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Saving on bricks: they launch new investment funds

2021-06-22T12:19:40.099Z

It is a resolution of the CNV. They look for alternatives in pesos to blur the dollar. How are the new alternatives.



06/18/2021 11:01 AM

  • Clarín.com

  • Economy

Updated 06/18/2021 11:01 AM

In order to reactivate the real economy, the National Securities Commission (CNV) announced on Thursday that it will approve

"a significant number" of funds in the real estate sector

(which are still in the development stage), in order to bring new vehicles of Collective investment to promote this sector and the construction sector through public-private articulation

This was announced by the president of the CNV, Adrián Cosentino, during a meeting with developers, representatives of the chambers and funds to

evaluate the operation of the new collective investment vehicles

in this key sector for the economy.

"We found very good receptivity from the entire industry"

, with the new instruments developed by the CNV, said Cosentino, who expressed the total willingness to

"review some regulatory aspect to continue pushing what happens to be a strictly private role. of the industry ”

.

In this regard, Cosentino assured that they have a "great expectation" in the infrastructure funds, on which there is a reformulation in consultation.

And he stressed the need for

"new institutional investors to join"

, through joint awareness-raising efforts to "nurture the portfolios of these specific vehicles with a greater diversity of assets with a direct impact on the real economy."


The virtual talk was also attended by the director of the organization Matías Isasa and the members of the new instruments team, as well as representatives of the industry, the institutional chambers of the sector, provincial stock exchanges, private funds and legal studies.

Isasa recalled the tools promoted by CNV in this line, such

as the Closed Common Investment Funds and Real Estate Financial Trusts, within RG 855/2020,

the modification of article 206 of law 27,440 that expanded the real estate category.

Public banking was represented

by the head of the Pellegrini Fund of Banco Nación (BNA), Daniel Otero

, who remarked that from the sector

"we offer an equity product and for that we modify some issues"

, alluding to the joint work with the CNV to launch the FCI property

with social impact I Pellegrini

.

"The capital market is reducing costs because it allows us to increase quality by scale and translate that quality also into price so that people have more access to housing,"

said Otero, who urged lower financial costs through the capital market. .

Seventy representatives from different parts of the country and institutions also participated in the virtual meeting, such as Valetín Galardi, head of the Argentine Chamber of Common Investment Funds (CAFCI);

Iván Szczech from the Argentine Chamber of Construction (CAMARCO);

Miguel Arrigoni from FIRST;

Jhon Walker from DRACMA;

Carlos Spina from Argencons;

and Juan Politi de Alaria Fondos, among others.

How are the new alternatives

The first fund of this kind was launched in early June, and by Pellegrini SA, a Banco Nación Group company. The Common Fund for Closed Real Estate Investment (FCICI), called Pellegrini I, 

aims to finance the development and construction of homes for the low- and middle-income sectors.

The FCICIs are collective investment vehicles made up of assets that are nurtured by the contributions made by investors subscribing shares and becoming shareholders of the fund. Through RG No. 855, dated September 10, 2020, the National Securities Commission (CNV) created a

special regime of Collective Investment Products for real estate development

, in order to promote the creation of structures of investment in the real economy and, particularly, in the construction industry.

The Pellegrini I. It is a closed fund promoted by Pellegrini SA (as Managing Company) and Banco de Valores (as Depository Company)

that foresees the issuance of quotas for a public offering value of $ 2,000 million

 in the first tranche of issuance and

up to $ 10,000 million as a maximum nominal amount and a term of 10 years

.

Up to 80% of the total Real Estate Project may be financed by the Fund

.

It will only participate in Real Estate Projects that, at the time of the Fund's first investment, have an advance of at least twenty percent.


The proposal will make it possible to finance the construction of homes

with a

final price of up to 220,000 UVAs or UVIs

, with the start of construction and to be put up for sale at an appropriate price.

Initially, it is planned to complete housing complexes in urban centers with a national scope.

The funds must be invested in projects in urban and suburban areas with more than 500,000 inhabitants, and

works with up to 20% progress are taken into account

.

The objective is that these funds are used so that

middle and lower class families can access their own roof in these urban centers.


Intended for institutional investors such as insurance companies and banks.

Above all, the latter, from the authorization of the Central Bank of the Argentine Republic (BCRA) to affect up to 1% of the Computable Equity Liability of the entities to this type of collective financing vehicles.

The constitution of this fund was authorized by the National Securities Commission, within the framework of Law 27,440 on Productive Financing, and

has tax benefits for investors

who participate and comply with the conditions of permanence.

In the virtual launch, the first days of June, Eduardo Hecker, president of Banco Nación remarked, "the importance of this initiative to finance the construction and development of housing for medium and low-income sectors, since it

is an activity that generates added value, it energizes the economy and creates new jobs, especially for this very particular stage that Argentina and the world are experiencing

. "

YN

Look also

Common Investment Funds: what they are, how they work and how they differ from a fixed term

Strenna: three specialists from three investment apps recommend how to make it work

Source: clarin

All business articles on 2021-06-22

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