El éxito de una ciudad planificada no se mide en la calidad de su masterplan, sino en la velocidad a la que absorbe población con capacidad de pago sostenida.\u003C\u002Fstrong>\u003C\u002Fp>\n\u003Cp>Para firmas como Artha Capital, cuyo portafolio de más de 2.600 millones de dólares en activos bajo administración abarca plataformas de desarrollo inmobiliario y hospitalidad, la diversificación mitiga parcialmente estos riesgos. Pero la escala misma del portafolio exige que cada proyecto urbano justifique su costo de oportunidad frente a alternativas de menor riesgo y estabilización más rápida.\u003C\u002Fp>\n\u003Ch2>El camino hacia un modelo de ciudad planificada financieramente viable\u003C\u002Fh2>\n\u003Cp>El sector requiere innovación financiera tanto como innovación urbanística. Los vehículos de capital paciente, sean fondos de impacto, fideicomisos de infraestructura con mandatos extendidos o coinversiones entre grupos familiares e institucionales, representan la vía más plausible para cerrar la brecha entre la visión de largo plazo y el apetito del mercado.\u003C\u002Fp>\n\u003Cp>En las discusiones sostenidas dentro de la comunidad GRI Institute, líderes del sector han señalado reiteradamente que la siguiente generación de ciudades planificadas en América Latina será viable solo si resuelve tres ecuaciones simultáneas: certeza regulatoria de largo plazo, estructuras de capital con horizonte multigeneracional y demanda residencial-comercial verificable antes de iniciar la construcción.\u003C\u002Fp>\n\u003Cp>El modelo Urbanova, en su versión peruana de densificación incremental, ofrece lecciones valiosas sobre cómo crecer sin depender de megafondeos sucesivos. Su expansión en La Rambla San Borja con vacancia cercana a cero demuestra que la demanda existe cuando el producto se inserta en tejidos urbanos consolidados. La pregunta que resta por responder es si este enfoque incremental puede coexistir con la ambición de construir ciudades completas desde cero, o si la industria deberá aceptar que la escala y la prudencia financiera imponen límites naturales al modelo de ciudad planificada.\u003C\u002Fp>\n\u003Cp>La respuesta definirá el próximo ciclo de inversión urbana en la región. GRI Institute continuará monitoreando esta evolución a través de sus encuentros regionales y su plataforma de investigación, donde los protagonistas del capital y del desarrollo debaten estas tensiones con la franqueza que el mercado demanda.\u003C\u002Fp>\n","El artículo analiza la tensión estructural entre las ciudades planificadas en América Latina —que demandan capital paciente a plazos de décadas— y el capital institucional disponible, que prioriza activos de rápida estabilización como logística y multifamily. El mercado inmobiliario regional se proyecta en 333.370 millones de dólares hacia 2031, pero los megaproyectos urbanos enfrentan riesgos regulatorios, dependencia de infraestructura pública y demanda incierta.\n\nA través de los casos de Urbanova (Grupo Breca, Perú) y Artha Capital (México, +2.600 millones en activos), se concluye que la viabilidad futura depende de innovación financiera: vehículos de impacto, coinversiones familiares-institucionales y certeza regulatoria de largo plazo.","\u003Cul>\n\u003Cli>Las ciudades planificadas requieren capital paciente (10-20 años), incompatible con los mandatos de distribución periódica de fondos institucionales.\u003C\u002Fli>\n\u003Cli>El modelo Urbanova funciona gracias al respaldo patrimonial del Grupo Breca, pero su dependencia de capital familiar lo hace una excepción no escalable.\u003C\u002Fli>\n\u003Cli>La fragmentación regulatoria municipal y marcos normativos en reescritura generan incertidumbre crítica para megaproyectos urbanos.\u003C\u002Fli>\n\u003Cli>El 46% de inversionistas de impacto globales planea aumentar exposición en América Latina, ofreciendo un posible puente de financiamiento.\u003C\u002Fli>\n\u003Cli>El capital institucional migra hacia activos de estabilización rápida: naves industriales y multifamily.\u003C\u002Fli>\n\u003C\u002Ful>\n","Urbanova: ¿escala la ciudad planificada en Latam?","urbanova, estrategia urbana, artha capital","Análisis crítico del modelo Urbanova y las ciudades planificadas en América Latina. ¿Puede el capital institucional sostener megaproyectos urbanos en un ciclo que prioriza activos de estabilización rápida como nearshoring y multifamily?",{"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},[1524,1526,1528,1531,1533],{"name":82,"enName":82,"ptName":82,"iso2":1525},"AR",{"name":220,"enName":220,"ptName":220,"iso2":1527},"CL",{"name":233,"enName":233,"ptName":1529,"iso2":1530},"Colômbia","CO",{"name":567,"enName":567,"ptName":567,"iso2":1532},"MX",{"name":676,"enName":676,"ptName":676,"iso2":1534},"PE",[1536],{"name":1537,"slug":1538,"image":8,"order":115},"GRI Institute","gri-institute",{"en":1540,"pt-BR":1541,"es":1542},"\u002Freal-estate\u002Furbanova-ciudad-planificada-capital-institucional-america-latina","\u002Fmercado-imobiliario\u002Furbanova-ciudad-planificada-capital-institucional-america-latina","\u002Fmercado-inmobiliario\u002Furbanova-ciudad-planificada-capital-institucional-america-latina",[1544,1545,1546,1547,1548,1549],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]