브라질 오피스 빌딩의 최적 투자기구(Vehicle)에 관한 연구

The Study about Optimal Investment Vehicle in Brazilian Office Buildings

1. CONTENTS (1) RESEARCH OBJECTIVES Brazilian office market offers one of the best investment opportunities in the mid-term future. However, little information flows among Korean real estate professionals. This paper intends to fill the gap by introducing various indirect investment vehicles accepted under the Brazilian law and comparing them with real world case. (2) RESEARCH METHOD Specifically, we consider three financial structures: indirect acquisition through FII (real estate investment funds), indirect acquisition through FIP (fund that invests in companies which are allowed to posses real estated properties), and direct acquisition through Limitada. The investment characteristics such as legal and tax issues are identifies and expected returns are calculated. (3) RESEARCH FINDINGS For the particular office building we are considering, we conclude that Limitada seems to be the best investment vehicle. 2. RESULTS The investment characteristics and expected return would mainly affect choosing the investment structures, and also legal and tax issues should be reviewed accurately either. Through this study, we hope investors can access to the real estate market in Brazil, for expanding real estate investment opportunities overseas.