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Final Essay

In: Business and Management

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Con el constante progreso del mercado bursátil y en el afán de encontrar nuevas formas de inversión con el fin de atraer nuevos inversores o para incluir una porción de la población en el mercado, se han creado fondos como son los REIT que son las siglas de Real Estate Investment Trust que se crearon en 1960 en USA con el fin de que personas del común pudieran tener acceso al mercado inmobiliario a escala y que este dejara de ser un negocio excluyente. Pero además de ayudar a personas naturales, ¿Cuál es el papel que juegan en el posicionamiento de una empresa internacional en el mercado doméstico?
Básicamente los REITS “son es un vehículo de inversión inmobiliaria basado en la figura del fideicomiso con oferta pública, también son denominados como un fideicomiso de inversiones inmobiliarias.” Cabe resaltar que este instrumento combina dos tipos de figuras la del fideicomiso y la oferta pública que hacen de este un elemento atractivo para múltiples sectores de la población, la bondad del REITS es que apoya a un grupo de personas para que se junten y realizar inversiones inmobiliarias a escala, además le dan la opción de que una persona natural común y corriente participe en negocios que mueven grandes volúmenes de capital.
Los REITS tienen las siguientes características, “mínimo deben tener un grupo de 100 beneficiarios, los 5 beneficiarios principales no deben tener más del 50% de participación del fondo, se debe emitir certificados negociables y transferibles, las inversiones que realice el fondo deben ser en su mayoría bienes inmuebles, lo que conlleva a que el 75% de los ingresos deben provenir de alquileres, hipotecas, venta de inmuebles y otros actividades relacionadas con el sector y por último y no menos importante, que el 90% de las utilidades netas anuales deben ser distribuidas” . La suma de todas estas características hacen que el fondo obtenga beneficios fiscales importantes, puesto que como mínimo el 90% de las utilidades se reparten hace que la base gravable de impuestos disminuya considerablemente, es sobre cada beneficiario a quien se le traslada la responsabilidad de responder por los impuestos ante el Estado.
El funcionamiento del REIT es el siguiente, existe un grupo de inversionista que son superavitarios en busca de un nuevo tipo de inversión que le garantice buenos rendimientos, encuentran que un fideicomiso de inversiones inmobiliarias cumplen con los requisitos, entonces deciden realizar la inversión al fondo y este con el dinero compra y administra el inmueble, el fondo da en arriendo a un negocio para que lo utilice y este en contraprestación le paga un arriendo y finalmente el fondo al recoger estos dineros raparte entre los inversionistas.
Por otro lado, si observamos todas las ventajas que nos trae este vehículo de inversión se observa que es en “primera medida es la diversificación, puesto que a través del tiempo se ha visto que posee una baja correlación con los activos de renta fija y con las acciones lo que permiten una mayor diversificación en los portafolios de inversionistas institucionales; segunda, posee unos flujos estables y crecientes, ya que un portafolio diversificado de activos inmobiliarios, con arrendatarios de primer nivel, reduce el riesgo y produce unos flujos muy estables y crecientes en el tiempo; tercero, la administración de estos fondos son de carácter profesional y especializada que se encarga de maximizar el desempeño de un vehículo dinámico y creciente; cuarto, la liquidez de los REITS hacen que los activos inmobiliarios alcancen gran dinamismo pese a su naturaleza, esta liquidez se alcanza debido a que están inscritos en bolsa de valores y tener bajas denominaciones; quinto, la relación riesgo retorno de esta inversión es excelente, ya que presenta altos rendimientos con baja volatilidad y en los últimos treinta años se ha observado retornos mayores en comparación con los principales índices accionarios”.
Algunos realizan comparaciones con las titularizaciones, pero analizando a fondo se encuentran múltiples diferencias. “La administración que se realiza en la titularización no es profesional, caso contrario a lo que sucede con los REITS; la liquidez de los fideicomisos de inversiones inmobiliarias es bastante alta mientras que en el otro no; un punto crucial dentro de la comparación radica es la diversificación debido a que en las titularizaciones este aspecto es casi nulo mientras como se dijo anteriormente es un punto fuerte y de diferenciación en los REITS. A su vez, la vigencia de los títulos es importante ya que sirve como horizonte de inversión, para un título emitido de una titularización tiene una duración entre 7 y 10 años mientras que en el fideicomiso de inversión no posee un límite temporal” .
Aunque la mayoría de los REITS se encuentran en Estados Unidos es de vital importancia recalcar que estas inversiones ya están en todos los continentes con excelentes rendimientos, y realizando una encuesta se encontró que los sectores en los cuales se están dirigiendo las inversiones son con el 17% industria, 14% oficinas, 13% pequeños locales comerciales, 15% sector residencial, 11% hoteles y 2% en hospitales.
Ahora bien, en Colombia a partir del Decreto 2175 de 2007 se permite la creación de este tipo de carteras colectivas. Ya para el 2008 se había estructurado el primer proyecto para Colombia. En primera medida, las inversiones que iban a realizar en un comienzo iban a ser de oficinas, grandes superficies comerciales, bodegas, locales comerciales y centros comerciales., adicionando que las ciudades de Bogotá y Medellín eran las escogidas para realizar las inversiones iniciales.
Los primeros clientes que tuvieron fueron: Almacenes Éxito, Cinemark, Seguros del Estado y la casa editorial El Tiempo, estas empresas habían celebrado contratos de arrendamiento, entonces, la cartera colectivo compro todo el lugar donde iba a operar el hipermercado y después se lo arrendo a Éxito, es decir, que alivia la carga de activos y depreciación dentro del balance de esas empresas, puesto que los activos ya no son de su propiedad .
Con el pasar del tiempo la diversificación de arrendatarios, sector y tipo de activos fue aumentando llegando al día de hoy ser un gran jugador en el mercado inmobiliario colombiano y se ha demostrado que el modelo es eficiente y muy atractivo para un inversionista adverso al riesgo.
Por otro lado, en América Latina existen otros REITS que han ayudado a que inversión extranjera se direccione hacía esos países, como lo son México, Chile y Brasil. En el primero de ellos se llama G. Acción fundado en 2004 y gracias a sus inversiones de gran tamaño han podido facilitar la llegada de empresas cómo Michelin, Oracle, AT &T, Carrefour entre otros, además de estas bondades es importante recalcar que las acciones del fondo presentan una gran liquidez en la Bolsa de México. Así mismo, sucede en el caso chileno y brasileño.
En conclusión se puede decir que es un vehículo de inversión dirigido hacía aquellas personas que buscan inversiones alternativas a las tradicionales, además pueden encontrar ventajas sobre renta variable y fija (menor volatilidad y correlación) y en muchas ocasiones mejores rendimientos. Lo que significa un REIT es activo inmobiliario por parte de un inversionista especializado permite mantener los activos vigentes y maximizar su rentabilidad, y establecen un puente entre el sector inmobiliario y el mercado de capitales. Por otro lado, esta alternativa se está convirtiendo en una inversión crucial dentro de cualquier portafolio porque propone retornos muy atractivos con baja volatilidades.
Por último, y no menos importante cabe resaltar el papel fundamental que ofrecen a inversionistas extranjeros al facilitarles grandes instalaciones para su operación sin tener que comprarlas, como bien se observó en el caso de México, es decir, mediante este vehículo de inversión Colombia puede llegar a sacar provecho de esta oportunidad que comenzó en 2007 y que hasta el día de hoy genera grandes rendimientos para sus inversionistas, cómo los beneficios que entrega a la economía en general,

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