Government plans fund to manage property sales
The federal government intends to create real-estate investment funds and sell stakes in plots subject to perpetual heritable leases to reduce a stock of 750,000 properties. In the case of Navy-owned waterfront properties, whose holders pay use tax in Brazil, a credit line is already being studied by state-owned bank Caixa Econômica Federal to help owners who want to acquire their share from the federal government. The idea is to sell 30,465 properties this year - 30,000 of which pay so-called emphyteutic rents -, yielding around R$4.5 billion to public coffers.Fernando Bispo, coordination and governance chief at the Secretariat of Federal Properties (SPU), said provisional measure 915, which suffered more than 100 amendments after being published at the end of last year, paves the way for creating new financial products, bringing the government closer to the private market by giving greater legal security to the transactions. In addition, the greater participation of private-sector companies will help the government overcome some deficiencies, such as mapping properties.
According to him, investment funds backed by properties owned by the federal government will be created with the Brazilian Development Bank's (BNDES) help, which will then transfer the task of managing them to specialized players. A contract is expected to be signed with BNDES this month.
Transferring to the BNDES the task of creating the fund would speed up the process. Before that, managers to lead transactions had to be hired through public tender, according to Law 8.666, of 1993. In 2018, the government tried to start a bidding process to allow private-sector financial institutions to compete with state-owned companies to manage the federal government's first real estate investment fund. The proposal did not go ahead and is now being reformulated.
In order to sell waterfront properties shared between the federal government and a citizen or a company, Caixa confirmed it is considering a specific agreement with the SPU to create a mortgage line for the federal government's properties.
In the land tenure regime, of 1831, the government takes 17% of the land and the private owner 83%. This is the case of Rio de Janeiro's iconic beachfront hotel Copacabana Palace, for example. By this, the private owner has to pay two fees: emphyteutic rent, an annual fee for the property's useful domain, and laudemium, a 5% tax on the value of the property in case of ownership transfer...
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