[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"seo:\u002Fdetalhes\u002FRBVA11\u002Fdocumentos\u002F3880":3,"documento:RBVA11:3880":82,"fii-documento:RBVA11":90},{"title":4,"description":5,"canonical":6,"image":7,"json_ld":8,"nome":33,"resumo":74},"Laudo de Avaliação (Conclusão de Negócio) RBVA11 de 30\u002F06\u002F2026 | Kartac","Laudo de Avaliação (Conclusão de Negócio) de 30\u002F06\u002F2026 do RBVA11, entrega em 30\u002F09\u002F2026. DY 12 meses de 13,95% e P\u002FVP 0,73 em 04\u002F11\u002F2026.","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FRBVA11\u002Fdocumentos\u002F3880","https:\u002F\u002Fwww.kartac.com.br\u002Fimages\u002Fog.png",{"@context":9,"@graph":10},"https:\u002F\u002Fschema.org",[11,17,22,31,44,59],{"@type":12,"@id":13,"name":14,"url":15,"logo":16},"Organization","https:\u002F\u002Fwww.kartac.com.br\u002F#organizacao","Kartac","https:\u002F\u002Fwww.kartac.com.br\u002F","https:\u002F\u002Fwww.kartac.com.br\u002Fandroid-chrome-512x512.png",{"@type":18,"@id":19,"name":14,"url":15,"inLanguage":20,"publisher":21},"WebSite","https:\u002F\u002Fwww.kartac.com.br\u002F#site","pt-BR",{"@id":13},{"@type":23,"@id":24,"url":6,"name":4,"description":5,"inLanguage":20,"isPartOf":25,"dateModified":26,"mainEntity":27,"breadcrumb":29},"WebPage","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FRBVA11\u002Fdocumentos\u002F3880#pagina",{"@id":19},"2026-10-18",{"@id":28},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FRBVA11\u002Fdocumentos\u002F3880#documento",{"@id":30},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FRBVA11\u002Fdocumentos\u002F3880#migalhas",{"@type":32,"@id":28,"name":33,"alternateName":34,"url":6,"inLanguage":20,"about":35,"genre":37,"datePublished":38,"temporalCoverage":39,"author":40,"publisher":42,"isBasedOn":43},"Report","Laudo de Avaliação (Conclusão de Negócio) RBVA11 de 30\u002F06\u002F2026","(RBVA) Laudo de Avaliação (Conclusão de Negócio) - 30\u002F06\u002F2026",{"@id":36},"https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FRBVA11#fundo","Laudo de Avaliação (Conclusão de Negócio)","2026-09-30","2026-06-30",{"@type":12,"name":41},"RIO BRAVO INVESTIMENTOS DTVM LTDA",{"@type":12,"name":41},"https:\u002F\u002Ffnet.bmfbovespa.com.br\u002Ffnet\u002Fpublico\u002FdownloadDocumento?id=1335854",{"@type":45,"@id":36,"name":46,"alternateName":47,"url":50,"category":51,"identifier":52},"InvestmentFund","Rio Bravo Renda Varejo",[48,49],"RBVA11","RIO BRAVO RENDA VAREJO FUNDO DE INVESTIMENTO IMOBILIÁRIO DE RESPONSABILIDADE LIMITADA","https:\u002F\u002Fwww.kartac.com.br\u002Fdetalhes\u002FRBVA11","Varejo",[53,56],{"@type":54,"propertyID":55,"value":48},"PropertyValue","Ticker B3",{"@type":54,"propertyID":57,"value":58},"CNPJ","15.576.907\u002F0001-70",{"@type":60,"@id":30,"itemListElement":61},"BreadcrumbList",[62,66,70,72],{"@type":63,"position":64,"name":65,"item":15},"ListItem",1,"Início",{"@type":63,"position":67,"name":68,"item":69},2,"FIIs","https:\u002F\u002Fwww.kartac.com.br\u002Franking",{"@type":63,"position":71,"name":48,"item":50},3,{"@type":63,"position":73,"name":34,"item":6},4,{"atualizado_em":75,"frases":76},"2026-11-05",[77,78,79,80,81],"Laudo de Avaliação (Conclusão de Negócio) do Rio Bravo Renda Varejo (RBVA11), fundo imobiliário de varejo, com data de referência em 30\u002F06\u002F2026, com entrega no FundosNet (B3) em 30\u002F09\u002F2026.","No pregão de 04\u002F11\u002F2026, a cota do RBVA11 fechou a R$ 7,74, com P\u002FVP de 0,73 (valor patrimonial de R$ 10,64 por cota no informe mensal de setembro de 2026).","O último rendimento foi de R$ 0,09 por cota, com pagamento em nov\u002F2026, e o dividend yield dos últimos 12 meses é de 13,95% sobre a cotação de 04\u002F11\u002F2026.","O patrimônio líquido era de R$ 1,8 bilhão no informe mensal de setembro de 2026.","Os indicadores são os mais recentes da base do Kartac, não os do período do documento.",{"id":83,"descricao":34,"assunto":84,"tipo":37,"situacao":85,"texto":86,"link_pdf":87,"estruturado":88,"link_original":43,"data_referencia":39,"data_entrega":89,"versao":64},3880,"","(Ativo)","\u003Ch2>\u003Cstrong>Laudo de Avaliação\u003C\u002Fstrong>\u003C\u002Fh2>\u003Cp>\u003Cstrong>Flagship Portobello – São Paulo Al. Gabriel Monteiro da Silva, 1.193 – Jardim Paulista São Paulo \u002F SP\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>FUNDO DE INVESTIMENTO IMOBILIÁRIO RIO BRAVO RENDA VAREJO FII (CNPJ\u002FMF Nº 15.576.907\u002F0001-70) REPRESENTADO PELA RIO BRAVO\u003C\u002Fp>\u003Cp>Ref.: 26_62478\u003C\u002Fp>\u003Cp>\u003Cstrong>Junho de 2026\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\u002F3880\u002F3880.pdf-0002-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MDS INSWANÇER\u003Cbr>\u003C\u002Fp>\u003Cp>São Paulo, 30 de junho de 2026\u003C\u002Fp>\u003Ch6>\u003Cstrong>FUNDO DE INVESTIMENTO IMOBILIÁRIO RIO BRAVO RENDA VAREJO FII\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Avenida Chedid Jafet, 222 – Bloco B, Conjunto 32 – Vila Olímpia – São Paulo\u002FSP\u003C\u002Fp>\u003Ch6>A\u002FC\u003C\u002Fh6>\u003Ch6>\u003Cstrong>Geovanni Araujo\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cem>Administração Fiduciária\u003C\u002Fem>\u003C\u002Fp>\u003Cp>\u003Cstrong>\u003Cem>REF: Imóvel comercial localizado na Alameda Gabriel Monteiro da Silva, 1.193 – Jardim Paulista – São Paulo \u002F SP\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Atendendo à solicitação da RIO BRAVO, 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 30 de junho de 2026.\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: 2026.09.10 17:43:27 -03'00' Isabela Dora Costa Monastersky - MRICS BINSWANGER BRAZIL\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0002-14.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.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 ...............................................................18\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5.1.\u003C\u002Ftd>\u003Ctd>PANORAMA DE MERCADO .................................................................................................. 19\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>6.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>METODOLOGIAEMPREGADA ........................................................................24\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>7.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CÁLCULO DOVALOR DOIMÓVEL ....................................................................28\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.1.\u003C\u002Ftd>\u003Ctd>VALOR DE MERCADO DE LOCAÇÃO - MÉTODO COMPARATIVO ......................................... 28\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.2.\u003C\u002Ftd>\u003Ctd>VALOR JUSTO DE VENDA - MÉTODO DA RENDA (Fluxo de Caixa Descontado) ................... 31\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>7.3.\u003C\u002Ftd>\u003Ctd>ANÁLISE DE SENSIBILIDADE ................................................................................................. 35\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>8.\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>CONCLUSÃO DAAVALIAÇÃO .........................................................................36\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEA – MÉTODOCOMPARATIVO– LOCAÇÃO ...................................................37\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEB – FLUXO DECAIXA– MÉTODO DARENDA ................................................41\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>APÊN\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DICEC – EXPERIÊNCIAEMPRESA ERESPONSÁVEIS ................................................43\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ANEX\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>O– DOCUMENTAÇÃO DOIMÓVEL ...................................................................44\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0004-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>SUMÁRIO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>INTERESSADO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>FUNDO DE INVESTIMEN\u003C\u002Fth>\u003Cth>TO IMOBILIÁRIO RIO BRAVO RENDA VAREJO FII\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>PROPRIETÁRIO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>FUNDO DE INVESTIMEN\u003C\u002Ftd>\u003Ctd>TO IMOBILIÁRIO RIO BRAVO RENDA VAREJO FII\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OCUPAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Imóvel Ocupado\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OBJETIVO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Valor Justo para Venda\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>FINALIDADE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comercialização\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDENTIFICAÇÃO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Flagship