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OVERVIEW

Established track-record and capabilities in the acquisition, management and disposal of real estate assets across Portugal.

Structuring
Refundos is regulated to provide administration, management and representation of real estate vehicles.

This includes:

  • Advice relating to real estate investments, including acquisition of individual assets in accordance with legal requirements and regulations applicable to management for third-parties.
  • Ability to structure and manage regulated funds, companies and SPVs.
There are a number of such structures available to investors. Each has its own specific tax and governance advantages, as shown.

Most structures accommodate retail as well as institutional investors.
FUND STRUCTURE
Fund structure
  • Regulated and supervised by the CMVM.
  • Investment restrictions: none.
  • Investment policy: defined and implemented by the fund manager.
  • Governance: unitholders can take major decisions, including: liquidation, term, investment policy and fund management company.
SICAFI STRUCTURE
SICAFI Structure
  • Regulated and supervised by the CMVM.
  • Based on FII.
  • Investment restrictions: none.
  • Governance: directors, appointed by the shareholders.
  • Fund manager can be appointed by the SICAFI to implement investment policy, manage assets and regulatory matters.
REIT STRUCTURE
REIT Structure
  • Supervised by the CMVM.
  • Listed on the stock market.
  • Investment restrictions: assets held for income, mandatory distribution of profits, reinvestment constraints, >20% of shares need to be distributed.
  • Governance: directors appointed by the shareholders.
  • Only holders of a majority of the shares may influence appointment of the board.
>50 assets bought
and sold.
Cost effective,
simple governance.
Advantages of both fund
and propco structures.
Enables division
of duties.
OVERVIEW

Established track-record and capabilities in the acquisition, management and disposal of real estate assets across Portugal.

Structuring
Refundos is regulated to provide administration, management and representation of real estate vehicles.

This includes:

  • Advice relating to real estate investments, including acquisition of individual assets in accordance with legal requirements and regulations applicable to management for third-parties.
  • Ability to structure and manage regulated funds, companies and SPVs.
There are a number of such structures available to investors. Each has its own specific tax and governance advantages, as shown.

Most structures accommodate retail as well as institutional investors.
FUND STRUCTURE
Fund structure
  • Regulated and supervised by the CMVM.
  • Investment restrictions: none.
  • Investment policy: defined and implemented by the fund manager.
  • Governance: unitholders can take major decisions, including: liquidation, term, investment policy and fund management company.
SICAFI STRUCTURE
SICAFI Structure
  • Regulated and supervised by the CMVM.
  • Based on FII.
  • Investment restrictions: none.
  • Governance: directors, appointed by the shareholders.
  • Fund manager can be appointed by the SICAFI to implement investment policy, manage assets and regulatory matters.
REIT STRUCTURE
REIT Structure
  • Supervised by the CMVM.
  • Listed on the stock market.
  • Investment restrictions: assets held for income, mandatory distribution of profits, reinvestment constraints, >20% of shares need to be distributed.
  • Governance: directors appointed by the shareholders.
  • Only holders of a majority of the shares may influence appointment of the board.