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Belo Horizonte MG",[406],{"setor":407,"percentual_receita_imovel":133,"percentual_receita_fii":133},"Vago",{"nome":165,"vacancia":69,"numero_unidades":69,"area":409,"endereco":168,"percentual_inadimplencia":133,"percentual_receitas":133,"inquilinos":410,"ocupacao":133},546,[411],{"setor":407,"percentual_receita_imovel":133,"percentual_receita_fii":133},{"nome":165,"vacancia":69,"numero_unidades":69,"area":413,"endereco":168,"percentual_inadimplencia":133,"percentual_receitas":133,"inquilinos":414,"ocupacao":133},796,[415],{"setor":407,"percentual_receita_imovel":133,"percentual_receita_fii":133},{"nome":165,"vacancia":69,"numero_unidades":69,"area":417,"endereco":168,"percentual_inadimplencia":133,"percentual_receitas":133,"inquilinos":418,"ocupacao":133},70,[419],{"setor":407,"percentual_receita_imovel":133,"percentual_receita_fii":133},{"nome":165,"vacancia":69,"numero_unidades":69,"area":421,"endereco":168,"percentual_inadimplencia":133,"percentual_receitas":133,"inquilinos":422,"ocupacao":133},27,[423],{"setor":407,"percentual_receita_imovel":133,"percentual_receita_fii":133},{"nome":165,"vacancia":133,"numero_unidades":425,"area":426,"endereco":168,"percentual_inadimplencia":133,"percentual_receitas":133,"inquilinos":427,"ocupacao":69},11,1722,[428],{"setor":220,"percentual_receita_imovel":133,"percentual_receita_fii":133},{"nome":156,"vacancia":69,"numero_unidades":69,"area":430,"endereco":159,"percentual_inadimplencia":133,"percentual_receitas":133,"inquilinos":431,"ocupacao":133},10,[432],{"setor":407,"percentual_receita_imovel":133,"percentual_receita_fii":133},{"nome":156,"vacancia":69,"numero_unidades":69,"area":434,"endereco":159,"percentual_inadimplencia":133,"percentual_receitas":133,"inquilinos":435,"ocupacao":133},8,[436],{"setor":407,"percentual_receita_imovel":133,"percentual_receita_fii":133},false,{"data_referencia":137,"prazos":439,"indexadores":482,"receita_aluguel_trimestre":492,"valor_imoveis":150,"cap_rate":493,"receita_sobre_mercado":494,"aluguel_m2_mes":495,"area_ocupada":496},[440,443,446,449,452,455,458,461,464,467,470,473,476,479],{"faixa":441,"percentual":442},"Até 3 meses",0.013725,{"faixa":444,"percentual":445},"3 a 6 meses",0.006002,{"faixa":447,"percentual":448},"6 a 9 meses",0.024388,{"faixa":450,"percentual":451},"9 a 12 meses",0.050333,{"faixa":453,"percentual":454},"12 a 15 meses",0.056374,{"faixa":456,"percentual":457},"15 a 18 meses",0.01315,{"faixa":459,"percentual":460},"18 a 21 meses",0.129321,{"faixa":462,"percentual":463},"21 a 24 meses",0.001661,{"faixa":465,"percentual":466},"24 a 27 meses",0.026193,{"faixa":468,"percentual":469},"27 a 30 meses",0.007967,{"faixa":471,"percentual":472},"30 a 33 meses",0.101783,{"faixa":474,"percentual":475},"33 a 36 meses",0.016946,{"faixa":477,"percentual":478},"Acima de 36 meses",0.536618,{"faixa":480,"percentual":481},"Indeterminado",0.015539,[483,486,489],{"nome":484,"percentual":485},"IGP-M",0.714529,{"nome":487,"percentual":488},"IPCA",0.240897,{"nome":490,"percentual":491},"IGP-DI",0.044573,12274529.29,0.068071,0.046762,85.61,47790,{"id":498,"nome":499,"cnpj":500,"endereco":501,"telefone":502,"created_at":503,"updated_at":503},63,"ITAU CORRETORA DE VALORES S.A.","61194353000164","Av Brig Faria Lima 3400 10º and","11-2740.2575","2026-10-03T18:54:38.000000Z",{"id":505,"nome":506,"cnpj":507,"endereco":508,"telefone":509,"created_at":503,"updated_at":503},64,"ECOVIS WFA AUDITORES IDEPENDENTES S\u002FS","40221974000110","AV. NAÇÕES UNODAS, 14401 - CHACARA SANTO ANTONIO","(11) 5183-5422",{"id":511,"nome":512,"cnpj":513,"endereco":95,"telefone":96,"created_at":97,"updated_at":97},60,"UNITAS CONSULTORIA E EMPREENDIMENTOS LTDA.","61458998000167",{"ano_referencia":515,"data_disponibilizacao":516},"2025","2026-03-30",{"ResultadoFundo":518,"ConjunturaEconomica":519,"PerspectivaPeriodoSeguinte":520},"O Fundo apurou um resultado liquido positivo de R$ 140.352.000,00 no período, resultante dos aluguéis recebidos no período e de receitas financeiras obtidas sobre os recursos disponíveis e pelo ajuste ao valor justo das propriedades para investimentos.\n O Fundo fez distribuição aos cotistas no corrente exercício, no valor total de R$ 20.913.000,00.\n","Desempenho do Setor de Shopping Centers\nDe acordo com dados da Associação Brasileira de Shopping Centers (Abrasce), o ano de 2025 apresentou resultados positivos para o setor. Informações divulgadas pela Revista Shopping Centers, com base no Censo Brasileiro de Shopping Centers 2025–2026, indicam que o setor alcançou, pelo terceiro ano consecutivo, recorde de vendas, com faturamento de R$ 200,9 bilhões, representando crescimento de 1,2% em relação a 2024.\n\nAdicionalmente, conforme o relatório de atividades da Abrasce, o setor registrou crescimento de 2,1% nas vendas no terceiro trimestre de 2025. Os indicadores operacionais permaneceram robustos, com taxa de ocupação de 95,6% — uma das mais elevadas dos últimos anos — e inadimplência controlada em 3,7%, reforçando a resiliência e a solidez do segmento.\n\nO censo também aponta evolução no comportamento do consumidor, com tempo médio de permanência de 80 minutos, o maior já registrado. Observa-se, ainda, a consolidação do modelo de uso misto, sendo que aproximadamente um terço dos empreendimentos já opera como complexos multiuso, integrando torres comerciais e residenciais, além de serviços como centros médicos, hotéis e instituições de ensino.\n\nNo que se refere à expansão do setor, foram inaugurados 10 novos empreendimentos greenfield em 2025. A região Sudeste permanece como principal concentração de ativos (332 unidades), seguida pelas regiões Sul (112) e Nordeste (110).\n\nMercado de Escritórios\nNo segmento de conjuntos comerciais, dados da CBRE, divulgados pelo portal Bloomberg Línea, indicam a consolidação do retorno ao trabalho presencial. Observa-se a materialização de uma demanda reprimida, especialmente por empresas que expandiram suas operações no período pós-pandemia, mas postergaram decisões de locação em função da adoção do regime de trabalho remoto.\n\nOs ativos pertencentes ao fundo encerraram o ano com alta taxa de ocupação: 95% para as lojas; 99% para os escritórios, e 94% para o Shopping.","Segmento de Shopping Centers:\nDe acordo com especialistas da Abrasce, o patamar atual de desemprego, considerado baixo, tende a estimular o consumo. Adicionalmente, a realização da Copa do Mundo em 2026 pode impulsionar segmentos específicos do varejo.\nPor outro lado, as eleições presidenciais, previstas para outubro, podem pressionar o câmbio e os preços, o que gera incerteza e acaba prejudicando o consumo. Nesse contexto, a Abrasce projeta crescimento de 1,4% nas vendas do setor em 2026.\n\nSegmento de escritórios:\nA consolidação do trabalho presencial deve continuar refletindo na elevação da ocupação dos conjuntos comerciais.\n\nExpectativa para o portfólio do fundo:\nPara o portfólio do fundo, espera-se a manutenção das receitas de locação, com possibilidade de crescimento moderado ao longo do ano, considerando as possibiliades de ocupação das áreas atualmente vagas.",{"id":522,"descricao":34,"assunto":523,"tipo":37,"situacao":524,"texto":525,"link_pdf":526,"estruturado":437,"link_original":48,"data_referencia":39,"data_entrega":527,"versao":69},3487,"","(Ativo)","\u003Ch2>\u003Cstrong>Laudo de Avaliação\u003C\u002Fstrong>\u003C\u002Fh2>\u003Cp>\u003Cstrong>Prédio Comercial Avenida Amazonas, 4338 – Nova Suíça Belo Horizonte \u002F MG\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA (CNPJ\u002FMF Nº 17.161.979\u002F0001-82) REPRESENTADO PELA BR CAPITAL\u003C\u002Fp>\u003Cp>Ref.: 24_41500_5_Rev01\u003C\u002Fp>\u003Cp>\u003Cstrong>Novembro de 2024\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Av. Pres. Juscelino Kubitschek, n° 1830 12° Andar – Torre 4 Itaim Bibi, São Paulo\u003C\u002Fp>\u003Cp>contato@binswanger.com.br +55 11 2985.1101 www.binswangerbrazil.com.br\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0002-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MDS INSWANÇER\u003Cbr>\u003C\u002Fp>\u003Cp>São Paulo, 20 de dezembro de 2024\u003C\u002Fp>\u003Ch5>\u003Cstrong>FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A\u002FC\u003C\u002Fp>\u003Cp>\u003Cstrong>Cristiane Bueno\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>\u003Cem>REF: Imóvel comercial localizado na Avenida Amazonas, 4338 – Nova Suíça – Belo Horizonte \u002F MG\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Atendendo à solicitação da BR CAPITAL, a BINSWANGER BRAZIL efetuou a avaliação do imóvel em referência, determinando seu \u003Cstrong>Valor Justo para Venda\u003C\u002Fstrong> \u003Cstrong>\u003Cem>(Fair Value)\u003C\u002Fem>\u003C\u002Fstrong> na data-base novembro de 2024.\u003C\u002Fp>\u003Cp>No relatório anexo descrevemos a propriedade em estudo, bem como as metodologias utilizadas para o cálculo dos valores. Este relatório está em consonância com as exigências da Resolução 175, de 23 de Dezembro de 2022 e Instrução 516, de 29 de Dezembro de 2011, da CVM.\u003C\u002Fp>\u003Cp>Consideramos que, mediante a entrega deste relatório, os serviços objeto de nossa proposta encontram-se totalmente concluídos.\u003C\u002Fp>\u003Cp>Agradecemos a oportunidade de elaborarmos este trabalho e colocamo-nos à disposição para dirimir quaisquer eventuais dúvidas.\u003C\u002Fp>\u003Cp>Atenciosamente,\u003C\u002Fp>\u003Cp>ISABELA DORA COSTA Assinado de forma digital por ISABELA DORA COSTA MONASTERSKY:14400445895 MONASTERSKY:14400445895 Dados: 2025.01.08 17:34:57 -03'00' Isabela Dora Costa Monastersky - MRICS BINSWANGER BRAZIL\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0002-12.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0003-00.png\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>SUMÁ\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>RIO .......................................................................................................... 4\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>1.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>INTRODUÇÃO ............................................................................................. 5\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.1.\u003C\u002Ftd>\u003Ctd>OBJETO E ESCOPO DA AVALIAÇÃO ........................................................................................ 5\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.2.\u003Cbr>\u003C\u002Ftd>\u003Ctd>CONSIDERAÇÕES INICIAIS ...................................................................................................... 5\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.3.\u003C\u002Ftd>\u003Ctd>CONDIÇÕES LIMITANTES ....................................................................................................... 5\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1.4.\u003C\u002Ftd>\u003Ctd>EVENTOS SUBSEQUENTES ..................................................................................................... 6\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DOCUMENTAÇÃO ....................................................................................... 7\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CARACTERIZAÇÃO DAREGIÃO ........................................................................ 8\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3.1.\u003C\u002Ftd>\u003Ctd>LOCALIZAÇÃO ......................................................................................................................... 8\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3.2.\u003C\u002Ftd>\u003Ctd>ENTORNO ............................................................................................................................... 9\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3.3.\u003C\u002Ftd>\u003Ctd>USO E OCUPAÇÃO DO SOLO ................................................................................................ 11\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CARACTERIZAÇÃO DOIMÓVEL .......................................................................12\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.1.\u003C\u002Ftd>\u003Ctd>QUADRO DE ÁREAS .............................................................................................................. 12\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4.2.\u003C\u002Ftd>\u003Ctd>DESCRIÇÃO DO IMÓVEL ....................................................................................................... 13\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>MERCADOIMOBILIÁRIO NAREGIÃO ...............................................................16\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.1.\u003C\u002Ftd>\u003Ctd>PANORAMA DE MERCADO .................................................................................................. 17\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>6.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>METODOLOGIAEMPREGADA ........................................................................23\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>7.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CÁLCULO DOVALOR DOIMÓVEL ....................................................................27\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.1.\u003C\u002Ftd>\u003Ctd>VALOR DE MERCADO DE LOCAÇÃO - MÉTODO COMPARATIVO ......................................... 27\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.2.\u003C\u002Ftd>\u003Ctd>VALOR JUSTO DE VENDA - MÉTODO DA RENDA (Fluxo de Caixa Descontado) ................... 30\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.3.\u003C\u002Ftd>\u003Ctd>ANÁLISE DE SENSIBILIDADE ................................................................................................. 34\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>8.