From financing to financialization: the restructuring of space by Real Estate Investment Funds in São Paulo.

Author(s)

Vinicius Kuboyama Nakama

• Document type: Master's Dissertation
• Press: São Paulo.
• Institution: Universidade de São Paulo (USP). Faculdade de Arquitetura e Urbanismo (FAU/SBI)
• Defense date: 2022-12-12

Examining board members

Maria Beatriz Cruz Rufino; Sandra Lencioni; Daniel de Mello Sanfelici

• Advisor: Maria Beatriz Cruz Rufino

Abstract

This dissertation contributes to the debate on the real estate sectors and the capital markets convergence in the production of urban space. In particular, it addresses this proximity through a specific instrument, the Real Estate Investment Fund (FII, Brazilian REIT). Although institutionalized in the early 1990s, the FII experienced rapid growth from 2008 onwards, establishing itself as a relevant means of mobilizing resources in the capital market for investment in real estate. Since the production of space is a movement of capital absorption that allows the reproduction of capital itself, we seek to understand how the FII restructures the metropolitan space of São Paulo a region that has the highest concentration of FII-managed properties in the country. To this end, it is argued that the spatial characteristics resulting from the modern capitalist urbanization process the homogeneous, fragmented, and hierarchical are radicalized in the figure of the FII. The work territorializes the properties held by FIIs in the Metropolitan Region of São Paulo (RMSP) and demonstrates the movement from financing to financialization the instrument allows for synthesising. Although the FII was originally conceived as a means of financing the real estate sector, it now imposes practices and logics of property profitability that are mediated by fictitious forms of capital. (AU)

• FAPESP's process: 20/07497-1 - From financing to financialization: the restructuring of space by Real Estate Investment Trust in São Paulo
• Grantee: Vinicius Kuboyama Nakama
• Support Opportunities: Scholarships in Brazil - Master