Table of Contents
Executive Summary
5
Key Features of This Report 6
What Is This Report About? 6
SWOT Analysis7
Bazil Real Estate/ Construction SWOT 7
Brazil Economic SWOT 8
Brazil Business Environment SWOT 9
Key Projects10
Construction Overview 10
Residential Construction 10
Commercial Construction 10
Tourism Construction 11
Major Projects 11
Table: Brazil Major Infrastructure Projects - Transport 11
Real Estate Investment Trusts - Q20915
Introduction 15
Table: Global REITs At A Glance, Mid-2008 16
A Note On Unlisted Real Estate Funds 18
Table: European Unlisted Funds At A Glance, 2008 18
2008: A Disastrous Year For REITs 18
Table: Investment Total Returns (%, in EUR terms) 19
Table: Gross Total Returns, 2008 (%, in EUR terms) 19
Table: Gross Total Returns, 2008 (%, in EUR terms) 20
Table: Gross Total Returns, 2008 (%, in EUR terms) 20
Table: Substantial Property Sales, 2008 (US$bn) 21
Table: Capitalisation Rates And Spreads Versus Risk-Free Rates 23
Pointers For 2009-2010 23
Industry Finance Outlook25
International Financing 25
Table: Interbank Rates and Bond Yields 27
Table: Comparison Of Total Assets, Client Loans And Client Deposits, 2006 And 2007 (US$bn) 27
Domestic Financing 28
Table: Key Banking Levels (BRLbn) 28
Monetary Policy 28
Table: Brazil - Monetary Policy, 2006-2013 30
Industry Forecast Scenario 31
Table: Housing prices at a glance - Latin America 31
Office Rents - Latin America - CBRE 32
Office Rents - Latin America - Various Sources 32
Construction 33
Table: Economic and Construction Data, 2005-2013 33
Macroeconomic Outlook 35
Table: Brazil - Economic Activity, 2004-2013 36
Real Estate/ Construction Business Environment Rating37
Table: Latin America Business Environment Ratings 37
Brazil' s RECBER 38
Project Finance Ratings: Outlook for the Americas 39
Table: Americas Design And Construction Rating 41
Table: Americas Commissioning And Operating Rating 42
Table: Americas Overall Project Finance Rating 43
Brazil' s Business Environment 44
Company Monitor48
Grupo Camargo Corrêa 48
Construtora Norberto Odebrecht 51
OAS 53
Construtora Beter 54
Construtora Tenda 55
Even 56
Eztec Empreendimientos e Participacoes SA 57
BMI Forecast Modelling58
How We Generate Our Industry Forecasts 58
Construction Industry 58
Bank Lending 59
Real Estate/Construction Business Environment Rating 59
Table: Weighting Of Indicators 60
Project Finance Ratings Indicators 62
Table: Design And Construction Phase 62
Table: Commissioning And Operating Phase - Commercial Construction 64
Table: Commissioning And Operating Phase - Energy And Utilities 65
Table: Commissioning And Operating Phase - Transport 66
Sources 67
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