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CONCLUSÃO DAAVALIAÇÃO .........................................................................35\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEA – MÉTODOCOMPARATIVO– LOCAÇÃO ...................................................36\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEB – FLUXO DECAIXA– MÉTODO DARENDA ................................................40\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEC – EXPERIÊNCIAEMPRESA ERESPONSÁVEIS ................................................42\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ANEX\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>O– DOCUMENTAÇÃO DOIMÓVEL ...................................................................43\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0004-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>SUMÁRIO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>INTERESSADO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>BR CAPITAL\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>PROPRIETÁRIO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>FUNDO DE INVESTIME\u003C\u002Ftd>\u003Ctd>NTO IMOBILIÁRIO PEDRA NEGRA RENDA\u003C\u002Ftd>\u003Ctd>IMOBILIÁRIA (50,1075%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OCUPAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Imóvel Ocupado\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OBJETIVO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Valor Justo para Ven\u003C\u002Ftd>\u003Ctd>da\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>FINALIDADE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Determinação de Val\u003C\u002Ftd>\u003Ctd>or de Ativos\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDENTIFICAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Telhanorte Amazona\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>s\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>TIPOLOGIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Comercial - Prédio In\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>teiro\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OBJETO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Endereço\u003C\u002Ftd>\u003Ctd>Avenida Amazonas, 4338\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Bairro\u003C\u002Ftd>\u003Ctd>Nova Suíça\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Cidade\u002FUF\u003C\u002Ftd>\u003Ctd>Belo Horizonte \u002F MG\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área de Terreno\u003C\u002Ftd>\u003Ctd>8.282,87 m²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área Construída\u003C\u002Ftd>\u003Ctd>10.779,51 m²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área Privativa\u003C\u002Ftd>\u003Ctd>4.703,53 m²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Vagas Garagem\u003C\u002Ftd>\u003Ctd>209\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>DATA VISTORIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>19\u002F12\u002F2024\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DATA BASE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>novembro-2024\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DATA DA ÚLTIMA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Não realizada por essa empresa\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>ACOMPANHANTE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Vistoria externa\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>CONCLUSÃO DE VALOR – PARCELA FII = 50,1075%\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>VALOR JUSTO\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>PARA VENDA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>(Renda – Fluxo de\u003Cbr>Caixa)\u003C\u002Fth>\u003Cth>\u003Cstrong>R$ 25.505.000,00\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Vinte E Cinco Milhões, Quinhentos E Cinco Mil Reais\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>\u003Cstrong>ESPECIFICAÇÃO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>METODOLOGIA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>GRAU DE PRECISÃO\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Comparativo Direto de Locação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau II\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau II\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Renda:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau I\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>n\u002Fa\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0005-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>1. INTRODUÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch4>\u003Cstrong>1.1. OBJETO E ESCOPO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cstrong>FII PEDRA NEGRA RENDA IMOBILIÁRIA\u003C\u002Fstrong> (CNPJ\u002FMF Nº 17.161.979\u002F0001-82), representado por \u003Cstrong>BR CAPITAL\u003C\u002Fstrong> solicitou à \u003Cem>Binswanger\u003C\u002Fem> a avaliação de um imóvel comercial, determinando seu \u003Cstrong>Valor Justo para Venda (\u003C\u002Fstrong> \u003Cstrong>\u003Cem>Fair Value\u003C\u002Fem>)\u003C\u002Fstrong>, na data-base de novembro de 2024, visando a suportar decisões gerenciais.\u003C\u002Fp>\u003Ch4>\u003Cstrong>1.2. CONSIDERAÇÕES INICIAIS\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Visando a atender ao objetivo solicitado, \u003Cstrong>realizamos vistoria externa do imóvel\u003C\u002Fstrong>, pesquisa do mercado imobiliário local e cálculo dos valores. Utilizamos, também, informações gerenciais verbais ou escritas, recebidas através da contratante.\u003C\u002Fp>\u003Cp>Todas as dependências as quais foram possíveis o acesso, foram visitadas, entretanto, a inspeção e o levantamento foram predominantemente visuais.\u003C\u002Fp>\u003Ch4>\u003Cstrong>1.3. CONDIÇÕES LIMITANTES\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cul>\u003Cli>\u003Cp>✓ Efetuamos análises e procedimentos por nós considerados adequados, contudo a Binswanger Brazil não se responsabiliza por informações fornecidas por terceiros e não será responsável, sob qualquer hipótese, por quaisquer danos ou perdas resultantes da omissão de informações por parte do contratante ou de terceiros consultados durante o desenvolvimento desta avaliação;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os dados obtidos no mercado imobiliário local foram fornecidos por corretores, imobiliárias e profissionais habilitados, portanto, são premissas aceitas como corretas;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os profissionais envolvidos neste trabalho não têm interesses financeiros nos bens aqui avaliados, caracterizando a sua independência;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os honorários cobrados não têm qualquer relação com os valores aqui avaliados;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Esta avaliação considera a propriedade livre e desembaraçada de quaisquer ônus, reclamações e outros comprometimentos legais, e a inexistência de quaisquer problemas relacionados a passivos ambientais, bem como processos de desapropriação ou melhoramentos viários que venham a atingir a área;\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0006-00.png\">\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ O objetivo deste trabalho não inclui investigação em documentos e registros da propriedade e não é responsabilidade da Binswanger Brazil, identificar ou corrigir eventuais deficiências na propriedade aqui avaliada, incluindo físicos, financeiros e ou legais. Assumimos que as medidas do imóvel, bem como seus respectivos títulos estejam corretos e registrados em cartório e que a documentação enviada para consulta seja a vigente;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram consultados órgãos públicos nos âmbitos Municipal, Estadual ou Federal, quanto à situação legal e fiscal do imóvel perante os mesmos;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram efetuadas medições de campo ou pesquisas de passivos ambientais no solo;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram analisadas as condições estruturais do imóvel, apenas identificamos e apontamos (se houver) avarias aparentes;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Não foram avaliados máquinas e equipamentos, móveis e utensílios, cultivos, semoventes ou quaisquer outros bens móveis que possam existir na propriedade;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Os valores encontrados estão fixados em moeda corrente Real (R$) e para a data base de seus cálculos;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Essa avaliação não deve ser utilizada para qualquer outra finalidade que não a mencionada no “Sumário Executivo” deste relatório.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ O valor de avaliação considera que não haverá alteração das condições econômicas e de mercado entre a data de execução e entrega do laudo e a data-base da avaliação, assim como a propriedade se manterá nas condições em que se encontra hoje.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cstrong>1.4. EVENTOS SUBSEQUENTES\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Essa avaliação não reflete qualquer evento que possa ocorrer entre a data-base e a data deste relatório. A BINSWANGER BRAZIL não é obrigada a atualizar os valores deste relatório após a data de emissão.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0007-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>2. DOCUMENTAÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>Esta avaliação foi embasada nos seguintes documentos recebidos do contratante:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Matrícula\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Número \u002F Cartório:\u003Cbr>Proprietários:\u003C\u002Ftd>\u003Ctd>97.078 \u002F 7º Ofício de Registro de Imóveis da Comarca de Belo Horizonte \u002F MG\u003Cbr>BTS SPE V EMPREENDIMENTOS IMOBILIÁRIOS LTDA (28,64%)\u003Cbr>BEATRIZ PRADO PARTICIPAÇÕES E EMPREENDIMENTOS EIRELI (19,97%)\u003Cbr>FUNDO DE INVESTIMENTO IMOBILIÁRIO PEDRA NEGRA RENDA IMOBILIÁRIA\u003Cbr>(51,39%)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área de Terreno:\u003C\u002Ftd>\u003Ctd>8.282,87 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Construída:\u003C\u002Ftd>\u003Ctd>10.779,51 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Privativa:\u003C\u002Ftd>\u003Ctd>4.703,53 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Privativa Acessória\u003C\u002Ftd>\u003Ctd>2.629,93 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Comum\u003C\u002Ftd>\u003Ctd>3.446,05 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Nº de Vagas:\u003C\u002Ftd>\u003Ctd>209\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Último ato praticado:\u003C\u002Ftd>\u003Ctd>Av-3 - CND\u002FINSS, datada em 04\u002F09\u002F2020\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data da última emissão:\u003C\u002Ftd>\u003Ctd>06\u002F10\u002F2020\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Observação:\u003C\u002Ftd>\u003Ctd>obra total de 14.317,38 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Contrato de Locação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Locatário:\u003C\u002Ftd>\u003Ctd>Saint Gobain Telhanorte\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área de Terreno:\u003C\u002Ftd>\u003Ctd>9.551,57 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Construída:\u003C\u002Ftd>\u003Ctd>13.867,10 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Locável:\u003C\u002Ftd>\u003Ctd>4.910,80 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Nº de Vagas:\u003C\u002Ftd>\u003Ctd>209\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Início Contrato:\u003C\u002Ftd>\u003Ctd>10\u002F05\u002F2018\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Término Contrato:\u003C\u002Ftd>\u003Ctd>10\u002F07\u002F2033\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor de Locação:\u003C\u002Ftd>\u003Ctd>Aluguel Escalonado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Reajuste:\u003C\u002Ftd>\u003Ctd>IPCA\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data do Último Aditivo:\u003C\u002Ftd>\u003Ctd>19\u002F08\u002F2022\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor Atualizado (12\u002F2024):\u003C\u002Ftd>\u003Ctd>R$ 359.606,26\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Observação:\u003C\u002Ftd>\u003Ctd>Contrato BTS\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0008-00.png\">\u003C\u002Fp>\u003Cp>EB BRAZIL\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>3. CARACTERIZAÇÃO DA REGIÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch4>\u003Cstrong>3.1. LOCALIZAÇÃO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cul>\u003Cli>O mapa a seguir ilustra a localização do imóvel na região:\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0008-04.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Mapa de Localização do Imóvel\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Como pontos de referência, podemos citar que o imóvel está a cerca de:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ 2,1 km da Avenida do Contorno;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 2,7 km da Estação de Metrô Calafate;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 3,1 km do Diamond Mall;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 5,0 km da Rodoviária de Belo Horizonte; e\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 5,2 km do Hospital das Clínicas da UFMG.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0009-00.png\">\u003C\u002Fp>\u003Cp>EB BINSWA GER\u003Cbr>\u003C\u002Fp>\u003Ch4>\u003Cstrong>3.2. ENTORNO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0009-02.png\">\u003C\u002Fp>\u003Cp>E A SE\u003Cbr>Pa tné a A ES NBReai entTa Barbo,AERS OA esp1 Mimi Ria,SM y cega CR E >\u003Cbr>sa E VE EO MT ES e A E E RS Corro a? 4 e E\u003Cbr>sea[NANR pesada!