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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 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semestre",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FSlider_2023_8_10_08_52_04_1691668324.jpg","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FCover_2023_8_10_08_50_43_1691668243.jpg","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FSlider_2023_8_10_08_50_43_1691668243.jpg","2023-08-09T00:00:00.000Z","Reprodução\u002FFreepik","#555555","loteamentos, funding, juros, mercado imobiliário, real estate, Brasil","Securitização: volume recua 21% no 1º semestre","Operação é uma das principais alternativas para financiar o desenvolvimento de loteamentos e comunidades plajenadas; queda dos juros deve estimular retomada","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002FSocial_2023_8_10_09_36_44_1691671004.jpg",1106,"2023-08-09T14:10:34.000Z","2024-05-28T05:56:18.000Z",[1466],{"id":1467,"newsId":1447,"languageId":25,"title":1450,"subtitle":1468,"content":1469,"summary":8,"takeaways":8,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"createdAt":1470,"updatedAt":1471,"language":1472},2179,"Início do corte de juros deve estimular retomada das operações, apontam executivos","\u003Cp dir=\"ltr\">Por \u003Cstrong>Henrique Cisman\u003C\u002Fstrong>\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">Dados divulgados pela Anbima (Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais) mostram que o volume transacionado em operações de securitização caiu 21,5% no primeiro semestre frente ao mesmo período em 2022.\u003Cbr \u002F>\n\u003Cbr \u002F>\nForam registradas 239 ofertas de certificados de recebíveis imobiliários (CRI) de janeiro a junho, frente a 261 no ano passado. Tais ofertas levantaram R$ 12,64 bilhões este ano e pouco mais de R$ 16,1 bilhões no ano passado. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">O recuo acontece apesar das medidas da Comissão de Valores Mobiliários (CVM) para simplificar as ofertas públicas, especialmente a Resolução 160, vigente desde 2 de janeiro de 2023. O RCVM-160 rito automático - uma das novidades do regramento - foi responsável por dois terços do volume captado nas ofertas de CRI este ano: R$ 8,2 bilhões. O restante foi ofertado via Instrução 476.\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\" style=\"text-align:center\">\u003Cimg alt=\"loteamentos\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002Fgraf_1_2023_8_09_17_30_11_1691602211.jpg\" style=\"width:100%\" \u002F>\u003Cspan style=\"font-size:12px\">(Fonte: Anbima)\u003C\u002Fspan>\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">Segundo \u003Cspan class=\"data-profile-link\" data-id=\"34004\">Rafael Ferreira\u003C\u002Fspan>, sócio-fundador da \u003Cspan class=\"company-profile-link\" data-id=\"16503\">RET Capital\u003C\u002Fspan>, as margens dos empreendimentos nas viabilidades encolheram e operações de funding se tornaram menos atrativas com a taxa de juros real no patamar atual. "Com a queda de 50 bps, já enxergamos melhora no mercado imobiliário e de crédito. Além disso, o setor de loteamentos tende a apresentar as melhores margens, com mais espaço para remunerar o capital, até mais do que nas incorporações verticais". \u003Cbr \u002F>\n\u003Cbr \u002F>\nNa quarta-feira (2), o Comitê de Política Monetária do Banco Central reduziu a taxa Selic, algo que não se via desde agosto de 2020. O corte de 0,5% coloca a taxa básica de juros em 13,25% ao ano. \u003C\u002Fp>\n\n\u003Ch3 dir=\"ltr\">\u003Cstrong>Perspectivas são as melhores\u003C\u002Fstrong>\u003C\u002Fh3>\n\n\u003Cp dir=\"ltr\">Gestoras e securitizadoras que atendem o setor de loteamentos estão bastante otimistas, consoante a melhora nos indicadores econômicos, como PIB, inflação e a própria Selic, que se traduzem em aumento das vendas de imóveis e menor risco de inadimplência das carteiras de recebíveis. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">"O segundo semestre promete trazer mais follow-ons para empresas listadas e fundos imobiliários. Com os custos de volta a patamares de inflação na casa dos 3% ao ano, teremos uma retomada das operações estruturadas e margens melhores nos empreendimentos residenciais", afirma Ferreira. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\" style=\"text-align:center\">\u003Cimg alt=\"Loteamentos\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002Fgraf_2_2023_8_09_17_30_19_1691602219.jpg\" style=\"width:100%\" \u002F>\u003Cspan style=\"font-size:12px\">(Fonte: Anbima)\u003C\u002Fspan>\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">Segundo \u003Cspan class=\"data-profile-link\" data-id=\"18544\">Vicente Nogueira\u003C\u002Fspan>, sócio-fundador da \u003Cspan class=\"company-profile-link\" data-id=\"1383\">Faria Lima Capital\u003C\u002Fspan> e da Habitasec Securitizadora, o esperado é que os preços das cotas de fundos imobiliários de CRI subam acima do valor patrimonial, o que permitiria novas emissões e mais recursos disponíveis para o setor. "O CRI de loteamento precisa ter taxas condizentes com o nível de risco se comparado com o risco-retorno de outros tipos de CRI", pondera. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">O executivo diz que o fundo FLCR11 (\u003Cspan class=\"company-profile-link\" data-id=\"1383\">Faria Lima Capital\u003C\u002Fspan> Recebíveis Imobiliários) mapeia oportunidades em busca de aumentar os investimentos no segundo semestre, sem revelar números. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">Desde 2010, a Habitasec já emitiu mais de R$ 11 bilhões em operações de securitização, com parte relevante do total relacionada ao financiamento de loteamentos. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">Já a \u003Cspan class=\"company-profile-link\" data-id=\"16503\">RET Capital\u003C\u002Fspan> vem em uma crescente nos últimos anos: movimentou R$ 60 milhões em CRIs em 2021 e R$ 90 milhões no ano passado. Em 2023, o volume atingiu quase R$ 40 milhões até junho. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">No segundo semestre, a RET Capital vai lançar o RETH11, hedge fund imobiliário com mandato amplo que permite  financiar operações de crédito como empréstimo-ponte, fomento à produção e dívida corporativa, além de operações de aquisição, permuta e equity. A captação tem alvo de R$ 250 milhões, para atender um pipeline de R$ 1,5 bilhão, predominantemente em São Paulo, segundo Ferreira. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\" style=\"text-align:center\">\u003Cstrong>As estratégias de funding no setor serão debatidas no GRI Loteamentos & Comunidades Planejadas 2023\u003C\u002Fstrong>\u003Cbr \u002F>\n\u003Cbr \u002F>\n\u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Fevent\u002Freal-estate\u002Fgri-loteamentos-comunidades-planejadas-2023_4016?utm_source=hub&utm_medium=txt&utm_campaign=REClubBR23-LOT23-banner-hub&utm_id=REClubBR23-LOT23-banner-hub\" target=\"_blank\">\u003Cimg alt=\"\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002FBanner_HTML_min_2023_8_09_18_23_11_1691605391.jpg\" style=\"border-radius:10px; width:100%\" \u002F>\u003C\u002Fa>\u003C\u002Fp>\n\n\u003Ch3 dir=\"ltr\">\u003Cstrong>Ping-pong\u003C\u002Fstrong>\u003C\u002Fh3>\n\n\u003Cp dir=\"ltr\">Confira a seguir outros trechos das entrevistas realizadas com os dois gestores, trazendo um pouco mais do panorama atual e das perspectivas para o financiamento do setor via mercado de capitais. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cem>\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"13404\">\u003Cspan class=\"company-profile-link\" data-id=\"14827\">\u003Cspan class=\"company-profile-link\" data-id=\"15498\">\u003Cspan class=\"company-profile-link\" data-id=\"16494\">\u003Cspan class=\"company-profile-link\" data-id=\"16980\">GRI Club\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>: Quais os tipos de operação mais comuns?\u003C\u002Fem>\u003Cbr \u002F>\n\u003Cbr \u002F>\n\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"34004\">Rafael Ferreira\u003C\u002Fspan>:\u003C\u002Fstrong> Nos loteamentos - fechados e abertos - os mais comuns são: término de obras, cessão de carteira performada, financiamento de estoque e equity, mas a securitização ainda é a modalidade mais utilizada. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"18544\">Vicente Nogueira\u003C\u002Fspan>:\u003C\u002Fstrong> O mais comum é usar o CRI em três situações: para levantar o dinheiro necessário para terminar o loteamento, para adiantar recursos de carteira de recebíveis do empreendimento concluído ou para estoque de unidades ainda não vendidas. Os dois primeiros usam a própria carteira como garantia, já o último usa os lotes prontos, além de co-obrigação do loteador em todos os casos.\u003Cbr \u002F>\n\u003Cbr \u002F>\n\u003Cem>\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"13404\">\u003Cspan class=\"company-profile-link\" data-id=\"14827\">\u003Cspan class=\"company-profile-link\" data-id=\"15498\">\u003Cspan class=\"company-profile-link\" data-id=\"16494\">\u003Cspan class=\"company-profile-link\" data-id=\"16980\">GRI Club\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>:\u003Cstrong> \u003C\u002Fstrong>Existe apetite para a entrada nos projetos com Equity?