Portobello\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>TIPOLOGIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Comercial - Loja\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>OBJETO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Endereço\u003C\u002Ftd>\u003Ctd>Alameda Gabriel Monteiro da Silva, 1.193\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Bairro\u003C\u002Ftd>\u003Ctd>Jardim Paulista\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Cidade\u002FUF\u003C\u002Ftd>\u003Ctd>São Paulo \u002F SP\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área de Terreno\u003C\u002Ftd>\u003Ctd>1.032,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Área Construída\u003C\u002Ftd>\u003Ctd>1.645,07 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>DATA VISTORIA\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>17\u002F06\u002F2026\u003C\u002Ftd>\u003Ctd>\u003Cstrong>DATA BASE\u003C\u002Fstrong>\u003Cbr>30\u002F06\u002F2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>ACOMPANHANTE\u003C\u002Fstrong>\u003Cbr>Luana Bianco – Gerente de Operações\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>CONCLUSÃO DE VALOR\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>VALOR JUSTO\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>PARA VENDA\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>(Renda – Fluxo de Caixa)\u003Cbr>\u003Cstrong>R$ 82.870.000,00\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Oitenta E Dois Milhões, Oitocentos E Setenta\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>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>\u003Ch5>\u003Cstrong>ESPECIFICAÇÃO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh5>\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 III\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\u002F3880\u002F3880.pdf-0005-00.png\">\u003C\u002Fp>\u003Ch3>\u003Cstrong>1. INTRODUÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>1.1. OBJETO E ESCOPO DA AVALIAÇÃO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cstrong>FII RIO BRAVO RENDA VAREJO\u003C\u002Fstrong> (CNPJ\u002FMF Nº 15.576.907\u002F0001-70), representado por \u003Cstrong>RIO BRAVO\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 30 de junho de 2026, visando a suportar decisões gerenciais.\u003C\u002Fp>\u003Ch5>\u003Cstrong>1.2. CONSIDERAÇÕES INICIAIS\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Visando a atender ao objetivo solicitado, \u003Cstrong>realizamos vistoria 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>\u003Ch5>\u003Cstrong>1.3. CONDIÇÕES LIMITANTES\u003C\u002Fstrong>\u003C\u002Fh5>\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\u002F3880\u002F3880.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>\u003Ch5>\u003Cstrong>1.4. EVENTOS SUBSEQUENTES\u003C\u002Fstrong>\u003C\u002Fh5>\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\u002F3880\u002F3880.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>\u003Ch6>\u003Cstrong>IPTU\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Inscrição Cadastral:\u003C\u002Fth>\u003Cth>015.071.0045-0\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Contribuinte:\u003C\u002Ftd>\u003Ctd>INFORMAÇÃO PROTEGIDA POR SIGILO FISCAL\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área de Terreno:\u003C\u002Ftd>\u003Ctd>1.032,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Área Construída:\u003C\u002Ftd>\u003Ctd>1.772,00 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Ano de Exercício:\u003C\u002Ftd>\u003Ctd>2026\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Testada:\u003C\u002Ftd>\u003Ctd>24,00 m\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Contrato de Locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Locatário:\u003C\u002Ftd>\u003Ctd>PBTech Comércio e Serviços de Revestimento Cerâmicos LTDA.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Início Contrato:\u003C\u002Ftd>\u003Ctd>01\u002F11\u002F2025\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data de Término Contrato:\u003C\u002Ftd>\u003Ctd>16\u002F02\u002F2046\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor de Locação:\u003C\u002Ftd>\u003Ctd>R$ 518.405,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Data do Último Aditivo:\u003C\u002Ftd>\u003Ctd>27\u002F02\u002F2026\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>PLANTA \u002F QUADRO\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>DE ÁREAS\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Arquivo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Área de Terreno\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Área Total construída\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Data\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>AVCB\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003Ctd>1.645,07\u003Cbr>17\u002F10\u002F2025\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Habite-se\u003C\u002Ftd>\u003Ctd>1.032,00\u003C\u002Ftd>\u003Ctd>1.645,07\u003Cbr>14\u002F11\u002F2025\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0008-00.png\">\u003C\u002Fp>\u003Cp>EB BRAZIL\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>3. CARACTERIZAÇÃO DA REGIÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>3.1. LOCALIZAÇÃO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>O mapa a seguir ilustra a localização do imóvel na região:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.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>✓ 600 metros da Estação Fradique Coutinho (Linha 4 – Amarela);\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 1,0 quilômetro do Shopping Iguatemi; e\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ 1,5 quilômetro do Shopping Eldorado.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0009-00.png\">\u003C\u002Fp>\u003Cp>EB BINSWANGER\u003Cbr>EB BRAZIL\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.2. ENTORNO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0009-02.png\">\u003C\u002Fp>\u003Cp>a\" a a ”a ço di;, ja LyVoo o de , Edo4\u003Cbr>o € * PN É + $ ,\u003Cbr>' , 4 RS RA ae % a,\u003Cbr>Zn oii nd MÉ ENO\u003Cbr>e EN <EM “o a Pr\u003Cbr>» x x w es PU Ap 4\u003Cbr>ae. Ê, ar PM a Dadas a” “aos\u003Cbr>apos 64\u003Cbr>SAE\u003Cbr>de me ) és 4 “as asoe EE gsg É .\u003Cbr>N Ada Pi > Ba ú Bim do O E z Na bes g;\u003Cbr>Ee Es oa k 7 RUA”\u003Cbr>Doe ER = 1a” ui\u003Cbr>Ad ha cê sd é RS da w ed A\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cem>Imagem Satélite\u003C\u002Fem>\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.2.1. Descrição da região, entorno e acessos\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Uso Predominante Local:\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>Comercial \u002F Prestação de Serviços\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Densidade de Ocupação:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Horizontal - Média\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Padrão Econômico:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alto\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Nível de Acesso:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Ótimo\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 Shopping center \u002F hotel \u002F transporte público \u002F\u003Cbr>estação de metrô \u002F universidades \u002F escolas \u002F clubes sociais \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\u002F3880\u002F3880.pdf-0010-00.png\">\u003C\u002Fp>\u003Cp>EB\u003Cbr>EB BINSWANGER\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.2.2. Melhoramentos Urbanos e Serviços Comunitários\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A seguir apresentamos infraestrutura urbana em um alcance de aproximadamente 1km do avaliado:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>Abastecimento de água\u003C\u002Fth>\u003Cth>\u003Cbr>Energia elétrica\u003C\u002Fth>\u003Cth>\u003Cbr>Escolas\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Cisterna \u002F Poço Artesiano\u003C\u002Ftd>\u003Ctd>\u003Cbr>Iluminação pública\u003C\u002Ftd>\u003Ctd>\u003Cbr>Correio\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Esgoto pluvial\u003C\u002Ftd>\u003Ctd>\u003Cbr>Telefone\u003C\u002Ftd>\u003Ctd>\u003Cbr>Posto policial\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Esgoto sanitário\u003C\u002Ftd>\u003Ctd>\u003Cbr>Fibra ótica\u003C\u002Ftd>\u003Ctd>\u003Cbr>Serviços médicos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Fossa\u003C\u002Ftd>\u003Ctd>\u003Cbr>Arborização\u003C\u002Ftd>\u003Ctd>\u003Cbr>Recreação e lazer\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Gás canalizado\u003C\u002Ftd>\u003Ctd>\u003Cbr>Transporte público\u003C\u002Ftd>\u003Ctd>\u003Cbr>Comércio local\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Coleta de lixo\u003C\u002Ftd>\u003Ctd>\u003Cbr>Aeroporto\u003C\u002Ftd>\u003Ctd>\u003Cbr>Agências