(0)> IADETALOSTA CempoovoeRENAS déOhMe| E NSdba14 E)TETO: E imSO MASÉ ico E Evá& EBBEESé CRUNSOqeAALE, pagina pa“ra earo)as HessTESço «ADESEsAVo\u003Cbr>FeOn iq en De RODO at E eta ED EAR\u003Cbr>ESSO ta PENA RS DER aa Ep dee ço Ritos\u003Cbr>gaEUA o o cocaeo FALO ERESa 7! ZE Em| SLD asRUE Rage& WigesAd TO\u003Cbr>Us E Qu no E a PREe E a RE\u003Cbr>femea teaÃçA Sama A À ES GS Avaliando, o ae RE a\u003Cbr>ago SENTADOS 1 RR A pia S, Med 3 ra E O) mr ror=\u003Cbr>de Ee DO VER ASTRA ams 9 PS PR E EO DA a\u003Cbr>sedepes ne pioOina ddO Paresddpecadopi ANa BE“Sabo a Dre AE (8)\u003Cbr>al EM re LATA VE\u003Cbr>e E A NGAD S , SA) A VIEe Tao arePÉUEfiRr di RS pu JE= Di, PES a ePEGA IR Mo ETA nEAui IRA ENOda\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cem>Imagem Satélite\u003C\u002Fem>\u003C\u002Fp>\u003Ch4>\u003Cstrong>3.2.1. Descrição da região, entorno e acessos\u003C\u002Fstrong>\u003C\u002Fh4>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Uso Predominante Local:\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>Residencial unifamiliar \u002F multifamiliar \u002F Comercial \u002F Prestação de Serviços\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Densidade de Ocupação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Horizontal \u002F Vertical – Alta\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Padrão Econômico:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Médio-Alto\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Nível de Acesso:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Bom\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Intensidade do Tráfego:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Intenso\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Área de Preservação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Não\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Polos Valorizantes:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Próximo de polo comercial \u002F hotel \u002F transporte público \u002F estação de metrô \u002F\u003Cbr>escolas \u002F hospitais\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Polos Desvalorizantes:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Não observado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vocação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comercial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Valorização Imobiliária:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Estável\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0010-00.png\">\u003C\u002Fp>\u003Ch4>\u003Cstrong>3.2.2. Melhoramentos Urbanos e Serviços Comunitários\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>A seguir apresentamos infraestrutura urbana em um alcance de aproximadamente 1km do avaliado:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp> Abastecimento de água  Energia elétrica  Escolas Cisterna \u002F Poço Artesiano  Iluminação pública  Correio\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp> Esgoto pluvial  Telefone  Posto policial  Esgoto sanitário  Fibra ótica  Serviços médicos Fossa  Arborização  Recreação e lazer\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp> Gás canalizado  Transporte público  Comércio local  Coleta de lixo Aeroporto  Agências Bancárias  Pavimentação Rodoviária Shopping Center\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cstrong>FOTOS DE ACESSOS\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0010-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0010-06.png\">\u003C\u002Fp>\u003Cp>Acesso Av. Amazonas\u003C\u002Fp>\u003Cp>Acesso Av. Amazonas\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0010-09.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0010-10.png\">\u003C\u002Fp>\u003Cp>Rua Junquilhos\u003C\u002Fp>\u003Cp>Rua Junquilhos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0011-00.png\">\u003C\u002Fp>\u003Cp>EB\u003Cbr>EDP NSVANÇER\u003Cbr>\u003C\u002Fp>\u003Ch4>\u003Cstrong>3.3. USO E OCUPAÇÃO DO SOLO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Os parâmetros de zoneamento que incidem sobre o imóvel são relacionados a seguir:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0011-03.png\">\u003C\u002Fp>\u003Ch5>\u003Cem>Mapa de Zoneamento\u003C\u002Fem>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Zoneamento\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Legislação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Lei nº 11.181, de 8 de agosto de 2019 - Aprova o Plano Diretor do\u003Cbr>Município de Belo Horizonte e dá outrasprovidências.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Zona de Uso - Descrição\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>CR - Centralidade Regional\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>T.O. (Taxa de Ocupação)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>60%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>C.A. (Coeficiente de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Básico\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1,0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Aproveitamento)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Máximo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>5,0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Gabarito\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Sem limite\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Lote Mínimo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>125,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Principais Usos Permitidos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Residencial, comercial, prestação de serviços\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Principais Usos Vetados\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>\u003Cem>Nota: as informações acima foram obtidas através de consulta informal ao site e funcionários da Prefeitura. Para obtenção de dados precisos sobre zoneamento, uma consulta formal aos órgãos governamentais pertinentes deverá ser realizada, o que não faz parte do escopo do presente trabalho.\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>A presente avaliação trata do imóvel em sua configuração atual, conforme escopo, assumindo que a\u003C\u002Fp>\u003Cp>edificação existente está devidamente regularizada perante órgãos competentes.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0012-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>4. CARACTERIZAÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch4>\u003Cstrong>4.1. QUADRO DE ÁREAS\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>O quadro de áreas a seguir foi extraído de documentação fornecida pelo cliente:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Documentos\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área de terreno\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área construída\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área privativa\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Vagas de Garagem\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Matrícula\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>8.282,87\u003C\u002Ftd>\u003Ctd>10.779,51\u003C\u002Ftd>\u003Ctd>4.703,53\u003C\u002Ftd>\u003Ctd>209\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Contrato de Locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>9.551,57\u003C\u002Ftd>\u003Ctd>13.867,10\u003C\u002Ftd>\u003Ctd>4.910,80\u003C\u002Ftd>\u003Ctd>209\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ADOTADA EM CÁLCULO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8.282,87\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10.779,51\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.703,53\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>209\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>\u003Cem>n\u002Fi - não informado | n\u002Fa – não aplicável\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Para efeito de cálculo, foi considerada a área privativa equivalente, conforme demostrado abaixo:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Pavimento\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Descrição\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área construída\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Peso\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área construída\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>equivalente (m²)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Térreo\u003Cbr>Loja 4\u003C\u002Ftd>\u003Ctd>4.703,53\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>4.703,53\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Apoio\u003Cbr>Privativa Acessória\u003C\u002Ftd>\u003Ctd>2.629,93\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003Ctd>262,99\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ÁREA TOTAL CONSTRUÍDA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7.333,46\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4.966,52\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Estacionamento Externo\u003C\u002Ftd>\u003Ctd>4.807,00\u003C\u002Ftd>\u003Ctd>25%\u003C\u002Ftd>\u003Ctd>1.201,75\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ÁREA TOTAL\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.168,27\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0013-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>EB BINSWANGER\u003Cbr>\u003C\u002Fp>\u003Ch4>\u003Cstrong>4.2. DESCRIÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Prédio comercial localizado na Avenida Amazonas, no bairro Nova Suíça de Belo Horizonte. O imóvel atualmente encontra-se desocupado, porém com contrato vigente. O imóvel é composto por 4 lojas e estacionamento coberto e descoberto.\u003C\u002Fp>\u003Ch4>\u003Cstrong>4.2.1. Terreno\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0013-04.png\">\u003C\u002Fp>\u003Ch5>\u003Cem>Delimitação do Terreno\u003C\u002Fem>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>CARACTERÍSTICAS DO TERRE\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>NO\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Testada Principal\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>92,84m – Av. Amazonas \u002F 72,16 m – Rua Junquilhos (Matrícula)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Formato\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Irregular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Quantidade de Frentes\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>4\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Superfície \u002F Consistência\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Seca\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Topografia\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Plana\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Situação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>No nível da rua\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Delimitação \u002F Fechamento\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Delimitado por muro de alvenaria (Divisas parcialmente delimitadas)\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0014-00.png\">\u003C\u002Fp>\u003Ch4>\u003Cstrong>4.2.2. Construção\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0014-02.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Fachada do Imóvel\u003C\u002Fem>\u003C\u002Fp>\u003Ch6>\u003Cstrong>CARACTERÍSTICAS DA CONSTRUÇÃO\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Posicionamento no Terreno\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>Afastada das divisas do terreno\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Nº de Pavimentos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>4 Pavimentos: loja 1, loja 2, loja 3 e loja 4\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estrutura\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Concreto armado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Cobertura\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Laje impermeabilizada\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Fechamento\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Concreto\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Fachada\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Bloco de concreto com pintura\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Esquadrias e Vidros\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alumínio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Vidro Temperado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Padrão IBAPE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Galpão – superior – limite médio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estado de Conservação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Entre Novo e Regular (B)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vícios de Construção\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Não detectados visualmente\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Condição Geral das Instalações\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Boa\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Idade Estimada\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>5 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vida Útil Remanescente\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>75 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-00.png\">\u003C\u002Fp>\u003Ch4>\u003Cstrong>4.2.3. Reportagem Fotográfica\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-02.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-03.png\">\u003C\u002Fp>\u003Cp>Fachada\u003C\u002Fp>\u003Cp>Fachada\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-06.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-07.png\">\u003C\u002Fp>\u003Cp>Acesso estacionamento\u003C\u002Fp>\u003Cp>Fundos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-10.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-11.png\">\u003C\u002Fp>\u003Cp>Demais lojas\u003C\u002Fp>\u003Cp>Fachada Rua Junquilhos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-14.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0015-15.png\">\u003C\u002Fp>\u003Cp>Fachada\u003C\u002Fp>\u003Cp>Acesso Avenida Amazonas\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0016-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>5. MERCADO IMOBILIÁRIO NA REGIÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Dados Gerais do Município\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Referências\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Belo Horizonte \u002F MG\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Capital do Estado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Brasil (média)\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>**Área Territorial **[2020]\u003C\u002Ftd>\u003Ctd>331,35 km²\u003C\u002Ftd>\u003Ctd>331,35 km²\u003C\u002Ftd>\u003Ctd>1.525,54 km²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>População\u003C\u002Fstrong>[2022]\u003C\u002Ftd>\u003Ctd>2.392.678 hab.