Fundos De Investimento Imobiliário Governança Corporativa

Abstract

The high demand currently verified by real estate investment funds have been the result of several factors, not one single factor. The national and international economic environment over the past two years have generated demand for investment vehicles more profitable than the fixed income, but with stability characteristics. The fund has several features that make it attractive, among them the ballast in real estate assets, return on long-term investment model for income, inflation protection and tax exemption. As demand increased, the market quickly if structured and corresponded with the launch of new real estate investment funds, a large number of product launches as well as new methods, looking for differences that industry can absorb as many types of investors possible. Parallel to that the very rules of the investment environment has changed. Observing the changes in the regulation and documentation of real estate investment funds, this study seeks to identify its new position in the market, if it became more flexible, active, and consequently attractive. For this analysis was the criteria for corporate governance regulation and documentation of investment environment in the analysis (real estate investment funds), and investment environments for comparison (investment fund participation and companies). In addition, interviews were conducted with managers of real estate investment funds in the market, seeking to confirm the information identified in the survey. Governance criteria were grouped by theme and a way to work together to measure the new model of FII, through their analysis was compared between the investment environments. The conclusion of this article demonstrates that the fund is an investment environment more flexible and attractive in the market today. Besides the changes made by the legislation itself, there are several considerations on the maturity of the market and their organizational structures. So observe a tendency for the pattern of fund, which is a result of his current market trends. Over time it will be more appropriate not to indicate the assets, while the investor is more interested in participating in decisions. The fund will be structured with more pictures of management, more experts, able to identify and position themselves more quickly on the best market opportunities, will be more active and concerned about recycling your portfolio, because it will continuously monitor the capacity for income generation assets. The issue of transparency will be essential, and standardization of market information will be automatic. The real estate investment fund has increasingly distanced himself from the class of funds and are increasingly coming from the class of companies, but the organizational structure and flow of decisions are very distinctive and can not be solved without changing the concept of substance. They can go to models targeting a little different from each other, ranging higher or lower risk, affecting all types of investors, or it may arise from new investment environm...