The Challenge

BTG Pactual manages several Real Estate Funds and, in 2017, the EREA/Capright joint venture was hired to conduct the evaluation of the Brisa and Golden Real Estate Investment Funds comprising 27 properties, being 21 commercial buildings, 4 logistics developments, 1 laboratory and 1 dealership.

The Work Conducted

He methodologies and procedures were adopted in accordance with the professional conduct and ethics practices and standards applicable defined by the 2014 edition of the Red Book published by the Royal Institute of Chartered Surveyors (RICS) and by the standards of the International Valuation Standards Council (IVSC) in its pronouncements 101 – Scope of Work, 102 – Implementation and 103 – Reporting, in addition to those established by the Brazilian standards (Norma Brasileira – NBR 14.653) of the Brazilian Association of Technical Standards (Associação Brasileira de Normas Técnicas – ABNT) and the Brazilian Institute of Appraisals and Engineering Reports (Instituto Brasileiro de Avaliações e Perícias – IBAPE. The assumptions used followed the requirements of the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM) – CVM Instruction Nr. 571, of November 2015. We used the Market Comparison, Evolution and Income Capitalization through Discounted Cash Flow Methods and, in the latter case, we created models in the ARGUS Enterprise or ARGUS DCF system.

The Result

We evaluated slabs in 21 commercial buildings in São Paulo totaling 56,000 sqm of private area, 4 logistics developments in the states of São Paulo, Santa Catarina and Rio Grande do Sul totaling 146,000 sqm of built area, 1 laboratory in São Paulo totaling 7,500 sqm of built area and 1 dealership in São Paulo totaling 1,300 sqm of built area.

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