\u003C\u002Ftd>\u003Ctd>2.392.678 hab.\u003C\u002Ftd>\u003Ctd>37.298 hab.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>PIB (R$ mil)\u003C\u002Fstrong>[2018]\u003C\u002Ftd>\u003Ctd>R$ 91.957.091,80\u003C\u002Ftd>\u003Ctd>R$ 91.957.091,80\u003C\u002Ftd>\u003Ctd>R$ 1.257.475,94\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>PIB per Capita\u003C\u002Fstrong> [2018]\u003C\u002Ftd>\u003Ctd>R$ 36.759,66\u003C\u002Ftd>\u003Ctd>R$ 36.759,66\u003C\u002Ftd>\u003Ctd>R$ 23.513,94\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDH\u003C\u002Fstrong>[2010]\u003C\u002Ftd>\u003Ctd>0,810\u003C\u002Ftd>\u003Ctd>0,810\u003C\u002Ftd>\u003Ctd>0,659\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>(Fonte: IBGE)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Características Gerais do Me\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>rcado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Liquidez do Imóvel\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Oferta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Baixa\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Para Locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>n\u002Fa\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Demanda\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Médio-Baixa\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Para Venda\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Médio-Baixa\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Risco de Invasão\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Baixa\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Vocação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comercial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Análise de SWOT\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Pontos Fortes:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Pontos Fracos:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>✓ Construção de Qualidade\u003C\u002Ftd>\u003Ctd>\u002F Atual;\u003C\u002Ftd>\u003Ctd>✓ Não observado.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>✓ Boa visibilidade;\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>✓ Amplo estacionamento.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Oportunidades:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Ameaças:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>✓ Contrato BTS vigente.\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>✓ Imóvel atualmente\u003Cbr>de locatário.\u003C\u002Ftd>\u003Ctd>vago e em oferta para troca\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0017-00.png\">\u003C\u002Fp>\u003Ch4>\u003Cstrong>5.1. PANORAMA DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Ch4>\u003Cstrong>ECONOMIA\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>De acordo com o último relatório de Perspectivas Econômicas Globais do Banco Mundial (Bird), datado de 09 de janeiro de 2024, conforme o mundo se aproxima da metade da década que prometia ser transformadora para o desenvolvimento, a previsão é de que a economia global tenha a pior meia década em termos de crescimento de PIB em 30 anos.\u003C\u002Fp>\u003Cp>O risco de uma recessão global diminuiu, muito devido à força da economia norte-americana, mas as crescentes tensões geopolíticas podem criar novos riscos a curto prazo. No entanto, a perspectiva de médio prazo piorou para muitas economias em desenvolvimento em meio à desaceleração do crescimento das principais economias, um comércio global letárgico e as piores condições financeiras em décadas. O crescimento global deve desacelerar pelo terceiro ano consecutivo, de 2,6% no último ano para 2,4% em 2024.\u003C\u002Fp>\u003Cp>A forte desaceleração do crescimento deve ser generalizada, com previsões em 2024 revisadas para baixo na maioria das economias avançadas e em desenvolvimento. O Banco Mundial alerta que \u003Cem>“se não houver uma grande correção de rumo, a década de 2020 será conhecida como a década das oportunidades perdidas\u003C\u002Fem>”.\u003C\u002Fp>\u003Cp>Os efeitos da elevação de preços de commodities, dos gargalos na cadeia produtiva e da reabertura das economias se refletiram sobre as taxas de inflação em economias avançadas e emergentes. Tendo em vista essa conjuntura, ressaltamos alguns pontos relevantes para o panorama econômico global\u003Csup>1\u003C\u002Fsup> :\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ Políticas monetárias e condições de créditos restritivas e os baixos níveis de comércio e investimento globais impactarão o crescimento;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ O recente conflito no Oriente Médios aumentou os riscos geopolíticos;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ O ambiente externo segue volátil, marcado pelo arrefecimento das taxas de juros de prazos mais longos nos Estados Unidos e sinais incipientes de queda de núcleos de inflação, que ainda permanecem em níveis elevados em diversos países;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ A continuidade da Guerra na Ucrânia, com suas consequências sobre o fornecimento de gás natural para a Europa, reforça uma perspectiva de desaceleração do crescimento global nos próximos trimestres;\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cblockquote>\u003Cp>1 Análise realizada com base nos relatórios de mercado da Organização para a Cooperação e Desenvolvimento Econômico - OCDE, Comitê de Política Monetária – Copom, Instituto de Pesquisa Econômica Aplicada - IPEA e do Fundo Monetário Internacional -FMI (outubro a dezembro\u002F2023).\u003C\u002Fp>\u003C\u002Fblockquote>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0018-00.png\">\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ Os bancos centrais das principais economias permanecem determinados em promover a convergência das taxas de inflação para suas metas em um ambiente marcado por pressões nos mercados de trabalho. O Comitê avalia que o cenário segue exigindo cautela por parte de países emergentes;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ No Brasil, o conjunto de indicadores recentes de atividade econômica segue consistente com o cenário de desaceleração da economia esperado pelo Comitê. A divulgação do PIB do terceiro trimestre confirmou a moderação de crescimento que estava antecipada, mas com resiliência no consumo das famílias. O mercado de trabalho segue aquecido, mas apresenta alguma moderação na margem;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ A inflação ao consumidor segue a trajetória esperada de desinflação, com destaque para a sua composição benigna. Os indicadores que agregam os componentes mais sensíveis ao ciclo econômico e à política monetária se aproximaram da meta para a inflação nas divulgações mais recentes. As expectativas de inflação para 2024, 2025 e 2026 apuradas pela pesquisa Focus encontram-se em torno de 4,38%, 3,92% e 3,60%, respectivamente.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>O desempenho econômico do Brasil, assim como dos demais países do globo, é reflexo da influência do COVID-19 e consequentes instabilidades geradas durante o período mais crítico da pandemia. O crescimento global lento pesou sobre os preços das commodities, enfraquecendo os termos de troca da América do Sul.\u003C\u002Fp>\u003Cp>Os impasses políticos aliados à recente pressão inflacionária contribuem para um cenário ainda conservador em termos de recuperação econômica no Brasil. De qualquer forma, os poucos avanços conseguidos em reformas econômicas, o crescimento de investimento privado e a retomada do setor de serviços, fundamentaram a projeção para a retomada econômica do país.\u003C\u002Fp>\u003Cp>Depois de sofrer retração de 4,2% em 2020, o ano de 2021 apresentou um crescimento do PIB Total de 4,5% após oscilações em torno do agravamento da pandemia no início do ano e encerrou 2022 com um crescimento acumulado de 3,0% e 2023 com 2,9%. As perspectivas futuras são positivas, sendo o PIB Total esperado para 2024 de 3,00%, 1,90% em 2025 e 2,0% em 2026 e 2027, conforme relatório FOCUS de 04\u002F10\u002F2024.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0019-00.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0019-01.png\">\u003C\u002Fp>\u003Cp>Crescimento do PIB\u003Cbr>Previsão em 11\u002F10\u002F2024\u003Cbr>6%\u003Cbr>4,0% 4,0%\u003Cbr>4% 2,4% 2,4% 2,4% 2,9% 3,2%\u003Cbr>2% 3,7% 1,7% 2,4% 1,4% 0,4% 1,4% 1,2% 3,0% 2,4% 2,9% 3,0% 1,8%1,9% 2,0%2,0% 2,0%2,0% 2,0%2,0%\u003Cbr>0% 1,2% 1,1%\u003Cbr>0,5% -1,5%\u003Cbr>-0,3%\u003Cbr>-2% -2,9%\u003Cbr>-2,3%\u003Cbr>-4% -3,2% -4,2%\u003Cbr>-6% -4,6%\u003Cbr>2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028\u003Cbr>PIB Total PIB Serviços PIB Total Previsão PIB Serviços Previsão\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cem>Fonte: Sistema de Expectativas Bacen. Editado por Binswanger Brazil – outubro\u002F2024\u003C\u002Fem>\u003C\u002Fp>\u003Cp>A recuperação da atividade econômica continua ocorrendo de forma heterogênea. Por um lado, serviços e comércio, que têm alta representatividade na composição do PIB Total, vão se beneficiando diretamente do aumento da mobilidade, enquanto indústria sofre com escassez de matéria prima e custos de energia.\u003C\u002Fp>\u003Cp>O principal motivo para o aumento do IPCA em setembro de 2024 foi a alta nos preços da energia elétrica residencial e do grupo Alimentação e bebidas: (i) A mudança da bandeira tarifária de verde para vermelha patamar um, em agosto, aumentou o preço da energia elétrica; e (ii) O grupo Alimentação e bebidas teve uma alta de 0,50%, após dois meses de quedas.\u003C\u002Fp>\u003Cp>Atualmente, a taxa SELIC está fixada em 10,75%, após atingir os patamares mais baixos da série histórica em 2020.\u003C\u002Fp>\u003Cp>\u003Cstrong>IPCA x SELIC x Meta de Inflação\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0019-07.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Fonte: Relatório Focus - Bacen. Editado por Binswanger Brazil – outubro\u002F2024\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0020-00.png\">\u003C\u002Fp>\u003Ch4>\u003Cstrong>TRABALHO FORMAL\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Desde janeiro de 2020, o uso do sistema do Cadastro Geral de Empregados e Desempregados (CAGED) foi substituído pelo sistema de Escrituração Digital das Obrigações Fiscais, Previdenciárias e Trabalhistas (eSocial) para parte das empresas, conforme estabelecido pela Portaria SEPRT nº 1.127 de 14\u002F10\u002F2019. Permanece a obrigatoriedade de envio das informações por meio do CAGED apenas para órgãos públicos e organizações internacionais que contratam celetistas.\u003C\u002Fp>\u003Cp>Para viabilizar a divulgação de estatísticas do emprego formal durante este período de transição, foi feita imputação de dados de outras fontes, captadas dos sistemas eSocial, CAGED e Empregador Web. De acordo com este estudo, com a pandemia de COVID-19, houve uma forte retração no emprego formal entre março e maio de 2020, com perda de 963.703 postos de trabalho no mês de abril de 2020. A partir de maio de 2020 inicia-se alguma recuperação, mas ainda ocorreram oscilações, como a sazonalidade de dezembro e nova retração, ainda que de menor intensidade, em março e abril de 2021, em função do aumento expressivo de internações por COVID-19 e novas ações de “lockdown”. Em 2021, o número de brasileiros desempregados chegou a 14,1 milhões de pessoas, cerca de 13,3% da população. Um ano depois, a redução foi importante, para 10,3 milhões de brasileiros e uma taxa de 9,5%. O ano de 2023 encerrou em 7,8%, atingindo 8,5 milhões de pessoas, menor taxa desde 2014.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Saldo de Emprego Celetista - agosto de 2024\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0020-05.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Fonte: Painel de informações do Novo CAGED. Editado por Binswanger Brazil – outubro\u002F2024\u003C\u002Fem>\u003C\u002Fp>\u003Cp>Com uma economia mundial desafiadora e instabilidade geopolítica, a taxa do desemprego no Brasil deve voltar a crescer ainda no início de 2024, conforme previsão do Instituto Brasileiro de Economia da Fundação Getúlio Vargas (GGV Ibre). É previsto que o índice feche 2024 em 8,0%.\u003C\u002Fp>\u003Cp>A análise setorial indica maior participação do setor de serviços no estoque de postos de trabalho no país, seguida por comércio e indústria.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0021-00.png\">\u003C\u002Fp>\u003Cp>Eensveçes\u003Cbr>Novos Postos de Trabalho por Estoque de Postos de Trabalho por\u003Cbr>Região - Agosto\u002F2024 Grupamento - Agosto\u002F2024\u003Cbr>CO N Agropecuária\u003Cbr>11% 7% 3%\u003Cbr>S NE Comércio\u003Cbr>15% 20% 14%\u003Cbr>Serviços\u003Cbr>55%\u003Cbr>Construção\u003Cbr>9%\u003Cbr>Indústria\u003Cbr>SE 18%\u003Cbr>50%\u003Cbr>“q) (“\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cem>Fonte: Painel de informações do Novo CAGED. Editado por Binswanger Brazil – outubro\u002F2024\u003C\u002Fem>\u003C\u002Fp>\u003Ch4>\u003Cstrong>ASPECTOS DE MERCADO IMOBILIÁRIO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>O mercado imobiliário brasileiro sofreu com a crise político-econômica recente, uma vez que a renda familiar foi significativamente impactada com o aumento do nível de desemprego e redução da atividade econômica, além - é claro, de influenciar na tomada de decisão para aquisição de um imóvel, dada a insegurança gerada pela instabilidade do momento.\u003C\u002Fp>\u003Cp>O gráfico a seguir mostra que tanto o volume de imóveis financiados para aquisição quanto para construção teve uma grande redução a partir de 2014. Do ano de 2017 até o final de 2021, observamos o início de uma retomada do setor, alinhada à política de baixa de juros da época. Mesmo com a pandemia de COVID-19, o volume negociado em 2020 foi 43% superior ao de 2019. Já o ano de 2021 superou em 104% as unidades financiadas no ano anterior e superou também os patamares atingidos em 2014, atingindo o recorde na série histórica, porém com queda desde então. Em 2023, em razão da subida dos juros, o volume foi quase 15% menor em relação ao volume total de 2022.