\u003C\u002Fem>\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"34004\">Rafael Ferreira\u003C\u002Fspan>: \u003C\u002Fstrong>Existe sim. As aprovações e licenças ambientais são pontos relevantes que permitem aos fundos de equity entrarem em empreendimentos a partir do RI (Registro de Incorporação). Outro ponto é considerar o track record do loteador, levando em consideração o histórico em determinado produto, região e faixa de renda.\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"18544\">Vicente Nogueira\u003C\u002Fspan>: \u003C\u002Fstrong>Vejo pouco apetite, a não ser que o investidor vire ou espere se tornar majoritário. As taxas de retorno esperadas costumam ser bem altas, muito mais altas que a taxa de um CRI de término de obra. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cem>\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"13404\">\u003Cspan class=\"company-profile-link\" data-id=\"14827\">\u003Cspan class=\"company-profile-link\" data-id=\"15498\">\u003Cspan class=\"company-profile-link\" data-id=\"16494\">\u003Cspan class=\"company-profile-link\" data-id=\"16980\">GRI Club\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>: Como tem sido o desempenho recente do setor nos fundos? A inadimplência está dentro da média histórica?\u003C\u002Fem>\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"18544\">Vicente Nogueira\u003C\u002Fspan>:\u003C\u002Fstrong> Houve um alto nível de inadimplência durante o pico do IGP-M, levando à renegociação de muitos créditos para o IPCA.\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"34004\">Rafael Ferreira\u003C\u002Fspan>: \u003C\u002Fstrong>Os fundos imobiliários tem tomado grande parte do setor de loteamentos. De 2011 para 2021, o crescimento foi de 4% para 17%.\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cem>\u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"13404\">\u003Cspan class=\"company-profile-link\" data-id=\"14827\">\u003Cspan class=\"company-profile-link\" data-id=\"15498\">\u003Cspan class=\"company-profile-link\" data-id=\"16494\">\u003Cspan class=\"company-profile-link\" data-id=\"16980\">GRI Club\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fspan>: Quais ações são necessárias para que haja maior disponibilidade de funding para loteamentos? \u003C\u002Fem>\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"18544\">Vicente Nogueira\u003C\u002Fspan>:\u003C\u002Fstrong> Os loteadores devem ser criteriosos na concessão de créditos e na gestão dos recebíveis para mais CRIs viáveis, além de evitar a tabela SACOC, pois a mesma pode levar à alta inadimplência devido ao crescimento rápido dos pagamentos em relação à renda dos compradores. No caso de contratos com AF, deve-se registrar a condição nas matrículas dos lotes, mesmo que o próprio loteador financie o custo do ITBI e registro.\u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">\u003Cstrong>\u003Cspan class=\"data-profile-link\" data-id=\"34004\">Rafael Ferreira\u003C\u002Fspan>:\u003C\u002Fstrong> A solução está no mercado de capitais. Nosso objetivo é criar uma modalidade de funding para o setor de loteamentos que permita aos urbanizadores acesso ao recurso para que não precisem mais assumir a venda de modo a financiar com carteira própria. \u003C\u002Fp>\n\n\u003Cp dir=\"ltr\">O loteador deve se preocupar com o nível de governança e transparência de sua operação, tanto em âmbito corporativo quanto nos empreendimentos. O uso predominante da tabela PRICE e alienação fiduciária (AF) são essenciais, além das carteiras estarem indexadas a IPCA+. No âmbito corporativo, o uso de ERPs de mercado, auditoria nos balanços e estruturação de conselhos consultivos facilitam o acesso ao mercado de capitais. \u003C\u002Fp>\n","2023-08-09T14:11:04.000Z","2023-08-10T13:03:55.000Z",{"code":18},{"id":25,"color":27,"translations":1474},[1475,1477,1479],{"title":26,"slug":30,"language":1476},{"code":13},{"title":37,"slug":38,"language":1478},{"code":18},{"title":33,"slug":34,"language":1480},{"code":23},[1482],{"id":47,"label":1297,"translations":1483},[1484,1486,1488],{"label":1297,"slug":1308,"language":1485},{"code":13},{"label":1311,"slug":1312,"language":1487},{"code":18},{"label":1315,"slug":1316,"language":1489},{"code":23},[1491],{"name":171,"enName":171,"ptName":171,"iso2":1492},"BR",[],{"pt-BR":1495},"\u002Fmercado-imobiliario\u002Ffunding-predominante-nos-loteamentos-securitiza-o-recua-21-no-1-semestre",[1497,1498,1499,1500,1501,1502],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]