Bancárias\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Pavimentação\u003C\u002Ftd>\u003Ctd>\u003Cbr>Rodoviária\u003C\u002Ftd>\u003Ctd>\u003Cbr>Shopping Center\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch5>\u003Cstrong>FOTOS DE ACESSOS\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0010-05.png\">\u003C\u002Fp>\u003Cp>Alameda Gabriel Monteiro da Silva\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0010-07.png\">\u003C\u002Fp>\u003Cp>Alameda Gabriel Monteiro da Silva\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0011-00.png\">\u003C\u002Fp>\u003Cp>EB\u003Cbr>EDP NSVANÇER\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>3.3. USO E OCUPAÇÃO DO SOLO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Os parâmetros de zoneamento que incidem sobre o imóvel são relacionados a seguir:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0011-03.png\">\u003C\u002Fp>\u003Ch6>\u003Cem>Mapa de Zoneamento\u003C\u002Fem>\u003C\u002Fh6>\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 18.081, de 19 de janeiro de 2024 - Dispõe sobre a revisão parcial\u003Cbr>da Lei nº 16.402, de 22 de março de 2016, visando à compatibilização\u003Cbr>de seu texto original com as supervenientes alterações decorrentes da\u003Cbr>promulgação da Lei nº 17.975, de 8 de julho de 2023 – Revisão\u003Cbr>Intermediária do Plano Diretor Estratégico do Município de São Paulo,\u003Cbr>nos termos daprevisão de seu art. 126,e dá outrasprovidências.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Zona de Uso - Descrição\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>ZCOR-2 - Zona Corredor 2\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>T.O. (Taxa de Ocupação)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>50%\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>1,0\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Gabarito\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>10 metros\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Lote Mínimo\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Principais Usos Permitidos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Diversificação de usos de forma compatível à vizinhança residencial e\u003Cbr>à conformação de subcentro regional\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Principais Usos Vetados\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Industrial\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\u002F3880\u002F3880.pdf-0012-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>4. CARACTERIZAÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>4.1. QUADRO DE ÁREAS\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>O quadro de áreas a seguir foi extraído de documentação fornecida pelo cliente:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Dt\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área de terreno\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Área construída\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>ocumenos\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(m²)\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IPTU\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1.032,00\u003C\u002Ftd>\u003Ctd>1.772,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>AVCB\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>n\u002Fi\u003C\u002Ftd>\u003Ctd>1.645,07\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Habite-se\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1.032,00\u003C\u002Ftd>\u003Ctd>1.645,07\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>ADOTADA EM CÁLCULO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.032,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1.645,07\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>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0013-00.png\">\u003C\u002Fp>\u003Cp>HH BINSWANGER\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2. DESCRIÇÃO DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>Prédio comercial, atualmente ocupado pela Portobello. O imóvel é composto por 3 pavimentos, sendo térreo, subsolo e cobertura.\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.1. Terreno\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0013-04.png\">\u003C\u002Fp>\u003Cp>\u003Cem>Delimitação do Terreno\u003C\u002Fem>\u003C\u002Fp>\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>24,00 metros – Alameda Gabriel Monteiro da Silva (conforme IPTU)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Formato\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Regular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Quantidade de Frentes\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1 (uma)\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>Divisas não delimitadas\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0014-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.2. Construção\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.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>3 Pavimentos: SS + Térreo + cobertura\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Pé Direito\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>3,50 metros\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>Telha metálica\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estrutura da Cobertura\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Metálica \u002F Concreto armado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Fechamento\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alvenaria\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Fachada\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura \u002F Painel de vidro\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>Transparente\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Padrão IBAPE\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Escritório fino – intervalo máximo\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Estado de Conservação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Bom \u002F Novo (A)\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>Ótima\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Idade Estimada\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1 ano\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Vida Útil Remanescente\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>59 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0015-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch6>\u003Cstrong>Acabamentos Internos\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Apresentamos a seguir os principais acabamentos observados:\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Ambiente\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Acabamentos\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Piso\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Parede\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Forro \u002F Teto\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Lobby de entrada e\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Plt\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura \u002F\u003C\u002Ftd>\u003Ctd>G\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>hall de elevadores\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>orceanao\u003C\u002Ftd>\u003Ctd>Cerâmica\u003C\u002Ftd>\u003Ctd>esso\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Área privativa dos\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>escritórios\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Porcelanato\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura\u003C\u002Ftd>\u003Ctd>Gesso \u002F Forro modular\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Áreas comuns dos\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>andares\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Porcelanato\u003C\u002Ftd>\u003Ctd>Alvenaria com pintura\u003C\u002Ftd>\u003Ctd>Ripas de madeira\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Sanitários \u002F Copa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Azulejo\u003C\u002Ftd>\u003Ctd>Azulejo\u003C\u002Ftd>\u003Ctd>Gesso\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch6>\u003Cstrong>Especificações Técnicas\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>As informações a seguir foram observadas \u003Cem>in loco\u003C\u002Fem> e fornecidas durante a vistoria.\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Tipo\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Uso\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Circulação Vertical\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ 1 Elevador da marca BASIC\u003Cbr>▪ 1 Rampa de acesso a cobertura\u003Cbr>▪ Escadas de uso social\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Sistema de Segurança\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>e Controle de Acesso\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ CFTV\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Sistema de Prevenção\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>de Incêndio\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Sistema de incêndio interligado ao reservatório subterrâneo.