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0021-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0022-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>EB BINSWANGER\u003Cbr>\u003C\u002Fp>\u003Cp>As mudanças do cenário econômico e principalmente os aumentos dos insumos têm pressionado os preços de venda para cima. Houve também redução efetiva no poder de compra das famílias devido ao aumento da inflação. A crescente alta das taxas de juros para financiamento imobiliário é observada desde setembro de 2021, em subida nos primeiros meses de 2023 e tendência de estabilidade nos últimos meses, podendo ser observadas no gráfico a seguir.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0022-02.png\">\u003C\u002Fp>\u003Cp>Evolução da Taxa Média de Juros para Financiamento Imobiliário\u003Cbr>Pós-Fixado referenciado em TR\u003Cbr>12\u003Cbr>11\u003Cbr>10 HT\u003Cbr>9\u003Cbr>8\u003Cbr>7 DNA DEE TT T ==\u003Cbr>6\u003Cbr>2021 2022 2023 2024\u003Cbr>CAIXA ECONOMICA FEDERAL ITAÚ UNIBANCO S.A. BCO BRADESCO S.A.\u003Cbr>BCO SANTANDER (BRASIL) S.A. BCO DO BRASIL S.A.\u003Cbr>Fonte: BACEN. Editado por Binswanger Brazil – outubro\u002F2024\u003Cbr>% a.a.\u003Cbr>jan fev mar abr mai jun ulj aog set out nov dez jan fev mar abr mai jun ulj aog set out nov dez jan fev mar abr mai jun ulj aog set out nov dez jan fev mar abr mai jun ulj aog set\u003Cbr>\u003C\u002Fp>\u003Cp>O mercado imobiliário se comporta de maneira cíclica, com altas e baixas na demanda e oferta, cujas oscilações são decorrentes do desempenho da economia, da confiança dos consumidores, da disponibilidade de crédito e de situações específicas de cada segmento ou região geográfica.\u003C\u002Fp>\u003Cp>Considerando este ciclo dinâmico, constatamos que, com o cenário de paralização global da economia em 2020 e 2021, em função da pandemia do COVID-19, neste momento o mercado imobiliário em geral se encontra no estágio de expansão.\u003C\u002Fp>\u003Cp>O momento é de aproveitar oportunidades, já que começa a existir maior demanda do que oferta, causando um aumento nos preços e otimismo por toda a cadeia da construção. e obter sucesso até a fase subsequente, de estabilização. A identificação do ponto crítico é crucial no sucesso; o ciclo é dinâmico\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0022-06.png\">\u003C\u002Fp>\u003Cp>de acordo com o tamanho e maturação do mercado.\u003C\u002Fp>\u003Cp>\u003Cem>Fonte: Binswanger Brazil – outubro\u002F2024\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0023-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>6. METODOLOGIA EMPREGADA\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>A metodologia adotada para este trabalho fundamenta-se nos seguintes critérios e preceitos: \u003Cstrong>NBR 14653\u003C\u002Fstrong>; Parte 1 – Procedimentos Gerais; Parte 2 - Imóveis Urbanos e Parte 4 - Empreendimentos, da ABNT (Associação Brasileira de Normas Técnicas); Normas para Avaliações de Imóveis Urbanos publicadas pelo \u003Cstrong>IBAPE\u002FSP\u003C\u002Fstrong> (Instituto Brasileiro e Avaliações e Perícias de Engenharia); Requisitos básicos do \u003Cem>Red Book\u003C\u002Fem>, estipulados pelo RICS (\u003Cem>Royal Institution of Chartered Surveyors\u003C\u002Fem>), da Grã Bretanha.\u003C\u002Fp>\u003Cp>O avaliando teve seus valores obtidos pelas seguintes metodologias:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Metodologia\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor Aferido\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cbr>Método Comparativo Direto de Dados de Mercado\u003Cbr>(Metodologia Acessória)\u003C\u002Ftd>\u003Ctd>Valor de Mercado de Locação\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cbr>Método da Capitalização da Renda\u003C\u002Ftd>\u003Ctd>Valor Justo para Venda\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch4>\u003Cstrong>MÉTODO COMPARATIVO DIRETO DE DADOS DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>“Identifica o valor de mercado do bem por meio de tratamento técnico dos atributos dos elementos comparáveis, constituintes da amostra”.\u003C\u002Fp>\u003Cp>O \u003Cstrong>método comparativo direto de dados de mercado\u003C\u002Fstrong> consiste na apuração do valor de um imóvel por meio da análise do comportamento do mercado imobiliário relativo ao segmento enfocado e prevê a comparação direta com outros imóveis similares, em oferta ou recentemente transacionados, cujas características, preços e condições gerais sejam conhecidos no mercado, sendo ponderados tecnicamente os dados e atributos (intrínsecos e extrínsecos) das referências de mercado que exerçam influência na formação dos preços.\u003C\u002Fp>\u003Cp>As características e atributos dos elementos pesquisados, que exerçam influência na formação do valor dos imóveis, são homogeneizados através de \u003Cstrong>Tratamento por Fatores\u003C\u002Fstrong> ou \u003Cstrong>Inferência Estatística\u003C\u002Fstrong>:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ A técnica de \u003Cstrong>Tratamento por Fatores\u003C\u002Fstrong> para determinação de valores de imóveis admite, \u003Cem>a priori\u003C\u002Fem>, a validade da existência de relações fixas entre as diferenças dos atributos específicos dos elementos da amostra e os seus respectivos preços.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ A técnica de \u003Cstrong>Inferência Estatística\u003C\u002Fstrong> consiste em partir de uma amostra coletada em pesquisa de mercado, contendo elementos comparáveis, para deduzir uma expressão algébrica que traduza a variação do valor do imóvel na região.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0024-00.png\">\u003C\u002Fp>\u003Ch4>\u003Cstrong>MÉTODO DA CAPITALIZAÇÃO DA RENDA\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>“Identifica o valor do bem com base na capitalização presente da sua renda líquida prevista, considerando-se os cenários viáveis”. Esta metodologia se baseia na premissa de que as propriedades são adquiridas por seu potencial de geração de renda e as ferramentas fundamentais dessa técnica são:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ \u003Cstrong>Renda Direta:\u003C\u002Fstrong> analisa a relação entre a receita estabilizada de um ano e o valor de aquisição da propriedade, do ponto de vista do investidor. O valor é obtido pela capitalização da receita anual considerando uma taxa compatível com o mercado e o risco imobiliário.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ \u003Cstrong>Fluxo de Caixa Descontado:\u003C\u002Fstrong> o valor do imóvel é aferido através de um fluxo de caixa de receitas e despesas previstas no horizonte de análise, considerando contratos de locação vigentes e projeções de mercado, vacância e despesas associadas à sua operação e gestão. O valor de venda do imóvel ao término do fluxo (perpetuidade) é calculado pela capitalização de sua receita líquida e, posteriormente, todo o fluxo é trazido a valor presente com aplicação de taxa de desconto compatível com a percepção de risco, refletindo o valor de aquisição do imóvel, do ponto de vista do investidor.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Ch4>\u003Cstrong>DEFINIÇÃO DE VALOR DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>O valor de mercado livre pode ser definido pelo valor que acreditamos ser razoável para realizar a venda ou locação da propriedade na data da avaliação, sem cláusulas restritivas e com pagamento à vista, admitindo-se:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ um proprietário disposto a efetuar a transação;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ que, previamente à data da avaliação, tivesse havido um período razoável de tempo para realização do marketing apropriado, a fim de estabelecer um acordo sobre o preço e demais condições envolvidas para a efetiva conclusão da transação;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ que as condições de mercado, os níveis de valores e outras circunstâncias não tenham sofrido modificações entre a data da assinatura do contrato de compra e venda ou de locação previamente assumida e da efetiva conclusão da transação, ou seja, data da avaliação, e\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ não considerando a possibilidade de uma oferta adicional, por parte de um comprador com “especial” interesse na propriedade em questão.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0025-00.png\">\u003C\u002Fp>\u003Ch4>\u003Cstrong>DEFINIÇÃO DE VALOR JUSTO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>De acordo com normas IVS, (§G1.) \u003Cem>“Valor justo é o preço que seria recebido pela venda de um ativo ou pago pela transferência de um passivo em uma transação regular entre participantes do mercado na data da medição.” Cita ainda, no §43, como exemplo de valor justo, (a) a determinação do preço que seria justo para participação societária em um negócio, não cotado em bolsa, onde as participações de duas partes específicas possam significar que o preço que é justo entre elas é diferente do preço que seria obtido no mercado; (b) determinação do preço que seria justo entre um arrendador e um arrendatário tanto uma transferência permanente o ativo arrendado ou cancelamento do passivo do arrendamento.\u003C\u002Fem>\u003C\u002Fp>\u003Ch4>\u003Cstrong>METODOLOGIA APLICADA\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Os preços praticados para venda de imóveis comerciais, industriais e logísticos estão diretamente relacionados aos contratos de locação vigentes em cada imóvel, já que as transações são realizadas entre investidores, que visam a rentabilidade do imóvel. A precificação dos valores é intrinsicamente ligada ao valor de locação dos contratos vigentes, bem como ao prazo de contrato e outras condições de mercado. Locações fechadas em períodos de crise, com valores abaixo de mercado, tendem a compor um preço mais baixo para venda. Ao contrário, locações estabelecidas em períodos de \u003Cem>boom\u003C\u002Fem> imobiliário, tendem a supervalorizar os valores de venda dos imóveis.\u003C\u002Fp>\u003Cp>Conforme observado pelo Engº Hélio R. de Caires, no livro Engenharia de Avaliações – volume 2, IBAPE\u002FSP 2014, “\u003Cem>o método comparativo atende bem a uniformidades, e não a singularidades”\u003C\u002Fem>. No mercado imobiliário de imóveis comerciais, industriais e logísticos há particularidades que devem ser consideradas na precificação do imóvel, principalmente no que diz respeito ao valor de locação e condições de contrato praticados em cada imóvel, já que o valor deriva dos benefícios futuros produzidos por um determinado bem.\u003C\u002Fp>\u003Cp>Diante do exposto, o melhor método para obtenção do valor justo para venda é o \u003Cstrong>Método da Capitalização de Renda através do Fluxo de Caixa Descontado\u003C\u002Fstrong>, pois trata-se de um imóvel que gera renda através da locação dos espaços.\u003C\u002Fp>\u003Cp>Este método alcança o valor presente líquido do imóvel através do fluxo de caixa descontado, tendo como base de receita a locação do empreendimento no período de 10 anos, extraindo-se as despesas operacionais incorridas sobre ele, também em períodos de vacância, e sua venda no final do período de análise.\u003C\u002Fp>\u003Cp>Trata-se do método mais indicado para avaliação dos denominados \u003Cu>Empreendimentos de Base\u003C\u002Fu>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0026-00.png\">\u003C\u002Fp>\u003Cp>EB BRAZIL\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cu>Imobiliária, ou seja, que geram renda para possíveis investidores baseada na exploração do imóvel,\u003C\u002Fu> cujo valor advém de seu desempenho operacional.\u003C\u002Fp>\u003Cp>O item 7.4 da NBR 14653-Parte 4: 2002, determina que a identificação do valor do empreendimento e a escolha da metodologia deve ser feita de acordo com a finalidade da avaliação, conforme tabela reproduzida abaixo:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0026-03.png\">\u003C\u002Fp>\u003Cp>O Método Comparativo Direto de Dados de Mercado foi utilizado para obtenção do valor de locação, porém não é o método que melhor atribui o valor justo para venda deste tipo de empreendimento, pois seu valor está intrinsicamente associado ao desempenho operacional.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0027-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>7. CÁLCULO DO VALOR DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch4>\u003Cstrong>7.1. VALOR DE MERCADO DE LOCAÇÃO - MÉTODO COMPARATIVO\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Foi realizada pesquisa de mercado contemporânea à data base da avaliação com o objetivo de obter amostragem representativa de imóveis de características semelhantes na área de influência, visando a explicar o comportamento do mercado da região.\u003C\u002Fp>\u003Cp>O nível de influência dos fatores utilizados foi baseado em estudos consagrados publicados e estão mencionados a seguir:\u003C\u002Fp>\u003Ch5>\u003Cstrong>Fator oferta\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A aplicação deste fator considera a margem de desconto em uma negociação de mercado.\u003C\u002Fp>\u003Ch5>\u003Cstrong>Fator localização\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Item de influência significativa no valor de um imóvel, ponderado não em simples distância medida em metros ou quilômetros e sim na proximidade de polos atrativos e\u002Fou ocorrência de fator relevante. Foram ponderados por meio de dados publicados, como índice fiscal ou planta genérica de valores do município, ou em entrevistas com profissionais do mercado imobiliário.\u003C\u002Fp>\u003Ch5>\u003Cstrong>Fator padrão\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Considera a valorização ou desvalorização de preço de um imóvel em função do padrão construtivo de suas construções e benfeitorias. Utilizamos como base o estudo “Valores De Edificações De Imóveis Urbanos – 2017 (VEIU)” e o estudo “Índices de Unidades Padronizadas - 2019 (IUP)”, elaborados pelo IBAPE\u002FSP - Instituto Brasileiro de Avaliações e Perícias de Engenharia de São Paulo, que permite a comparação de edificações de padrões distintos, na aplicação do Método Comparativo Direto de Dados de Mercado.