Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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Business Opportunities in Brazil 2011 ULI Fall Meeting and Urban Land Expo October 28, 2011 Los Angeles Moderator - Luiz Antonio Campos Mello Speakers - Clay Dickinson - Pat McCudden - Ted Tanner - Marcos Lessa Mendes www.camposmelloadv.com.br www.joneslanglasallehotels.com www.hyatt.com www.aegworldwide.com www.odebrecht.com

Transcript of Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

Page 1: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

Business Opportunities in Brazil 2011 ULI Fall Meeting and Urban Land Expo October 28, 2011 Los Angeles

Moderator - Luiz Antonio Campos Mello

Speakers - Clay Dickinson

- Pat McCudden

- Ted Tanner

- Marcos Lessa Mendes

www.camposmelloadv.com.br

www.joneslanglasallehotels.com

www.hyatt.com

www.aegworldwide.com

www.odebrecht.com

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Business Opportunities in Brazil 2011 ULI Fall Meeting and Urban Land Expo October 28, 2011 Los Angeles

Clay Dickinson Executive Vice President

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Month 00, 2002 3

Integrated Global Team Servicing Global Companies

•  Critical environments •  Museums •  R&D centers •  Hospitals •  Sports arenas •  Transportation centers

•  Office •  Retail •  Shopping centers •  Industrial •  Hotels •  Mixed use

•  Investment Management • Project Development

Services • Property Management • Real Estate Investment

Banking • Retail • Strategic Consulting •  Tenant Representation

• Agency Leasing • Corporate Capital Markets • Development and Asset

Strategy • Energy and Sustainability • Government Services • Hotels •  Integrated Facilities

Management

Our real estate specialties Our real estate services

Jones Lang LaSalle - expertise serving a range of needs

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Providing services to iconic companies across all real estate types since 1996 Jones Lang LaSalle in Brazil

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Trends in key real estate drivers

Source: IHS Global Insight, Getulio Vargas Foundation

Brazil is THE growth market in the Americas; middle class emerging strongly

Brazil’s real GDP growth outpacing U.S. growth by two to four percentage points annually

Brazil’s middle class now represents 50% of population, up from 38% in 2003

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Trends in key real estate drivers

Source: IHS Global Insight, Empresa de Pesquisa Energética

FDI rising as investors seek to capitalize on country’s growth; additional future upside lies in Brazil’s recently discovered massive oil reserves

Gross FDI to average $58 billion per year through 2014

upside lies in Brazil’s recently discovered massive oil reserves

Oil fields discovered off coast of Rio de Janeiro conservatively estimated at 30 to 80 billion barrels. Production to triple by 2035

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Planned investments for FIFA World Cup (R$ billions) FIFA World Cup host cities spread across country

SC

AM

RR

PA

AP

MA PI

CE

BA

MG GO DF MT

RO AC

MS

PR

RS

SP

TO

RJ ES

SE AL PE PB RN

SC

AM

RR

PA

AP

MA PI

CE

BA

MG GO DF MT

RO AC

MS

PR

RS

SP

TO

RJ ES

SE AL PE PB RN Manaus

Fortaleza Natal

Recife

Rio de Janeiro

Brasília Cuiabá

Belo Horizonte

São Paulo Curitiba

Porto Alegre

Salvador

Source: Ernst & Young, Jones Lang LaSalle

Trends in key real estate drivers Upcoming sporting events accompanied by large-scale investment; though not without challenges

Estimated infrastructure spending of US$32 billion for FIFA World Cup and US$14 billion for Summer Olympic Games

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Overview of real estate trends: office market

Source: Jones Lang LaSalle

Sao Paulo and Rio de Janeiro office markets encompass 14 million m2; country’s growth leading to significant opportunity for expansion of stock

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GLA per 1,000 inhabitants (sqm) - 2008

Source: ICSC/BR Mall, Jones Lang LaSalle

Gross leasable area (GLA) of shopping malls grew 88% over past ten years but still greatly lags other countries’ on per capita basis, highlighting growth potential for expansion of shopping malls and big-box stores

Overview of real estate trends: retail market

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Brazil Lodging Performance – 2003 – 2010

Overview of real estate trends: hotel market

Source: Jones Lang LaSalle Hotels

Brazil’s hotel market running on all cylinders with 2010 RevPAR 79% above 2004 level. International investors are evaluating potential of scale roll-out of branded mid market hotels; for now, front runner Accor still dominating space

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•  6 million low-end units shortage •  Evolving mortgage market •  Developers going public •  Active JV market •  High volume of launches in all classes •  Land prices quickly increasing •  Going towards main cities •  Supported by government