\u003Cbr>▪ Hidrantes e extintores;\u003Cbr>▪ Alarme de incêndio e detectores de fumaça.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Elétrica\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Entrada de energia em alta tensão, com transformadores e quadros de energia\u003Cbr>individuais.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ar-Condicionado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>▪ Ar-condicionado tipo Split\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>4.2.3. Reportagem Fotográfica\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-02.png\">\u003C\u002Fp>\u003Cp>Hall de entrada\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-04.png\">\u003C\u002Fp>\u003Cp>Sala de exposição\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-06.png\">\u003C\u002Fp>\u003Cp>Sala de exposição\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-08.png\">\u003C\u002Fp>\u003Cp>Área externa\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-10.png\">\u003C\u002Fp>\u003Cp>Salão principal do térreo\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-12.png\">\u003C\u002Fp>\u003Cp>Sala de exposição\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-14.png\">\u003C\u002Fp>\u003Cp>Sala de exposição\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0016-16.png\">\u003C\u002Fp>\u003Cp>Área externa\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>EB BINSWANGER\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-01.png\">\u003C\u002Fp>\u003Cp>ri par — o = í\u003Cbr>\u003C\u002Fp>\u003Cp>Primeiro pavimento\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-03.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-04.png\">\u003C\u002Fp>\u003Cp>Hall do elevador\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-06.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-07.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-08.png\">\u003C\u002Fp>\u003Cp>Estacionamento no subsolo\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0017-10.png\">\u003C\u002Fp>\u003Cp>Cobertura\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0018-00.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 Municípi\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>o\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Referências\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>São Paulo \u002F SP\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>1.521,11 km²\u003C\u002Ftd>\u003Ctd>1.521,11 km²\u003C\u002Ftd>\u003Ctd>1.525,54 km²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>População\u003C\u002Fstrong>[2022]\u003C\u002Ftd>\u003Ctd>12.200.180 hab.\u003C\u002Ftd>\u003Ctd>12.200.180 hab.\u003C\u002Ftd>\u003Ctd>37.298 hab.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>PIB (R$ mil)\u003C\u002Fstrong>[2018]\u003C\u002Ftd>\u003Ctd>R$ 714.683.362,46\u003C\u002Ftd>\u003Ctd>R$ 714.683.362,46\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$ 58.691,90\u003C\u002Ftd>\u003Ctd>R$ 58.691,90\u003C\u002Ftd>\u003Ctd>R$ 23.513,94\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>IDH\u003C\u002Fstrong>[2010]\u003C\u002Ftd>\u003Ctd>0,805\u003C\u002Ftd>\u003Ctd>0,805\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\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Mercado\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>Alta\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Para Locação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alta\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Demanda\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Alta\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Para Venda\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Médio-Alta\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>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch6>\u003Cstrong>Análise de SWOT\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>Pontos Fortes:\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>✓ Construção de qualidade;\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>Pontos Fracos:\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Não observado.\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>✓ Configuração do imóvel conforme demanda na região;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Contrato em vigor com prazo contratual de longa duração;\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Estacionamento; e\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>✓ Boa Localização e Acesso (Polo, eixo comercial, proximidade metrô, etc)\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cstrong>Oportunidades:\u003C\u002Fstrong>\u003C\u002Fp>\u003Cul>\u003Cli>✓ Forte demanda para locação na região.\u003C\u002Fli>\u003C\u002Ful>\u003Ch6>\u003Cstrong>Ameaças:\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cul>\u003Cli>✓ Excesso de oferta na região.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0019-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>5.1. PANORAMA DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ch5>\u003Cstrong>CENÁRIO ECONÔMICO GLOBAL\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A economia mundial permanece em processo de desaceleração gradual, refletindo os efeitos defasados do ciclo de aperto monetário implementado pelas principais economias nos últimos anos. Embora a inflação venha apresentando trajetória de convergência em diversas economias, o ambiente econômico internacional continua caracterizado por crescimento moderado, elevada incerteza e maior seletividade na alocação de capital pelos investidores.\u003C\u002Fp>\u003Cp>As projeções dos principais organismos multilaterais indicam expansão global em ritmo inferior às médias históricas, influenciada pela desaceleração das economias desenvolvidas, pelas restrições fiscais em diversos países e pelas persistentes tensões geopolíticas e comerciais. Nesse contexto, a volatilidade dos mercados financeiros permanece elevada, exigindo maior cautela por parte dos investidores.\u003C\u002Fp>\u003Cp>Nos Estados Unidos, a economia continua apresentando relativa resiliência, sustentada por um mercado de trabalho ainda sólido e pelo consumo das famílias. Entretanto, a condução da política monetária pelo Federal Reserve permanece condicionada ao comportamento da inflação, fazendo com que o processo de redução das taxas de juros ocorra de forma gradual e dependente da evolução dos indicadores econômicos.\u003C\u002Fp>\u003Cp>Na Europa, a atividade econômica segue apresentando recuperação moderada, influenciada pelos desafios estruturais de crescimento, pelos elevados custos energéticos e pelos impactos das tensões geopolíticas sobre a atividade industrial e o comércio internacional.\u003C\u002Fp>\u003Cp>Paralelamente, observa-se um ambiente internacional marcado pela intensificação das disputas comerciais, pela reorganização das cadeias globais de suprimentos e pelo fortalecimento de políticas voltadas à segurança econômica e à reindustrialização. Esse movimento tem incentivado empresas e investidores a diversificarem mercados, fornecedores e destinos de capital, ampliando a importância de economias emergentes no cenário internacional.\u003C\u002Fp>\u003Cp>Para o Brasil, esse contexto produz efeitos ambíguos. A desaceleração do comércio global pode limitar o dinamismo das exportações e reduzir o ritmo de crescimento da atividade econômica. Em contrapartida, a diversificação das cadeias produtivas internacionais, aliada à posição estratégica do país como fornecedor de commodities e receptor potencial de investimentos, cria oportunidades para ampliação da participação brasileira no comércio internacional e para atração de capital estrangeiro.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0020-00.png\">\u003C\u002Fp>\u003Cp>De forma geral, o ambiente econômico global continua exigindo cautela dos agentes econômicos, sendo caracterizado por crescimento moderado, maior seletividade dos investimentos e condições financeiras ainda restritivas, fatores que influenciam diretamente o comportamento dos mercados imobiliários em âmbito mundial.\u003C\u002Fp>\u003Ch5>\u003Cstrong>CENÁRIO ECONÔMICO BRASILEIRO\u003C\u002Fstrong>\u003C\u002Fh5>\u003Cp>A economia brasileira apresenta sinais de crescimento moderado, em um contexto de convergência gradual da inflação e perspectivas de redução das taxas de juros ao longo do horizonte projetado. Esta seção apresenta indicadores macroeconômicos que fornecem o contexto econômico-financeiro para o \u003Cem>valuation\u003C\u002Fem> do imóvel, e que influenciam no cálculo do valor de mercado e liquidez. Os índices selecionados — \u003Cstrong>PIB, IGPM, IPCA e Selic\u003C\u002Fstrong> — captam a dinâmica econômica nacional com abrangência geral, servindo como termômetro fundamental para os fatores que moldam a confiança dos investidores, os custos de financiamento, o valor dos ativos imobiliários e sua rentabilidade.