Natalia Muscatelli
09/08/2021 13:50
Clarín.com
Economy
Updated 09/08/2021 1:50 PM
In addition to doing it in a traditional way, there is another way to invest in real estate projects.
It is through
Common Investment Funds
(FCI), tools regulated by the National Securities Commission (CNV).
Especially since in February the agency created a
special regime
for Collective Investment Products to encourage investments in the real economy and, in particular, in the Construction industry.
In this sense, a few days ago, the agency reported that it
authorized three new common funds
to shore up the real estate market.
One of them is
Dracma, which, through its Common Fund for Closed Real Estate Investment
, will finance the development of housing for low- and middle-income populations within the province of Córdoba.
The other two approved FCIs are
Delta Gestión XI and Delta Gestión XII, two instruments that are listed in pesos
and that "are added together to invest in both fixed income and variable income assets," the CNV said in a statement.
In these last two cases, the managing company is Delta Asset Management and the depository entity is Banco de Valores.
Meanwhile, the depository of the Drachma Fund is Banco Comafi.
This fund, which is going to be audited by the consulting firm PwC,
expects to raise $ 6,000 million for projects that can be accessed from $ 100,000.
"Unlike traditional investments in which the buyer is the direct owner of the property, in this case
the investor owns a fraction of the fund
, a share, and
not a project but several
", explains Ignacio Bacsay, Associate of Drachma.
And he adds that "it is a completely innovative vehicle in which the small saver will be able to participate on equal terms with the big players."
In its first stage of public offering,
the fund seeks to raise $ 500 million
for the development of high-demand real estate projects in the province of Córdoba, among which there is already
a project of 110
1 and 2-bedroom apartments from the Elyon Group, located in one of the areas with the highest demand in the city of Córdoba.
"With a minimum capital of $ 100,000, an investor will be able to enter from the well to this and to the rest of the projects that are selected, obtaining
capitalization margins of the order of 10% per year above inflation
, product of the scale, and with greater security from the diversification of the investment ”, they assure in Dracma.
"Although we are already having strong demand
from institutional funds such
as insurance companies, which are eager for instruments in pesos, we believe that given the context and the benefits offered by the fund there is a wide universe of
minority savers
who will want to participate with a minimum capital in pesos.
The subscription
is made in pesos through a stock exchange account in a stock market company.
At the time in which the investor wants to withdraw, he can choose to sell his participation in the secondary market in advance or
from month 30 to ask the fund for the return of his capital plus the accumulated interest.
Some of the advantages of investing in this type of fund, according to Dracma, is that the investor can
diversify between developers and types of projects to reduce risk
.
And also ensure the completion of projects by covering up to 75% of the cost of work.
Other positive aspects of this type of investment are
access to projects in the "well" stage, with prices at cost.
Also to types of properties and locations of high demand for a quick sale to the final consumer and the power of negotiation with suppliers based on liquidity and scale.
On the side of the
developers, the advantages are usually that the fund allows them to secure the capital for the construction of the project, without depending on pre-sales
for its advancement.
And that the fund is closed guaranteeing a minimum of 75% of the construction cost of each of the projects that make it up.
"Our country has
cycles in which pre-sales slow down,
and that cannot affect the completion of project works," they say in Dracma.
The first common investment fund for housing authorized by the CNV
was in March, a closed fund promoted by Pellegrini SA (as Managing Company) and Banco de Valores (as Depository Company).
NE
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