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>PADRÃO CONSTRUTIVO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>INTER\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>VALO DE VA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>LORES\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Classificação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Min\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Med\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Max\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Econômico\u003C\u002Ftd>\u003Ctd>2,081\u003C\u002Ftd>\u003Ctd>2,313\u003C\u002Ftd>\u003Ctd>2,544\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Simples sem elevador\u003C\u002Ftd>\u003Ctd>3,378\u003C\u002Ftd>\u003Ctd>3,753\u003C\u002Ftd>\u003Ctd>4,013\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Simples com elevador\u003C\u002Ftd>\u003Ctd>3,742\u003C\u002Ftd>\u003Ctd>4,158\u003C\u002Ftd>\u003Ctd>4,573\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Médio sem elevador\u003C\u002Ftd>\u003Ctd>4,014\u003C\u002Ftd>\u003Ctd>4,33\u003C\u002Ftd>\u003Ctd>4,763\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Médio com elevador\u003C\u002Ftd>\u003Ctd>4,745\u003C\u002Ftd>\u003Ctd>5,273\u003C\u002Ftd>\u003Ctd>5,767\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Superior sem elevador\u003C\u002Ftd>\u003Ctd>5,206\u003C\u002Ftd>\u003Ctd>5,784\u003C\u002Ftd>\u003Ctd>6,363\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Superior com elevador\u003C\u002Ftd>\u003Ctd>5,768\u003C\u002Ftd>\u003Ctd>6,371\u003C\u002Ftd>\u003Ctd>7,072\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Fino\u003C\u002Ftd>\u003Ctd>7,073\u003C\u002Ftd>\u003Ctd>7,929\u003C\u002Ftd>\u003Ctd>8,722\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Escritório Luxo\u003C\u002Ftd>\u003Ctd>9,935\u003C\u002Ftd>\u003Ctd>10,376\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0028-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>Fator depreciação (\u003C\u002Fstrong> \u003Cstrong>\u003Cem>Idade x Estado de Conservação\u003C\u002Fem>)\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Considera a valorização ou desvalorização de preço de um imóvel em função de sua idade e estado de conservação, com base no critério de Ross Heidecke e IBAPE\u002FSP.\u003C\u002Fp>\u003Cp>\u003Cstrong>Idade:\u003C\u002Fstrong> As diferentes idades foram ponderadas por meio da relação entre os respectivos fatores indicados no critério consagrado de Ross-Heidecke, considerando a idade real ou estimada das construções e benfeitorias.\u003C\u002Fp>\u003Cp>\u003Cstrong>Estado de conservação:\u003C\u002Fstrong> Considera estado aparente do imóvel e baseia-se no estudo de valores de edificações de imóveis urbanos, elaborado pelo IBAPE\u002FSP (Instituto Brasileiro de Avaliações e Perícias de Engenharia de São Paulo). Foi estabelecido em razão das constatações em vistoria, das observações possíveis do estado aparente do sistema estrutural, de cobertura, hidráulico e elétrico, revestimentos, pesando seus custos para recuperação total, segundo a classificação do quadro a seguir:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Estado da Edificação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Referência\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Depreciação\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Nova\u003C\u002Ftd>\u003Ctd>A\u003C\u002Ftd>\u003Ctd>0%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Entre nova e regular\u003C\u002Ftd>\u003Ctd>B\u003C\u002Ftd>\u003Ctd>0,32%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Regular\u003C\u002Ftd>\u003Ctd>C\u003C\u002Ftd>\u003Ctd>2,52%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Entre regular e necessitando de reparos simples\u003C\u002Ftd>\u003Ctd>D\u003C\u002Ftd>\u003Ctd>8,09%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos simples\u003C\u002Ftd>\u003Ctd>E\u003C\u002Ftd>\u003Ctd>18,10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos simples a importantes\u003C\u002Ftd>\u003Ctd>F\u003C\u002Ftd>\u003Ctd>33,20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos importantes\u003C\u002Ftd>\u003Ctd>G\u003C\u002Ftd>\u003Ctd>52,60%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Necessitando de reparos importantes a edificação sem valor\u003C\u002Ftd>\u003Ctd>H\u003C\u002Ftd>\u003Ctd>75,20%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Edificação sem valor\u003C\u002Ftd>\u003Ctd>I\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>Fator frentes múltiplas\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Os fatores utilizados foram propostos em publicação do IBAPE\u002FSP: 2011 - Normas para Avaliação de Imóveis Urbanos, demonstrados a seguir.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Paradigma\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Múltiplas frentes\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ou esquina\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>1ª Zona Residencial Horizontal Popular\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2ª Zona Residencial Horizontal Médio\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3ª Zona Residencial Horizontal Alto\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4ª Zona Incorporações Padrão Popular\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5ª Zona Incorporações Padrão Médio\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6ª Zona Incorporações Padrão Alto\u003C\u002Ftd>\u003Ctd>5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7ª Zona Comercial Padrão Popular\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>8ª Zona Comercial Padrão Médio\u003C\u002Ftd>\u003Ctd>10%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>9ª Zona Comercial Padrão Alto\u003C\u002Ftd>\u003Ctd>5%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>10ª Zona Industrial\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>11ª Zona Galpões\u003C\u002Ftd>\u003Ctd>n\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0029-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch4>\u003Cstrong>7.1.1. Valor de Mercado de Locação\u003C\u002Fstrong>\u003C\u002Fh4>\u003Ch4>\u003Cstrong>ANÁLISE DOS VALORES OBTIDOS\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Os valores de mercado indicados são resultado do tratamento dos dados coletados no mercado imobiliário local, conforme apresentado no Apêndice.\u003C\u002Fp>\u003Cp>Toda a avaliação tem um intervalo de confiança mínimo e máximo. Neste caso, utilizamos o intervalo do campo de arbítrio, conforme apresentado a seguir:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Valores\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>mínimo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>médio\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>máximo\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Valor Unitário (R$\u002Fm²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>48,10\u003C\u002Ftd>\u003Ctd>56,59\u003C\u002Ftd>\u003Ctd>65,08\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Devido às características físicas do imóvel e localização, adotamos o valor médio como valor de mercado de locação.\u003C\u002Fp>\u003Cp>O valor do imóvel será dado pela seguinte expressão:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>V = Vu x A\u003C\u002Fstrong>\u003Cem>, onde:\u003C\u002Fem>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Vu = Valor Unitário Adotado\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 56,59\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>A = Área Privativa Equivalente\u003C\u002Ftd>\u003Ctd>6.168,27 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>V = Valor Total\u003C\u002Ftd>\u003Ctd>R$ 349.062,57\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>VALOR TOTAL ARREDONDADO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 349.000,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>A = Área Locável\u003C\u002Ftd>\u003Ctd>4.910,80 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Vu = Valor Unitário (R$\u002Fm² Área Locável)\u003C\u002Ftd>\u003Ctd>R$ 71,08\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0030-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch4>\u003Cstrong>7.2. VALOR JUSTO DE VENDA - MÉTODO DA RENDA (Fluxo de Caixa Descontado)\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>O avaliando teve seu Valor Justo para Venda apurado pelo \u003Cstrong>Método da Renda\u003C\u002Fstrong>, onde o valor do imóvel é obtido com base na capitalização presente da sua renda líquida, real ou prevista, tendo como aspectos fundamentais, a determinação do período de capitalização e a taxa de desconto a ser utilizada. A taxa de desconto é estimada em função das oportunidades de investimentos alternativos existentes no mercado de capitais e, também, dos riscos do negócio.\u003C\u002Fp>\u003Cp>Para determinação do valor de venda do imóvel elaboramos fluxos de caixa, simulando seu desempenho, e levando em conta as principais premissas de mercado e contratos de locação vigentes:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Imóvel\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Nome do\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locatário\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Data de Início de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Data de Término\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>de Contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor da Locação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Atual (R$)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Unitário (R$\u002Fm²)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Loja - BTS\u003C\u002Ftd>\u003Ctd>Telhanorte\u003C\u002Ftd>\u003Ctd>10\u002F05\u002F18\u003C\u002Ftd>\u003Ctd>10\u002F07\u002F33\u003C\u002Ftd>\u003Ctd>359.606,26\u003C\u002Ftd>\u003Ctd>73,23\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>As principais premissas de mercado são descritas a seguir:\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>\u003Cstrong>Valor Justo de Venda:\u003C\u002Fstrong> resultante do fluxo de caixa gerado pelas receitas e despesas do ciclo operacional, valor residual ao término do período de análise e custo de oportunidade e taxa de risco definidos para o cenário analisado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Valor de locação contrato vigente:\u003C\u002Fstrong> os valores vigentes estão indicados no quadro anterior.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Valor de locação para novos contratos e imóveis vagos:\u003C\u002Fstrong> R$71,08\u002Fm², de acordo com o Método Comparativo Direto descrito no Apêndice.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Revisional:\u003C\u002Fstrong> conforme contrato de locação, as partes não têm direito a revisional para valor de mercado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período de análise:\u003C\u002Fstrong> 120 meses.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período do contrato:\u003C\u002Fstrong> contratos vigentes obedecerão aos prazos correntes e novos contratos terão prazo de 60 meses.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período de Absorção \u002F Vacância inicial:\u003C\u002Fstrong> este item não foi aplicado, pois o imóvel encontra-se ocupado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Vacância após 1º contrato:\u003C\u002Fstrong> consideramos que os locatários atuais permanecerão no imóvel ao longo de todo período da análise.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Carência inicial:\u003C\u002Fstrong> este item não é aplicado, pois há contrato vigente.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0031-00.png\">\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>\u003Cstrong>Carência após 1º contrato:\u003C\u002Fstrong> consideramos que os locatários atuais permanecerão no imóvel ao longo de todo período da análise, portanto, este item não é aplicado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Descontos:\u003C\u002Fstrong> Não recebemos informações sobre descontos.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Valorização \u002F Crescimento do valor de locação:\u003C\u002Fstrong> considerando que valores de locação se apresentam reprimidos em função da atual conjuntura econômica, adotamos uma valorização de 1% ao ano sobre valor de mercado a partir do 3º ano do fluxo.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Vacância Constante:\u003C\u002Fstrong> para o período de análise não foi considerada taxa de vacância constante.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Perpetuidade (Valor Residual do Imóvel):\u003C\u002Fstrong> calculada sobre a renda potencial após 10º ano.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Comissão de locação:\u003C\u002Fstrong> considerado 1 mês de locação.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Comissão de venda:\u003C\u002Fstrong> considerado 3% sobre o valor de venda do imóvel.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Condomínio:\u003C\u002Fstrong> R$ 9,31\u002Fm², considerado apenas em meses de vacância (conforme média praticada no imóvel).\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>IPTU:\u003C\u002Fstrong> R$ 6,05\u002Fm², considerado apenas em meses de vacância (valor adotado conforme média de mercado).\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Inadimplência Constante:\u003C\u002Fstrong> não considerada.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Fundo de Reposição de Ativo (FRA):\u003C\u002Fstrong> devido à idade da construção, estimamos 1% sobre receita (em meses de receita positiva).\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Gestão de Contratos\u003C\u002Fstrong>: considerado 0,5% sobre receita.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Taxa de Capitalização e Taxa de Desconto:\u003C\u002Fstrong> considerando cenário em moeda forte (sem inflação), adotamos taxa de desconto de 8,75 a.a., composta por NTNB e risco do negócio, e taxa de capitalização (cap rate) de 8,50% a.a.