\u003C\u002Fp>\u003Ch4>Variação Anual dos Indicadores (%)\u003C\u002Fh4>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0020-05.png\">\u003C\u002Fp>\u003Cp>Fonte: Realizado 2025 PIB (IBGE)\u003Csup>1\u003C\u002Fsup> , IGPM (FGV)\u003Csup>2\u003C\u002Fsup> , IPCA (IBGE)\u003Csup>3\u003C\u002Fsup> , Selic (BACEN)\u003Csup>4\u003C\u002Fsup> ; Projeções futuras (Focus, BACEN)\u003Csup>5\u003C\u002Fsup>\u003C\u002Fp>\u003Cblockquote>\u003Cp>1 INSTITUTO BRASILEIRO DE GEOGRAFIA E ESTATÍSTICA (IBGE). PIB cresce 2,3% em 2025. Rio de Janeiro: IBGE, 03 mar. 2026. Disponível em: https:\u002F\u002Fagenciadenoticias.ibge.gov.br\u002Fagencia-noticias\u002F2012-agencia-de-noticias\u002Fnoticias\u002F45969-pib-cresce-2-3-em2025#:~:text=O%20Produto%20Interno%20Bruto%20(PIB,Ind%C3%BAstria%20(1%2C4%25). Acesso em: 10 abr. 2026.\u003C\u002Fp>\u003Cp>2 FUNDAÇÃO GETULIO VARGAS (FGV). Índice Geral de Preços - Mercado (IGP-M) fecha 2025 com queda de 1,05%. Rio de Janeiro: FGV IBRE, IGP-M de dez. de 2025. Disponível em: https:\u002F\u002Fportalibre.fgv.br. Acesso em: 10 abr. 2026.\u003C\u002Fp>\u003Cp>3 INSTITUTO BRASILEIRO DE GEOGRAFIA E ESTATÍSTICA (IBGE). Índice Nacional de Preços ao Consumidor Amplo – IPCA: resultados de dezembro de 2025. Rio de Janeiro: IBGE, 2026. Disponível em: https:\u002F\u002Fbiblioteca.ibge.gov.br\u002Findex.php\u002Fbibliotecacatalogo?view=detalhes&id=7236. Acesso em: 10 abr. 2026.\u003C\u002Fp>\u003Cp>4 BANCO CENTRAL DO BRASIL (BACEN, BCB). Taxa Selic: histórico mensal de 2025. Brasília: BCB, 2026. Disponível em: https:\u002F\u002Fwww.bcb.gov.br\u002Fcontroleinflacao\u002Fhistoricotaxasjuros. Acesso em: 10 abr. 2026.\u003C\u002Fp>\u003Cp>5 BANCO CENTRAL DO BRASIL (BACEN). Relatório Focus: expectativas de mercado. Brasília: Banco Central do Brasil, 10 jul. 2026. Disponível em: https:\u002F\u002Fwww.bcb.gov.br. Acesso em: 20 jul. 2026. Dados de PIB, IGPM, IPCA e Selic extraídos da mesma edição.\u003C\u002Fp>\u003C\u002Fblockquote>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0021-00.png\">\u003C\u002Fp>\u003Cp>O gráfico acima apresenta a evolução recente dos principais indicadores macroeconômicos — PIB, IGPM, IPCA e Taxa Selic — contemplando os valores realizados e as projeções de mercado para os próximos anos. Em conjunto, esses indicadores fornecem uma visão abrangente do ambiente econômico brasileiro, permitindo contextualizar as condições que influenciam o mercado imobiliário, o custo de capital, a atratividade dos investimentos e a formação do valor dos ativos imobiliários. As informações apresentadas são baseadas em dados oficiais e nas expectativas de mercado consolidadas pelo Relatório Focus do Banco Central do Brasil de 10 de julho de 2026, servindo como importante referência para a análise econômico-financeira desenvolvida neste laudo.\u003C\u002Fp>\u003Cp>O \u003Cstrong>Produto Interno Bruto (PIB)\u003C\u002Fstrong>, calculado e divulgado pelo IBGE, representa a soma dos bens e serviços produzidos no país, servindo como métrica do desempenho econômico. Um PIB em expansão estimula a confiança de investidores e a demanda por imóveis comerciais e residenciais, enquanto retrações podem restringir transações. Após o resultado observado no último exercício, as expectativas de mercado indicam continuidade do crescimento econômico em ritmo moderado nos próximos anos, refletindo perspectivas de expansão sustentada, porém em ritmo mais moderado ao longo do horizonte projetado.\u003C\u002Fp>\u003Cp>O \u003Cstrong>Índice Geral de Preços – Mercado (IGP-M)\u003C\u002Fstrong>, elaborado pela Fundação Getúlio Vargas (FGV), mede a inflação com base em preços no atacado, varejo e construção civil, sendo o principal índice para correção de aluguéis em contratos imobiliários tradicionais, especialmente em lajes corporativas e shoppings. Sua trajetória influencia diretamente a rentabilidade de ativos e o valor de mercado dos imóveis. Após a elevada volatilidade observada nos últimos anos, as expectativas apontam para a manutenção do IGP-M em patamares positivos e mais próximos da normalidade histórica, contribuindo para maior previsibilidade dos reajustes contratuais e da rentabilidade dos ativos imobiliários.\u003C\u002Fp>\u003Cp>O \u003Cstrong>Índice Nacional de Preços ao Consumidor Amplo (IPCA)\u003C\u002Fstrong>, também calculado pelo IBGE, é a inflação oficial do Brasil, monitorando bens e serviços consumidos pelas famílias. É o segundo índice mais utilizado para correção de aluguéis, depois do IGPM, e é o principal índice de referência para o setor imobiliário de varejo (ex.: lojas, franquias), balizando expectativas de custos e investimentos. As projeções indicam convergência gradual da inflação para níveis mais próximos da meta estabelecida pelo Banco Central, reforçando um ambiente de maior estabilidade macroeconômica e previsibilidade para os investimentos de longo prazo.\u003C\u002Fp>\u003Cp>A \u003Cstrong>Taxa Selic (Sistema Especial de Liquidação e Custódia)\u003C\u002Fstrong>, definida pelo Banco Central do Brasil, é a taxa básica de juros que orienta o custo de financiamentos e o rendimento de investimentos. No mercado imobiliário, este índice impacta diretamente o custo de crédito (ex.: CRIs, financiamentos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0022-00.png\">\u003C\u002Fp>\u003Cp>bancários), os \u003Cem>yields\u003C\u002Fem> de fundos imobiliários (FIIs) e os \u003Cem>cap rates\u003C\u002Fem>, influenciando decisões de investidores. A trajetória esperada para a Taxa Selic reflete o processo de normalização da política monetária, com perspectivas de redução gradual dos juros ao longo dos próximos anos, condicionada ao comportamento da inflação e do cenário fiscal. A diminuição do custo de capital tende a favorecer o mercado imobiliário, ampliando o acesso ao crédito, reduzindo o custo de financiamento e aumentando a atratividade relativa dos investimentos em ativos reais.\u003C\u002Fp>\u003Cp>Em conjunto, esses indicadores sintetizam as condições macroeconômicas que influenciam diretamente o mercado imobiliário brasileiro. Sua análise permite compreender o ambiente de investimentos no qual o imóvel está inserido, fornecendo suporte às premissas adotadas neste laudo e contribuindo para uma avaliação alinhada às expectativas econômicas vigentes.\u003C\u002Fp>\u003Cp>\u003Cstrong>VISÃO GERAL DO MERCADO IMOBILIÁRIO\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>O mercado imobiliário brasileiro permanece inserido em um ambiente de gradual estabilização macroeconômica, caracterizado por expectativas de redução das taxas de juros ao longo do horizonte projetado, convergência da inflação e crescimento econômico moderado. Esse contexto tende a favorecer o aumento da liquidez do setor, a retomada gradual dos investimentos e a ampliação da demanda por ativos imobiliários, embora persistam desafios relacionados ao cenário fiscal doméstico e às incertezas do ambiente econômico internacional.\u003C\u002Fp>\u003Cp>Em razão do longo ciclo de maturação dos empreendimentos imobiliários e da elevada intensidade de capital característica do setor, o mercado permanece altamente sensível às condições de financiamento e ao custo de capital. Nesse contexto, a trajetória esperada para a Taxa Selic exerce influência direta sobre o mercado de crédito, os custos de financiamento, as taxas de desconto utilizadas em avaliações imobiliárias, os cap rates observados no mercado e a atratividade relativa dos ativos imobiliários frente às demais alternativas de investimento. Além do custo de capital, observase crescente seletividade por parte dos investidores institucionais, que vêm priorizando ativos com elevada qualidade construtiva, localização consolidada, contratos resilientes e maior previsibilidade de fluxo de caixa.\u003C\u002Fp>\u003Cp>Nos últimos anos, observa-se o fortalecimento do mercado de capitais como importante fonte de financiamento para o setor imobiliário brasileiro. Instrumentos como Fundos de Investimento Imobiliário (FIIs), Certificados de Recebíveis Imobiliários (CRIs), Letras de Crédito Imobiliário (LCIs) e demais estruturas de securitização consolidaram-se como mecanismos relevantes para captação de recursos, contribuindo para o aumento da liquidez do mercado e para a diversificação das alternativas de investimento disponíveis aos agentes econômicos.\u003C\u002Fp>\u003Cp>O mercado imobiliário brasileiro apresenta elevado grau de heterogeneidade entre seus diversos\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0023-00.png\">\u003C\u002Fp>\u003Cp>segmentos. Enquanto o segmento logístico permanece apresentando fundamentos sólidos, sendo beneficiado pelo crescimento estrutural do comércio eletrônico e pela expansão das operações de distribuição, o segmento corporativo vem apresentando recuperação gradual, especialmente nos empreendimentos de maior qualidade construtiva e melhor localização, impulsionados pela busca por edifícios mais eficientes e sustentáveis. Os segmentos de varejo, residencial, hospitalar, educacional e demais ativos especializados apresentam dinâmicas próprias, influenciadas por fatores específicos de oferta, demanda e características operacionais de cada mercado.