Overview of real estate trends: residential market

Source: Jones Lang LaSalle, World Bank

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Brazil real estate market SWOT analysis

Strengths –  Stable, democratic government and solid macro-economic

fundamentals

–  Rich natural resources

–  Demographic bonus

–  Leading recipient of both portfolio and direct foreign investment

–  Evolving capital market

–  Earnings can be repatriated on a tax free basis

Weaknesses –  Lack of long term financing

–  Early termination of typical lease contracts

–  Development concentrated in a few cities - southeast

–  Not enough infrastructure investments

–  Complex, expensive labor environment

–  Difficult tax environment

–  Leasing payment must be in BRL currency

Opportunities –  Rapidly growing middle class

–  Increasingly integrated with global economy

–  PAC and private infrastructure investment creates commercial demand in secondary and tertiary cities

–  Increased economic decentralization

–  World Cup, Olympic Games and recently discovered oil reserves

–  Interest of international funds and lenders

Threats

–  Strong demand for land drives prices up

–  Lack of specialized human resources

–  Cap rates compression drive prices beyond and returns below acceptable risk-adjusted levels for international investors.

–  Global recession drives commodity prices down

–  Foreign funds flock home to protect the flank

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Is there a real estate bubble?

We think there isn’t, here’s why:

•  The average use of personal funds for purchasing real estate assets is still very high (around 40%)

•  Many purchasers opt to purchase with shorter installments and amortization schedules

•  Leverage is relatively insignificant and derivative products are underdeveloped

•  Prudent monetary policy and regulation of the Brazilian market after the reforms passed in the 90’s

•  Growing price levels indicate heated demand justified by low unemployment and larger salaries

•  Increasing factor prices (land, labor and capital) impede supply growth

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Business Opportunities in Brazil 2011 ULI Fall Meeting and Urban Land Expo October 28, 2011 Los Angeles

Pat McCudden Senior Vice President

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Grand  Hya)  Rio  de  Janeiro  

•  Mixed  use  project  with  408  hotel  keys  and  approximately  40-­‐50  branded  whole  ownership  residences.  

•  46,000  square  meter  site  across  the  street  from  the  beach  in  Barra  da  Tijuca  secIon  of  Rio  de  Janeiro.  

•  Hya)  purchased  approximately  70%  of  the  land  for  the  development  of  the  Grand  Hya)  Hotel  in  December  2010.  

•  Hotel  budget  is  approximately  BRL$450  million,  approximately  US$250  million.  

•  Approximately  50%  of  the  hotel  development  costs  will  be  funded  via  a  loan  from  the  Brazilian  NaIonal  Development  Bank  (BNDES)  under  a  special  line  of  credit  established  for  the  development  of  new  hotels  that  offers  “below  market  financing”.  

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Grand  Hya)  Rio  de  Janeiro  

•  Hotel  construcIon  is  anIcipated  to  begin  in  mid  2012  and  be  completed  in  early  2015.  

•  Design  consultants  are  a  mix  of  internaIonal  and  local  firms.  •  Sales  of  the  branded  residences  are  likely  to  begin  in  2012  and  

the  developer  of  these  residences  is  seeking  a  sales  price  of  approximately  US$1,600  per  square  foot.  

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Grand Hyatt Rio de Janeiro

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Grand Hyatt Rio de Janeiro

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Grand Hyatt Rio de Janeiro

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03. Google Earth Site Plan

Grand Hyatt Rio de Janeiro

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Grand Hyatt Rio de Janeiro

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Grand Hyatt Rio de Janeiro

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Grand Hyatt Rio de Janeiro

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20. Perspective View from Guestroom

Grand Hyatt Rio de Janeiro

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Grand Hyatt Rio de Janeiro

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Grand Hyatt Rio de Janeiro

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Business Opportunities in Brazil 2011 ULI Fall Meeting and Urban Land Expo October 28, 2011 Los Angeles

Ted Tanner Executive Vice President

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� � � � � m� � � � � � � � � � ��  � �� � � � �� � oe�� � oi x  xux� o� � �� � � i uM�) � � � � � �i � � �  8� � � � x� � � oM� � ud� u�  i u� nM� u� x� eM  R �Ml � �� p4  ul � koi � x� o� �0 oMy  i n-­‐� e)� l  i n-­‐� )� �Mi  i n� �i � � )  4  i n� 0 d  � d� �M� � i � xu� � �  i � �� x  u� � o� � hi e�M�))� )� � � i � uhM�) � � � �h ul b� � � 4� M�S1ff � o� � ud� � )�i � � 0  ))� � � � � � �  � � u� � � �x � e�My-­‐� oe� i � xe�� � � �i � � eMou� � u� � � M  4� M� �i � � � oM� xu� �M� �x b�

