CASE
CRI Under Measure
Nosso Cliente
Real Estate Asset Manager
Desafio
The client had cash in a real estate investment fund (“FII”) under his management, and he wanted to invest in the highway concession sector. In a first analysis, there were no assets backed by real estate to make the investment via an FII viable.
The client had already consulted other offices, who considered the operation to be unfeasible.
Nossa Solução
Studying the case in depth, as well as the CVM precedents on the concept of real estate credits, we proposed a legal structure that included the construction of properties that the concessionaire should build due to the concession (for example, toll plazas) through a contract of construction and bespoke rental (Built to Suit).
The receivables of this lease became a guarantee for the issuance of certificates of real estate receivables (“CRI”). After issuance, the CRI was acquired by the FII, which then managed to allocate its cash in road concession investment.
The operation was subsequently inspected by the CVM, which approved it without restrictions, and its structuring was praised for creativity and innovation.