\u003C\u002Fp>\u003Cp>Independentemente do segmento analisado, a localização permanece como um dos principais determinantes do valor de mercado de um imóvel. Aspectos como infraestrutura urbana, acessibilidade, disponibilidade de transporte público, perfil socioeconômico da região, oferta de serviços, adensamento empresarial, restrições urbanísticas e perspectivas de desenvolvimento local exercem influência direta sobre a liquidez, a competitividade e o potencial de valorização dos ativos.\u003C\u002Fp>\u003Cp>Adicionalmente, fatores relacionados à qualidade construtiva, eficiência operacional, flexibilidade de ocupação, certificações ambientais, especificações técnicas e capacidade de adaptação às novas demandas dos usuários passaram a exercer papel cada vez mais relevante na diferenciação entre ativos concorrentes, refletindo tendências estruturais observadas tanto no mercado nacional quanto internacional.\u003C\u002Fp>\u003Cp>Dessa forma, a determinação do valor de mercado de um imóvel exige análise integrada dos fatores macroeconômicos, das condições específicas do segmento imobiliário em que o ativo está inserido e das características próprias do imóvel avaliado. Essa abordagem permite refletir de forma mais adequada o comportamento observado dos agentes de mercado e as condições efetivamente observadas no mercado na data-base da avaliação.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0024-00.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 de 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\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>\u003Ch5>\u003Cstrong>MÉTODO COMPARATIVO DIRETO DE DADOS DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh5>\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\u002F3880\u002F3880.pdf-0025-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>MÉTODO DA CAPITALIZAÇÃO DA RENDA\u003C\u002Fstrong>\u003C\u002Fh5>\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>\u003Ch5>\u003Cstrong>DEFINIÇÃO DE VALOR DE MERCADO\u003C\u002Fstrong>\u003C\u002Fh5>\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\u002F3880\u002F3880.pdf-0026-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>DEFINIÇÃO DE VALOR JUSTO\u003C\u002Fstrong>\u003C\u002Fh5>\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>\u003Ch5>\u003Cstrong>METODOLOGIA APLICADA\u003C\u002Fstrong>\u003C\u002Fh5>\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 intrinsecamente 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>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0027-00.png\">\u003C\u002Fp>\u003Cp>EB BRAZIL\u003Cbr>\u003C\u002Fp>\u003Cp>Trata-se do método mais indicado para avaliação dos denominados \u003Cu>Empreendimentos de Base 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\u002F3880\u002F3880.pdf-0027-03.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 intrinsecamente associado ao desempenho operacional.\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0028-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>7. CÁLCULO DO VALOR DO IMÓVEL\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch5>\u003Cstrong>7.1. VALOR DE MERCADO DE LOCAÇÃO - MÉTODO COMPARATIVO\u003C\u002Fstrong>\u003C\u002Fh5>\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>\u003Ch6>\u003Cstrong>Fator oferta\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>A aplicação deste fator considera a margem de desconto em uma negociação de mercado.\u003C\u002Fp>\u003Ch6>\u003Cstrong>Fator localização\u003C\u002Fstrong>\u003C\u002Fh6>\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>\u003Ch6>\u003Cstrong>Fator padrão\u003C\u002Fstrong>\u003C\u002Fh6>\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\u002F3880\u002F3880.pdf-0029-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Cp>\u003Cstrong>Fator depreciação (\u003C\u002Fstrong> \u003Cstrong>\u003Cem>Idade x Estado de Conservação\u003C\u002Fem>)\u003C\u002Fstrong>\u003C\u002Fp>\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>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0030-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>7.1.1. Valor de Mercado de Locação\u003C\u002Fstrong>\u003C\u002Fh5>\u003Ch5>\u003Cstrong>ANÁLISE DOS VALORES OBTIDOS\u003C\u002Fstrong>\u003C\u002Fh5>\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\u003C\u002Fp>\u003Cp>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>Valor Unitário (R$\u002Fm²)\u003C\u002Ftd>\u003Ctd>242,55\u003C\u002Ftd>\u003Ctd>285,35\u003C\u002Ftd>\u003Ctd>328,16\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Devido às características físicas do imóvel e localização, adotamos o valor médio como valor de mercado de locação.\u003C\u002Fp>\u003Cp>O valor do imóvel será dado pela seguinte expressão:\u003C\u002Fp>\u003Cp>\u003Cstrong>V = Vu x A\u003C\u002Fstrong> \u003Cem>, onde:\u003C\u002Fem>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>Vu = Valor Unitário Adotado\u003C\u002Fth>\u003Cth>\u003Cstrong>R$ 285,35\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>A = Área Construída\u003C\u002Ftd>\u003Ctd>1.645,07 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>V = Valor Total\u003C\u002Ftd>\u003Ctd>R$ 469.420,72\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>VALOR TOTAL ARREDONDADO\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 469.000,00\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0031-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch5>\u003Cstrong>7.2. VALOR JUSTO DE VENDA - MÉTODO DA RENDA (Fluxo de Caixa Descontado)\u003C\u002Fstrong>\u003C\u002Fh5>\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>Nome do 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$)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valor\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Unitário\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(R$\u002Fm²)\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Pbtech Comércio e Serviços de\u003Cbr>Revestimentos Cerâmicos Ltda\u003C\u002Ftd>\u003Ctd>01\u002F11\u002F2025\u003C\u002Ftd>\u003Ctd>16\u002F02\u002F2046\u003C\u002Ftd>\u003Ctd>518.405,00\u003C\u002Ftd>\u003Ctd>315,13\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$285,35\u002Fm², de acordo com o Método Comparativo Direto descrito no Apêndice.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Revisional:\u003C\u002Fstrong> conforme contrato de locação as partes não têm direito a revisional para valor de mercado.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período de análise:\u003C\u002Fstrong> 120 meses.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Período do contrato:\u003C\u002Fstrong> contratos vigentes obedecerão aos prazos correntes e novos contratos terão prazo de 60 meses.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Vacância após 1º contrato:\u003C\u002Fstrong> consideramos que o locatário atual permanecerá no imóvel ao longo de todo período da análise.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Carência após 1º contrato:\u003C\u002Fstrong> consideramos que o locatário atual permanecerá no imóvel ao longo de todo período da análise.\u003C\u002Fp>\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0032-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cstrong>Descontos:\u003C\u002Fstrong> conforme previsto no contrato de locação, foram concedidos ao locatário os seguintes descontos:\u003C\u002Fli>\u003C\u002Ful>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Período\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Desconto (R$)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Prazo\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>1º ao 5º mês\u003C\u002Ftd>\u003Ctd>-82.405,00\u003C\u002Ftd>\u003Ctd>5 meses\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>6º ao 17º mês\u003C\u002Ftd>\u003Ctd>-41.914,00\u003C\u002Ftd>\u003Ctd>12 meses\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>Após o término do período de concessão dos descontos, o valor do aluguel será acrescido em\u003C\u002Fp>\u003Cp>R$ 24.358,00 mensais, pelo período de 36 meses (18º ao 53º mês);\u003C\u002Fp>\u003Cul>\u003Cli>\u003Cp>\u003Cstrong>Valorização \u002F Crescimento do valor de locação:\u003C\u002Fstrong> adotamos uma valorização de 2% ao ano sobre\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>valor de mercado a partir do 1º ano do fluxo.\u003C\u002Fp>\u003C\u002Fli>\u003Cli>\u003Cp>\u003Cstrong>Perpetuidade (Valor Residual do Imóvel):\u003C\u002Fstrong> calculada sobre a renda potencial após o 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 3,0% sobre o valor de venda do imóvel.