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� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� d� � hM� �i � � � x  ni � � R ed�x  x�  x� oi � ud� � )� l � M� � � M� )�p oi xd  e� o� � ud� � � h  )u� �i � � i � uhM�) � � i 4  Moi R � i u� �i � � ud� �� M� �p oi � o� � ed�x � � � i � u0 oMyx� o� � oe� i � xe�� � -­‐� Mo�� 0 � l x� �i � �  i � M�x uMh� uhM� �  R eMo4� R � i ux� 0 d  � d�xheeoMu� R �My� u� � M  4� i � � � 4� )oeR � i ub�

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� � � � � � � � � � � � � � � � � � � � � � �� �My� u� xuh�  � x� xheeoMu� xuMoi n� i � �M� u� MR � � � R �i � � � oM� � � � � �i � �  i � ooM� � M� i �� hx� x-­‐� dou� )� �i � �� oi � � M� i � � � � ��  )  p� x-­‐� oG � � � xe�� � � �i � � hi  4� Mx  ul � hx� x� �)oi n� 0  ud� x  ni   � �i u� � huhM� � ed�x � x� � oM� R  � � )� ��i � � hee� M� x� �) � � M� x  � � i p�) � � � 4� )oeR � i ub�

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� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �� d� � R �x u� Me)�i � eMo4  � � x� �� �  4� Mx� � �MM� l � o� � 4  � 0 � � oMM  � oMx-­‐� M� � M� �p oi � �M� �x -­‐� i � uhM� � eM� x� M4� x-­‐� e�Myx� �i � � oe� i �xe�� � x-­‐� �� R �HoM� � Moxx� � 8  x� o� � i � uhM�) � �R � i  p� x� ud� u�  i u� Mx� � ux� 0  ud� �i � hM� �i  k� � � � h)uhM�) � � oMM  � oMb� � � d� � Mo�� 0 � l �i � u0 oMy� M�i n� x� � MoR � R �HoM� �Mu� M  �)x� 0  ud� � hx� � �e  � � � M�i x  u� uo� J h  � u� M� i �  nd� oMdoo� � )o� �) � �  M� h)� uoMx� uo� �  y� 0 � l x� �i ��e� � � xuM  �i � uM�   )xb� � � � My  i n� M� xohM� � x� �M� � � 4� i )l � �  xuM  � hu� � � �i � � xd�M� � � uo� x� M4� � e� �y � � � R �i � xb�

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Business Opportunities in Brazil 2011 ULI Fall Meeting and Urban Land Expo October 28, 2011 Los Angeles

Marcos Lessa Mendes Chief Executive Officer

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Page 42: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

The  1st  Smart  City  in  LaIn  America.  A  new  way  of  living  

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Transport, Logistics and

Airports in Brazil

Energy and Infrastructure

Oil and Gas Services

Leader in Latin

America

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o� �) � � � � i �M  o�

Page 46: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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Page 51: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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� d� � � MoH� � u�� M�k  ) x� nM� � u� xu� �� oM)� � � he� )� n�� l �

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� i 4  Moi R � i u�) � � oi x� M4�p oi �A11� � � M� x-­‐� o4� M� d�) � � � � x  ni � u� � � � oM� e�Myx-­‐� nM� � i � �i � � oe� i � �xe�� � -­‐� � )xo� � oi x� M4  i n� ud� � i �p 4� � 4� n� u� poi b� � � � �

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CIDADE DA COPA � � � �) � i � � � � � u0 � � i � hM� �i � � � 4� )oeR � i u� ��i � � � oi x� M4�p oi � o� � i � uhM�) � M� xohM� � xb�

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Page 59: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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LEARN  University  campus  Primary  schools  Secondary  schools  

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Page 64: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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f� � oi 4� i poi � � � i u� M� � d�x � � L � T( -­‐S11�xJ R I�f� � � � � � d�x � � L � Tz ( -­‐111� xJ R � B� � � I�f� LS1� dou� )� y� l x�f� g-­‐U11� M� x  � � i � � x�f� NL-­‐111� xJ R � oG � � x�f� g� � M  R �Ml � � � doo)�

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Page 66: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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Residential and office districts – 3rd phase.

From 2025

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Page 68: Business Opportunities in Brazil (Ted Tanner) - ULI Fall Meeting - 102811

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