The Autorité des Marchés Financiers has authorized the public offer of investment shares of the first collective investment body specializing in the real estate sector
The Office of the National Superintendent of Securities (SUNAVAL) has authorized the issuance of a minimum of 20 million investment units and a maximum of 40 million with a nominal value of VEF 100 and a minimum investment amount of 100,000 VEF of the first collective investment entity specializing in the real estate sector, called Fibra One, which is promoted by Fintech Valores Sociedad de Corretaje.1
Collective investment undertakings are governed by the law on collective investment undertakings2 and the law on the securities market3, and are defined as institutions that channel contributions from investors intended to build up capital or equity, made up of a portfolio of securities or other assets. Investment units are the different types of securities issued by collective investment undertakings, such as shares, quotas, participations or other instruments that give investors rights regarding the ownership and repayments of capital or securities. assets of the respective entity in proportion to their investments (article two, Law on undertakings for collective investment).
Collective investment undertakings must comply with certain requirements for their operation (article 12, Law on collective investment undertakings) and must be established by public offer (article 14, Law on collective investment undertakings). Depending on their specific nature, they may invest in any movable or immovable property, including, but not limited to, transferable securities or other rights issued by legal persons, public or private, in local or foreign currency, located in the ‘abroad or in the country. Likewise, collective investment undertakings may invest in risk capital (article five of the Law on collective investment undertakings).
As authorized by SUNAVAL, funds from the issuance of investment units will be invested in real estate assets, boosting the construction and real estate sectors.
With this issue, collective investment undertakings reappear as financing vehicles promoted by stock market operators, which represents a new business opportunity for the real estate and capital markets sectors.
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2 Law on collective investment undertakings published in the Official Journal n Â° 36.027 of 22 August 1996.
3 Law on the securities market published in the Official Journal No. 6211 of December 30, 2015.