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Inflação:\u003C\u002Fstrong> não considerada.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0032-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>Resultados\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Sendo assim, o valor de venda com base em sua renda, em números redondos, é de:\u003C\u002Fp>\u003Cp>\u003Cstrong>VALOR JUSTO\u003C\u002Fstrong> (Renda – Fluxo de Caixa) \u003Cstrong>R$ 50.900.000,00 Cinquenta Milhões, Novecentos Mil Reais PARA VENDA\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>O Fluxo de Caixa anual detalhado encontra-se a seguir:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0032-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0033-00.png\">\u003C\u002Fp>\u003Cp>EB sinsma GER\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0033-01.png\">\u003C\u002Fp>\u003Cp>ala sa JISGRE) E E)|E\u003Cbr>EERA E E RRs4 ONE[EmaE é|ã\u003Cbr>L\u003Cbr>DEE é *º Ida | &\u003Cbr>ga e ala) lol\u003Cbr>AR deptE] Sa JejEGje)So ls) [8als\u003Cbr>HE z So asia) fas\u003Cbr>|EE! E sa Bla BIN aja\u003Cbr>4 ER E = So sig anja\u003Cbr>E o IN\u003Cbr>vlwMc (RR a\u003Cbr>& 7] 22 8, dá\u003Cbr>olsig33mn £É BEEsa já EEIH5\u003Cbr>DESã32qERRREêE BEETE Bd.Já IhiláHEEE\u003Cbr>8\u003Cbr>SISE ER É h\u003Cbr>jaja En JB. GlÉ\u003Cbr>32 E sa tê IE\u003Cbr>SIEaja Eê RRERC“o ElsE RR ÉDEaê\u003Cbr>lê\u003Cbr>DE3|3ERR E E EE\u003Cbr>PEER33en 2] si2g |lá É5EE\u003Cbr>SIE - o gjê\u003Cbr>E133 El ER E2]ê BGEdB. iláE\u003Cbr>go É\u003Cbr>33 .a ER |gE E HEHEI\u003Cbr>lalaNh lã ERR: ER\u003Cbr>elal É\u003Cbr>SIE daqo |g HER\u003Cbr>alalaEFE clã2 Co gaENEEEETê RD RREEEajasEE\u003Cbr>E 2 o 'Z dl3\u002F3) 5\u003Cbr>ê\u003Cbr>HE Ê EE E alas\u003Cbr>Pr\u003Cbr>8\u003Cbr>o alla\u003Cbr>2 o\u003Cbr>:\u003Cbr>z g «\u003Cbr>Ê :\u003Cbr>g E : ;\u003Cbr>É Ss dl, E BRA RE E\u003Cbr>ã Se E lg teias ARE\u003Cbr>E gs: a é siEcdes il;\u003Cbr>58 also sil dus a il\u003Cbr>Gs 2%ÉS a |a8lglsê5 ESiEos las dalslalilá\u003Cbr>g8 2 o Sig ER ECÇE\u003Cbr>FEBREguêoêajéBsdysdsêLRIRRRsitios EE :; 5E déaii:HNEEERE\u003Cbr>\u003C\u002Fp>\u003Cp>Este relatório 24_41500_5_Rev01 substitui e invalida versões anteriores. 33\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0034-00.png\">\u003C\u002Fp>\u003Cp>EB BRAZIL\u003Cbr>\u003C\u002Fp>\u003Ch4>\u003Cstrong>7.3. ANÁLISE DE SENSIBILIDADE\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>A seguir apresentamos uma análise de sensibilidade onde provocamos flutuações no cenário referencial para análise de impactos nos indicadores, com análise do efeito de flutuação em duas variáveis:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0034-03.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0035-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>8. CONCLUSÃO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>De acordo com nossas análises e premissas aqui apresentadas, concluímos os seguintes valores do imóvel em referência:\u003C\u002Fp>\u003Cp>\u003Cstrong>CONCLUSÃO DE VALOR – PARCELA FII = 50,1075%\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>VALOR JUSTO\u003C\u002Fstrong> (Renda – Fluxo de \u003Cstrong>R$ 25.505.000,00 Vinte E Cinco Milhões, Quinhentos E Cinco Mil Reais PARA VENDA\u003C\u002Fstrong> Caixa)\u003C\u002Fp>\u003Cp>Binswanger Brazil CREA: 494866\u003C\u002Fp>\u003Cp>ISABELA DORA COSTA Assinado de forma digital por ISABELA DORA COSTA MONASTERSKY:14400445895 MONASTERSKY:14400445895 Dados: 2025.01.08 17:35:30 -03'00' Isabela Dora Costa Monastersky - MRICS \u003Cem>Diretora de Consultoria e Avaliações CREA: 506.007.193-1\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0035-07.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0036-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>APÊNDICE A – MÉTODO COMPARATIVO – LOCAÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>Pesquisa\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0036-03.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Construções\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ch6>\u003Cstrong>Contato\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>\u003Cem>Idade\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Estimada\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>\u003Cem>Vida\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Útil\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>\u003Cem>EC\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>Estado de conservação\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>\u003Cem>Padrão (IBAPE)\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>\u003Cem>Imobiliária\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>\u003Cem>Contato\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>\u003Cem>Telefone\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Aval.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5 anos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>80 anos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>b - entre novo e\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>regular\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>galpão superior\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>15 anos\u003C\u002Ftd>\u003Ctd>80 anos\u003C\u002Ftd>\u003Ctd>c - regular\u003C\u002Ftd>\u003Ctd>galpão superior\u003C\u002Ftd>\u003Ctd>Pietra Imóveis\u003C\u002Ftd>\u003Ctd>Roberto\u003C\u002Ftd>\u003Ctd>(31) 9828-79490\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>15 anos\u003C\u002Ftd>\u003Ctd>80 anos\u003C\u002Ftd>\u003Ctd>c - regular\u003C\u002Ftd>\u003Ctd>galpão médio\u003C\u002Ftd>\u003Ctd>Vilela Imóveis\u003C\u002Ftd>\u003Ctd>Rafael\u003C\u002Ftd>\u003Ctd>(31) 99968-3070\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>30 anos\u003C\u002Ftd>\u003Ctd>80 anos\u003C\u002Ftd>\u003Ctd>c - regular\u003C\u002Ftd>\u003Ctd>galpão superior\u003C\u002Ftd>\u003Ctd>Anuar Donato\u003C\u002Ftd>\u003Ctd>Tatiana\u003C\u002Ftd>\u003Ctd>(31) 3280-8000\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>25 anos\u003C\u002Ftd>\u003Ctd>80 anos\u003C\u002Ftd>\u003Ctd>d - entre regular e\u003Cbr>reparos simples\u003C\u002Ftd>\u003Ctd>galpão superior\u003C\u002Ftd>\u003Ctd>Pietra Imóveis\u003C\u002Ftd>\u003Ctd>Roberto\u003C\u002Ftd>\u003Ctd>(31) 9828-79490\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>5 anos\u003C\u002Ftd>\u003Ctd>80 anos\u003C\u002Ftd>\u003Ctd>b - entre novo e regular\u003C\u002Ftd>\u003Ctd>galpão superior\u003C\u002Ftd>\u003Ctd>Bhering\u003Cbr>Corretora\u003C\u002Ftd>\u003Ctd>Angelo\u003C\u002Ftd>\u003Ctd>(31) 98837-8345\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>Cálculo\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valores\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Homogeneiza\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>ção (Fatores)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Área Privativa\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Equivalente\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Total\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Fator oferta\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Unitário com\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>fator oferta\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Localização\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Padrão\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Depreciação\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>\u003Cem>Frentes\u003C\u002Fem>\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>\u003Cem>múltiplas\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Fator final\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Unitário\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Homogeneizado\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Aval.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>OK\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>4.564,25 m²\u003C\u002Ftd>\u003Ctd>R$ 210.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 41,41\u002Fm²\u003C\u002Ftd>\u003Ctd>1,022\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,070\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,092\u003C\u002Ftd>\u003Ctd>R$ 45,22\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>1.969,00 m²\u003C\u002Ftd>\u003Ctd>R$ 79.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 36,11\u002Fm²\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,103\u003C\u002Ftd>\u003Ctd>1,070\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,173\u003C\u002Ftd>\u003Ctd>R$ 42,34\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>2.435,93 m²\u003C\u002Ftd>\u003Ctd>R$ 135.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 49,88\u002Fm²\u003C\u002Ftd>\u003Ctd>0,967\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,197\u003C\u002Ftd>\u003Ctd>1,100\u003C\u002Ftd>\u003Ctd>1,264\u003C\u002Ftd>\u003Ctd>R$ 63,05\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>2.310,25 m²\u003C\u002Ftd>\u003Ctd>R$ 120.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 46,75\u002Fm²\u003C\u002Ftd>\u003Ctd>1,022\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,190\u003C\u002Ftd>\u003Ctd>1,100\u003C\u002Ftd>\u003Ctd>1,312\u003C\u002Ftd>\u003Ctd>R$ 61,35\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>2.705,00 m²\u003C\u002Ftd>\u003Ctd>R$ 200.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 66,54\u002Fm²\u003C\u002Ftd>\u003Ctd>0,967\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,100\u003C\u002Ftd>\u003Ctd>1,067\u003C\u002Ftd>\u003Ctd>R$ 70,98\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0037-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Homogeneização (Fatores)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0037-02.png\">\u003C\u002Fp>\u003Cp>Intervalo de confiança Situação paradigma\u003Cbr>Número de amostras: 5 Área Privativa Equivalente 6.168,27 m²\u003Cbr>Graus de liberdade: 4 Idade: 5 anos\u003Cbr>tc (tabelado): 1,533 Vida útil: 80 anos\u003Cbr>Amplitude: R$ 16,85\u002Fm² Padrão: galpão superior\u003Cbr>Conservação: b - entre novo e regular\u003Cbr>Limite inferior: R$ 48,16\u002Fm²\u003Cbr>Média: R$ 56,59\u002Fm² Média Saneada\u003Cbr>Limite superior: R$ 65,01\u002Fm² Limite inferior (-30%): R$ 39,61\u002Fm²\u003Cbr>Média: R$ 56,59\u002Fm²\u003Cbr>Intervalo - Elementos utilizados Limite superior (+30%): R$ 73,56\u002Fm²\u003Cbr>Valor mínimo: R$ 42,34\u002Fm²\u003Cbr>Valor máximo: R$ 70,98\u002Fm²\u003Cbr>R$ 70,00\u003Cbr>Ajuste: Paradigma x Avaliando\u003Cbr>R$ 60,00\u003Cbr>Fator de testada (Avaliado) 1,0000\u003Cbr>R$ 50,00\u003Cbr>Fator final 1,0000\u003Cbr>R$ 40,00\u003Cbr>Campo de arbítrio Paradigma Avaliando R$ 30,00\u003Cbr>Limite inferior: R$ 48,10\u002Fm² R$ 48,10\u002Fm²\u003Cbr>R$ 20,00\u003Cbr>Média: R$ 56,59\u002Fm² R$ 56,59\u002Fm² R$ 20,00 R$ 30,00 R$ 40,00 R$ 50,00 R$ 60,00 R$ 70,00\u003Cbr>Valor Unitário Observado\u003Cbr>Limite superior: R$ 65,08\u002Fm² R$ 65,08\u002Fm²\u003Cbr>Valor Unitário Estimado\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0038-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>Especificação da Avaliação\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>ABNT NBR 14653 -2 (Imóveis Urbanos)\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 3 - Grau de fundamentação no caso de utilização do tratamento por fatores\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0038-04.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 4 - Enquadramento do laudo segundo seu grau de fundamentação no caso de utilização de tratamento por fatores\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0038-06.png\">\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 5 - Grau de precisão nos casos de utilização de modelos de regressão linear ou do tratamento por fatores\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0038-08.png\">\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Grau II\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO:\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>GRAU DE PRECISÃO:\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Grau III\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0039-00.png\">\u003C\u002Fp>\u003Cp>HH BINSWANGERBRAZIL\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>Elementos Comparativos\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0039-02.png\">\u003C\u002Fp>\u003Cp>R Po SE E ZE DESIDES E asdeeito SAS gg E a a\u003Cbr>PE Rega ARES DID Mr as RESEO EAR ED A\u003Cbr>» RATO A a A Rei Sp sr gn SS NOR Cr ORAR\u003Cbr>\u003C\u002Fp>\u003Cp>Mapa de Localização\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0039-04.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0039-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0039-06.png\">\u003C\u002Fp>\u003Cp>Elemento 1\u003C\u002Fp>\u003Cp>Elemento 2\u003C\u002Fp>\u003Cp>Elemento 3\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0039-10.