\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 0,25% 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 8,00% a.a., composta por NTNB e risco do negócio, e taxa de capitalização (cap rate) de 7,50% 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\u002F3880\u002F3880.pdf-0033-00.png\">\u003C\u002Fp>\u003Cp>EB sinswançerBRAZIL\u003Cbr>\u003C\u002Fp>\u003Ch6>\u003Cstrong>Resultados\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>Sendo assim, o valor de venda com base em sua renda, em números redondos, é de:\u003C\u002Fp>\u003Cp>\u003Cstrong>VALOR JUSTO Oitenta E Dois Milhões, Oitocentos E Setenta\u003C\u002Fstrong> (Renda – Fluxo de Caixa) \u003Cstrong>R$ 82.870.000,00 PARA VENDA Mil Reais\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>O Fluxo de Caixa anual detalhado encontra-se a seguir:\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0033-05.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0034-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>TOTAL\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>61.293.607\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>62.208.600\u003C\u002Fth>\u003Cth>(914.993)\u003Cbr>-\u003C\u002Fth>\u003Cth>\u003Cstrong>(777.131)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>(621.705)\u003C\u002Fth>\u003Cth>(155.426)\u003C\u002Fth>\u003Cth>-\u003C\u002Fth>\u003Cth>\u003Cstrong>60.516.476\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>89.760.195\u003C\u002Fth>\u003Cth>(2.692.806)\u003C\u002Fth>\u003Cth>\u003Cstrong>87.067.389\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>147.583.865\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(77.761)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(62.209)\u003C\u002Ftd>\u003Ctd>(15.552)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>89.760.195\u003C\u002Ftd>\u003Ctd>(2.692.806)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>87.067.389\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>93.210.489\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>147.583.865\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(77.761)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(62.209)\u003C\u002Ftd>\u003Ctd>(15.552)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>54.373.377\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(77.761)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(62.209)\u003C\u002Ftd>\u003Ctd>(15.552)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>48.230.277\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(77.761)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(62.209)\u003C\u002Ftd>\u003Ctd>(15.552)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>42.087.178\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(77.761)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(62.209)\u003C\u002Ftd>\u003Ctd>(15.552)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.143.099\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>35.944.079\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(79.283)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(63.427)\u003C\u002Ftd>\u003Ctd>(15.857)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.141.577\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.141.577\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>29.800.980\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>4\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(81.414)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(65.132)\u003C\u002Ftd>\u003Ctd>(16.283)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.139.446\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.139.446\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>23.659.403\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>3\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.220.860\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(81.414)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>(65.132)\u003C\u002Ftd>\u003Ctd>(16.283)\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.139.446\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6.139.446\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>17.519.957\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>1\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>2\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Ano\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.515.437\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>6.011.290\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>6.220.860\u003Cbr>6.220.860\u003C\u002Ftd>\u003Ctd>(705.423)\u003Cbr>(209.570)\u003Cbr>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>(68.943)\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>(77.272)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>(55.154)\u003Cbr>(61.818)\u003C\u002Ftd>\u003Ctd>(13.789)\u003Cbr>(15.454)\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.446.494\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>5.934.018\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>-\u003Cbr>-\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>-\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>(82.870.692)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.446.494\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>5.934.018\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5.446.494\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>11.380.512\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>PL é calculado pelo fluxo mensal apresentado no Anexo.\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>75. Flagship Portobello\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Total de receitas\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Receita de Locação Corrigida\u003C\u002Ftd>\u003Ctd>Desconto de locação\u003Cbr>Carência\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Total de despesas\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Comissão de locação\u003C\u002Ftd>\u003Ctd>Inadimplência\u003C\u002Ftd>\u003Ctd>Fundo de Reposição de Ativo - FRA\u003C\u002Ftd>\u003Ctd>Gestão de contrato\u003C\u002Ftd>\u003Ctd>Capex \u002F Investimentos\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Receita líquida operacional\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Valor de Venda\u003C\u002Ftd>\u003Ctd>Comissão de venda\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Valor residual\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>VPL (Valor Presente Líquido)\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Fluxo de caixa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Fluxo de caixa acumulado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Nota: Este fluxo anual é meramente ilustrativo, o V\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0035-00.png\">\u003C\u002Fp>\u003Ch5>\u003Cstrong>7.3. ANÁLISE DE SENSIBILIDADE\u003C\u002Fstrong>\u003C\u002Fh5>\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>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Anális\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>e de sensibilidad\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>e\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Limites de sensibi\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>lidade\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Escala\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Variação\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Locação\u003C\u002Ftd>\u003Ctd>-20,00%\u003C\u002Ftd>\u003Ctd>20,00%\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de desconto(%a.a.)