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0039-11.png\">\u003C\u002Fp>\u003Cp>\u002F>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0040-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>APÊNDICE B – FLUXO DE CAIXA – MÉTODO DA RENDA\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Total\u003Cbr>VPL\u003Cbr>\u003Cstrong>Ano\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Mês\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Período\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>31-out-24\u003Cbr>\u003Cstrong>% ocupação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cbr>\u003Cstrong>Valor unt base\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Fator de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>crescimento\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor unt\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>corrigido\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>43.327.593\u003Cbr>29.186.972\u003Cbr>\u003Cstrong>Receita de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locação\u003C\u002Fstrong>\u003Cbr>\u003Cbr>\u003Cstrong>Desco\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>loc\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Receita\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>0\u003Cbr>52.833.770\u003Cbr>96.161.363\u003Cbr>0\u003Cbr>0\u003Cbr>22.835.943\u003Cbr>52.022.915\u003Cbr>\u003Cstrong>nto de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Carência\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Venda\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Total de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>receitas\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Comi\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>loc\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>TELHANORTE\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>-1.585.013\u003Cbr>0\u003Cbr>-685.078\u003Cbr>\u003Cstrong>ssão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>ação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Comissão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>venda\u003C\u002Fstrong>\u003Cbr>\u003C\u002Fth>\u003Cth>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>\u003Cstrong>Condomínio\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>IPTU\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Inadimplência\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Despesas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-433.276\u003Cbr>-291.870\u003Cbr>\u003Cstrong>FRA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-216.638\u003Cbr>\u003Cbr>-145.935\u003Cbr>\u003Cstrong>Gestão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-2.234.9\u003Cbr>-1.122.8\u003Cbr>\u003Cstrong>Total de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>despesas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>27\u003Cbr>93.926.436\u003Cbr>83\u003Cbr>50.900.032\u003Cbr>\u003Cstrong>Total\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Operacional\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>nov-24\u003Cbr>0\u003Cbr>dez-24\u003Cbr>1\u003Cbr>-25\u003Cbr>2\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>0,00\u003Cbr>73,23\u003Cbr>7323\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>100\u003C\u002Ftd>\u003Ctd>0,00\u003Cbr>73,23\u003Cbr>7323\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Corrigida\u003C\u002Fstrong>\u003Cbr>0\u003Cbr>359.606\u003Cbr>359606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-3.596\u003Cbr>-3596\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-1.798\u003Cbr>-1798\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-5.394\u003Cbr>-5394\u003C\u002Ftd>\u003Ctd>0\u003Cbr>354.212\u003Cbr>354212\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>jan\u003Cbr>\u003Cbr>fev-25\u003Cbr>3\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>,\u003Cbr>73,23\u003C\u002Ftd>\u003Ctd>,\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>,\u003Cbr>73,23\u003C\u002Ftd>\u003Ctd>.\u003Cbr>359.606\u003C\u002Ftd>\u003Ctd>.\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>.\u003Cbr>-3.596\u003C\u002Ftd>\u003Ctd>.\u003Cbr>-1.798\u003C\u002Ftd>\u003Ctd>.\u003Cbr>-5.394\u003C\u002Ftd>\u003Ctd>.\u003Cbr>354.212\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>mar-25\u003Cbr>4\u003Cbr>abr-25\u003Cbr>5\u003Cbr>i25\u003Cbr>6\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>73,23\u003Cbr>73,23\u003Cbr>7323\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>100\u003C\u002Ftd>\u003Ctd>73,23\u003Cbr>73,23\u003Cbr>7323\u003C\u002Ftd>\u003Ctd>359.606\u003Cbr>359.606\u003Cbr>359606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>-3.596\u003Cbr>-3.596\u003Cbr>3596\u003C\u002Ftd>\u003Ctd>-1.798\u003Cbr>-1.798\u003Cbr>1798\u003C\u002Ftd>\u003Ctd>-5.394\u003Cbr>-5.394\u003Cbr>5394\u003C\u002Ftd>\u003Ctd>354.212\u003Cbr>354.212\u003Cbr>354212\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ma-\u003Cbr>\u003Cbr>jun-25\u003Cbr>7\u003Cbr>jul-25\u003Cbr>8\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>,\u003Cbr>73,23\u003Cbr>73,23\u003C\u002Ftd>\u003Ctd>,\u003Cbr>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>,\u003Cbr>73,23\u003Cbr>73,23\u003C\u002Ftd>\u003Ctd>.\u003Cbr>359.606\u003Cbr>359.606\u003C\u002Ftd>\u003Ctd>.\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-3.596\u003Cbr>-3.596\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-1.798\u003Cbr>-1.798\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-5.394\u003Cbr>-5.394\u003C\u002Ftd>\u003Ctd>.\u003Cbr>354.212\u003Cbr>354.212\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ago-25\u003Cbr>9\u003Cbr>t25\u003Cbr>10\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>73,23\u003Cbr>7323\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>100\u003C\u002Ftd>\u003Ctd>73,23\u003Cbr>7323\u003C\u002Ftd>\u003Ctd>359.606\u003Cbr>359606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>-3.596\u003Cbr>3596\u003C\u002Ftd>\u003Ctd>-1.798\u003Cbr>1798\u003C\u002Ftd>\u003Ctd>-5.394\u003Cbr>5394\u003C\u002Ftd>\u003Ctd>354.212\u003Cbr>354212\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>se-\u003Cbr>\u003Cbr>out-25\u003Cbr>11\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>,\u003Cbr>73,23\u003C\u002Ftd>\u003Ctd>,\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>,\u003Cbr>73,23\u003C\u002Ftd>\u003Ctd>.\u003Cbr>359.606\u003C\u002Ftd>\u003Ctd>.\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>359.606\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-3.596\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-1.798\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-5.394\u003C\u002Ftd>\u003Ctd>.\u003Cbr>354.212\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>nov-25\u003Cbr>12\u003Cbr>d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d>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>370.534\u003Cbr>0\u003Cbr>0\u003Cbr>52.833.770\u003Cbr>53.204.304\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>-1.585.013\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>-3.705\u003Cbr>-3.705\u003C\u002Ftd>\u003Ctd>-1.853\u003Cbr>-1.853\u003C\u002Ftd>\u003Ctd>-5.558\u003Cbr>-1.590.571\u003C\u002Ftd>\u003Ctd>364.976\u003Cbr>51.613.733\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0041-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>Especificação da Avaliação\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cstrong>ABNT NBR 14653 -4 (Empreendimentos)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO - Fluxo de Caixa Descontado (FCD)\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 4 - Identificação de valor e indicadores de viabilidade\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Atividade\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Para identificação de valor\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau III\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau II\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Grau I\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>1\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise operacional\u003Cbr>do empreendimento\u003C\u002Ftd>\u003Ctd>Ampla, com os\u003Cbr>elementos\u003Cbr>operacionais\u003Cbr>devidamente\u003Cbr>explicitados\u003Cbr>3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Simplificada, com\u003Cbr>base nos indicadores\u003Cbr>operacionais\u003C\u002Ftd>\u003Ctd>Sintética, com a\u003Cbr>apresentação dos\u003Cbr>indicadores básicos\u003Cbr>operacionais\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>2\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise das séries\u003Cbr>históricas do\u003Cbr>empreendimento\u003C\u002Ftd>\u003Ctd>Com base em análise\u003Cbr>do processo\u003Cbr>estocástico para as\u003Cbr>variáveis-chave, em\u003Cbr>um período mínimo de\u003Cbr>36 meses\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Com base em análise\u003Cbr>determinística para\u003Cbr>um prazo mínimo de 24\u003Cbr>meses\u003C\u002Ftd>\u003Ctd>Com base em análise\u003Cbr>quantitativa para um\u003Cbr>prazo mínimo de 12\u003Cbr>meses\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>3\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise setorial e\u003Cbr>diagnóstico de\u003Cbr>mercado\u003C\u002Ftd>\u003Ctd>De estrutura,\u003Cbr>conjuntura, tendências\u003Cbr>e conduta\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Da conjuntura\u003C\u002Ftd>\u003Ctd>Sintética da conjuntura\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>4\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Taxas de desconto\u003C\u002Ftd>\u003Ctd>Fundamentada\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Justificada\u003C\u002Ftd>\u003Ctd>Arbitrada\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Determinístico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>5\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Escolha do Modelo\u003C\u002Ftd>\u003Ctd>Probabilístico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>associado aos\u003Cbr>cenários\u003C\u002Ftd>\u003Ctd>Determinístico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>6\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Estrutura básica do\u003Cbr>fluxo de caixa\u003C\u002Ftd>\u003Ctd>Completa\u003Cbr>3\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Simplificada\u003C\u002Ftd>\u003Ctd>Rendas Líquidas\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>7\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Cenários\u003Cbr>fundamentados\u003C\u002Ftd>\u003Ctd>Mínimo de 5\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Mínimo de 3\u003C\u002Ftd>\u003Ctd>Mínimo de 1\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>8\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise de\u003Cbr>sensibilidade\u003C\u002Ftd>\u003Ctd>Simulações com\u003Cbr>apresentação do\u003Cbr>comportamento gráfico\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Simulação com\u003Cbr>identificação de\u003Cbr>elasticidade por\u003Cbr>variável\u003C\u002Ftd>\u003Ctd>Simulação única com\u003Cbr>variação em torno de\u003Cbr>10%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>9\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Análise de risco\u003C\u002Ftd>\u003Ctd>Risco fundamentado\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Riscojustificado\u003C\u002Ftd>\u003Ctd>Risco arbitrado\u003C\u002Ftd>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Pontuação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>11\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO (Para identificação de valor): Grau I\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cstrong>Tabela 5 - Enquadramento do laudo segundo seu grau de fundamentação\u003C\u002Fstrong>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Para\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>identificação de valor\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Graus\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>III\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>II\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>I\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Pontos mínimos\u003C\u002Ftd>\u003Ctd>22\u003C\u002Ftd>\u003Ctd>13\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Máximo de 3 itens em\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Restrições\u003C\u002Ftd>\u003Ctd>graus inferiores,\u003Cbr>admitindo-se no\u003Cbr>máximo um item no\u003C\u002Ftd>\u003Ctd>Máximo de 4 itens em\u003Cbr>graus inferiores ou\u003Cbr>não atendidos\u003C\u002Ftd>\u003Ctd>Mínimo de 7 itens\u003Cbr>atendidos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Grau I\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cstrong>APÊNDICE C – EXPERIÊNCIA EMPRESA E RESPONSÁVEIS\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0042-01.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>EB BINSWANGER\u003Cbr>\u003C\u002Fp>\u003Cp>A Binswanger é uma organização internacional de consultoria imobiliária com mais de 80 anos de tradição. Criada nos Estados Unidos em 1931, a companhia assiste a clientes corporativos em mais de 100 países, nos cinco continentes.\u003C\u002Fp>\u003Cp>Durante os anos 1990, a consultoria iniciou um programa de expansão internacional, formando alianças estratégicas com organizações imobiliárias em todo o mundo, período em que se estabeleceu também no Brasil, maior mercado imobiliário da América Latina.\u003C\u002Fp>\u003Cp>Fundada em 1997, a Binswanger Brazil nasceu como escritório regional da rede, e em pouco mais de duas décadas se consolidou como uma das principais fornecedoras de serviços imobiliários para o mercado corporativo brasileiro.\u003C\u002Fp>\u003Cp>Com sede em São Paulo, a companhia conta atualmente com uma das melhores estruturas imobiliárias em operação no país e oferece assistência de alcance global para todo o território nacional em um balcão único para clientes em diversos setores da economia.\u003C\u002Fp>\u003Cp>Mais do que atender às necessidades de clientes, a Binswanger Brazil oferece linha completa de soluções imobiliárias e projetos personalizados para atender a todas as etapas dos processos imobiliários de seus parceiros de negócio.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0042-07.png\">\u003C\u002Fp>\u003Ch5>Isabela Monastersky (MRICS) - Diretora Técnica\u003C\u002Fh5>\u003Cp>Há mais de 20 anos no mercado imobiliário, Isabela possui ampla experiência nas áreas de avaliação, consultoria e transações imobiliárias. Nesse período, exerceu funções de liderança em empresas como Colliers, Newmark Knight Frank e Dworking. Possui MBA em Real Estate (USP-2010), e pós-graduação em Perícias de Engenharia e Avaliações (FAAP-1998), e ocupa - desde 2018 - a Diretoria de Consultoria e Avaliação, onde analisa portfólios imobiliários de grandes incorporadores, fundos imobiliários e de pensão e investidores.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3487\u002F3487.pdf-0043-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>ANEXO – DOCUMENTAÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Cp>Em razão do tamanho dos arquivos, deixamos de incluir os anexos neste laudo. Os documentos utilizados nesta avaliação encontram-se em nossa base de dados para o caso de necessidade de consulta.\u003C\u002Fp>","https:\u002F\u002Fwww.kartac.com.br\u002Fapi\u002Ffiis\u002FFPNG11\u002Fdocumentos\u002F3487\u002Fpdf","2026-03-04 18:39:00"]