\u003C\u002Ftd>\u003Ctd>-2,00%\u003C\u002Ftd>\u003Ctd>2,00%\u003C\u002Ftd>\u003Ctd>0,50%\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Taxa de capitalização(%a.a)\u003C\u002Ftd>\u003Ctd>-20,00%\u003C\u002Ftd>\u003Ctd>25,00%\u003C\u002Ftd>\u003Ctd>5,00%\u003C\u002Ftd>\u003Ctd>0,0%\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Valor d\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>e locação - Cons\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>olidado\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>228,28\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>242,55\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>256,82\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>271,08\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>285,35\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>299,62\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>313,89\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>328,15\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>342,42\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>85.197.395\u003C\u002Ftd>\u003Ctd>87.628.294\u003C\u002Ftd>\u003Ctd>90.059.192\u003C\u002Ftd>\u003Ctd>92.490.091\u003C\u002Ftd>\u003Ctd>94.920.990\u003C\u002Ftd>\u003Ctd>97.351.889\u003C\u002Ftd>\u003Ctd>99.782.788\u003C\u002Ftd>\u003Ctd>102.501.886\u003C\u002Ftd>\u003Ctd>104.945.315\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>to\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>82.420.451\u003C\u002Ftd>\u003Ctd>84.739.604\u003C\u002Ftd>\u003Ctd>87.058.758\u003C\u002Ftd>\u003Ctd>89.377.911\u003C\u002Ftd>\u003Ctd>91.697.064\u003C\u002Ftd>\u003Ctd>94.016.217\u003C\u002Ftd>\u003Ctd>96.335.371\u003C\u002Ftd>\u003Ctd>98.929.475\u003C\u002Ftd>\u003Ctd>101.260.583\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>con\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>79.766.868\u003C\u002Ftd>\u003Ctd>81.979.900\u003C\u002Ftd>\u003Ctd>84.192.933\u003C\u002Ftd>\u003Ctd>86.405.965\u003C\u002Ftd>\u003Ctd>88.618.997\u003C\u002Ftd>\u003Ctd>90.832.029\u003C\u002Ftd>\u003Ctd>93.045.062\u003C\u002Ftd>\u003Ctd>95.520.464\u003C\u002Ftd>\u003Ctd>97.744.903\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>des\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>77.230.331\u003C\u002Ftd>\u003Ctd>79.342.559\u003C\u002Ftd>\u003Ctd>81.454.787\u003C\u002Ftd>\u003Ctd>83.567.016\u003C\u002Ftd>\u003Ctd>85.679.244\u003C\u002Ftd>\u003Ctd>87.791.473\u003C\u002Ftd>\u003Ctd>89.903.701\u003C\u002Ftd>\u003Ctd>92.266.348\u003C\u002Ftd>\u003Ctd>94.389.465\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>74.804.882\u003C\u002Ftd>\u003Ctd>76.821.334\u003C\u002Ftd>\u003Ctd>78.837.787\u003C\u002Ftd>\u003Ctd>80.854.239\u003C\u002Ftd>\u003Ctd>82.870.692\u003C\u002Ftd>\u003Ctd>84.887.144\u003C\u002Ftd>\u003Ctd>86.903.596\u003C\u002Ftd>\u003Ctd>89.159.113\u003C\u002Ftd>\u003Ctd>91.185.959\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>xa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>72.484.901\u003C\u002Ftd>\u003Ctd>74.410.333\u003C\u002Ftd>\u003Ctd>76.335.764\u003C\u002Ftd>\u003Ctd>78.261.196\u003C\u002Ftd>\u003Ctd>80.186.628\u003C\u002Ftd>\u003Ctd>82.112.060\u003C\u002Ftd>\u003Ctd>84.037.492\u003C\u002Ftd>\u003Ctd>86.191.196\u003C\u002Ftd>\u003Ctd>88.126.553\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>70.265.080\u003C\u002Ftd>\u003Ctd>72.103.990\u003C\u002Ftd>\u003Ctd>73.942.901\u003C\u002Ftd>\u003Ctd>75.781.811\u003C\u002Ftd>\u003Ctd>77.620.721\u003C\u002Ftd>\u003Ctd>79.459.632\u003C\u002Ftd>\u003Ctd>81.298.542\u003C\u002Ftd>\u003Ctd>83.355.467\u003C\u002Ftd>\u003Ctd>85.203.857\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>68.140.409\u003C\u002Ftd>\u003Ctd>69.897.056\u003C\u002Ftd>\u003Ctd>71.653.702\u003C\u002Ftd>\u003Ctd>73.410.348\u003C\u002Ftd>\u003Ctd>75.166.995\u003C\u002Ftd>\u003Ctd>76.923.641\u003C\u002Ftd>\u003Ctd>78.680.287\u003C\u002Ftd>\u003Ctd>80.645.196\u003C\u002Ftd>\u003Ctd>82.410.897\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>66.106.156\u003C\u002Ftd>\u003Ctd>67.784.568\u003C\u002Ftd>\u003Ctd>69.462.981\u003C\u002Ftd>\u003Ctd>71.141.393\u003C\u002Ftd>\u003Ctd>72.819.805\u003C\u002Ftd>\u003Ctd>74.498.218\u003C\u002Ftd>\u003Ctd>76.176.630\u003C\u002Ftd>\u003Ctd>78.054.030\u003C\u002Ftd>\u003Ctd>79.741.094\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Taxa d\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>e capitalização (\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>%a.a)\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,38%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,75%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,13%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,88%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,25%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,63%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>5,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>15,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>20,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>107.388.744\u003C\u002Ftd>\u003Ctd>103.795.466\u003C\u002Ftd>\u003Ctd>100.322.987\u003C\u002Ftd>\u003Ctd>97.479.831\u003C\u002Ftd>\u003Ctd>94.920.990\u003C\u002Ftd>\u003Ctd>92.605.848\u003C\u002Ftd>\u003Ctd>90.501.174\u003C\u002Ftd>\u003Ctd>88.579.515\u003C\u002Ftd>\u003Ctd>86.817.994\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>to\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>6,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>103.591.690\u003C\u002Ftd>\u003Ctd>100.163.591\u003C\u002Ftd>\u003Ctd>96.850.738\u003C\u002Ftd>\u003Ctd>94.138.278\u003C\u002Ftd>\u003Ctd>91.697.064\u003C\u002Ftd>\u003Ctd>89.488.347\u003C\u002Ftd>\u003Ctd>87.480.422\u003C\u002Ftd>\u003Ctd>85.647.099\u003C\u002Ftd>\u003Ctd>83.966.553\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>con\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>99.969.343\u003C\u002Ftd>\u003Ctd>96.698.108\u003C\u002Ftd>\u003Ctd>93.536.847\u003C\u002Ftd>\u003Ctd>90.948.505\u003C\u002Ftd>\u003Ctd>88.618.997\u003C\u002Ftd>\u003Ctd>86.511.347\u003C\u002Ftd>\u003Ctd>84.595.302\u003C\u002Ftd>\u003Ctd>82.845.869\u003C\u002Ftd>\u003Ctd>81.242.223\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>des\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>7,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>-0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>96.512.581\u003C\u002Ftd>\u003Ctd>93.390.351\u003C\u002Ftd>\u003Ctd>90.373.085\u003C\u002Ftd>\u003Ctd>87.902.643\u003C\u002Ftd>\u003Ctd>85.679.244\u003C\u002Ftd>\u003Ctd>83.667.598\u003C\u002Ftd>\u003Ctd>81.838.829\u003C\u002Ftd>\u003Ctd>80.169.083\u003C\u002Ftd>\u003Ctd>78.638.483\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>de\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>93.212.806\u003C\u002Ftd>\u003Ctd>90.232.149\u003C\u002Ftd>\u003Ctd>87.351.697\u003C\u002Ftd>\u003Ctd>84.993.273\u003C\u002Ftd>\u003Ctd>82.870.692\u003C\u002Ftd>\u003Ctd>80.950.261\u003C\u002Ftd>\u003Ctd>79.204.415\u003C\u002Ftd>\u003Ctd>77.610.381\u003C\u002Ftd>\u003Ctd>76.149.184\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>xa\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>8,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>0,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>90.061.910\u003C\u002Ftd>\u003Ctd>87.215.797\u003C\u002Ftd>\u003Ctd>84.465.365\u003C\u002Ftd>\u003Ctd>82.213.398\u003C\u002Ftd>\u003Ctd>80.186.628\u003C\u002Ftd>\u003Ctd>78.352.883\u003C\u002Ftd>\u003Ctd>76.685.843\u003C\u002Ftd>\u003Ctd>75.163.762\u003C\u002Ftd>\u003Ctd>73.768.522\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ta\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>87.052.246\u003C\u002Ftd>\u003Ctd>84.334.026\u003C\u002Ftd>\u003Ctd>81.707.189\u003C\u002Ftd>\u003Ctd>79.556.416\u003C\u002Ftd>\u003Ctd>77.620.721\u003C\u002Ftd>\u003Ctd>75.869.378\u003C\u002Ftd>\u003Ctd>74.277.248\u003C\u002Ftd>\u003Ctd>72.823.564\u003C\u002Ftd>\u003Ctd>71.491.020\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>9,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>1,50%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>84.176.598\u003C\u002Ftd>\u003Ctd>81.579.979\u003C\u002Ftd>\u003Ctd>79.070.653\u003C\u002Ftd>\u003Ctd>77.016.096\u003C\u002Ftd>\u003Ctd>75.166.995\u003C\u002Ftd>\u003Ctd>73.493.998\u003C\u002Ftd>\u003Ctd>71.973.092\u003C\u002Ftd>\u003Ctd>70.584.439\u003C\u002Ftd>\u003Ctd>69.311.507\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>10,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>2,00%\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>81.428.158\u003C\u002Ftd>\u003Ctd>78.947.181\u003C\u002Ftd>\u003Ctd>76.549.611\u003C\u002Ftd>\u003Ctd>74.586.555\u003C\u002Ftd>\u003Ctd>72.819.805\u003C\u002Ftd>\u003Ctd>71.221.317\u003C\u002Ftd>\u003Ctd>69.768.146\u003C\u002Ftd>\u003Ctd>68.441.338\u003C\u002Ftd>\u003Ctd>67.225.097\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0036-00.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>VALOR JUSTO Oitenta E Dois Milhões, Oitocentos E Setenta\u003C\u002Fstrong> (Renda – Fluxo de Caixa) \u003Cstrong>R$ 82.870.000,00 PARA VENDA Mil Reais\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>Binswanger Brazil CREA: 494866\u003C\u002Fp>\u003Cp>Assinado de forma digital por ISABELA ISABELA DORA COSTA DORA COSTA MONASTERSKY:14400445895 MONASTERSKY:14400445895 Dados: 2026.09.10 17:43:41 -03'00'\u003C\u002Fp>\u003Cp>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\u002F3880\u002F3880.pdf-0036-07.png\">\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0037-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch3>\u003Cstrong>APÊNDICE A – MÉTODO COMPARATIVO – LOCAÇÃO\u003C\u002Fstrong>\u003C\u002Fh3>\u003Ch6>\u003Cstrong>Pesquisa\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0037-03.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Cálculo\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Valores\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003Cstrong>Hom\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>ogeneização (Fa\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>tores)\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\u003Cstrong>Item\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>Área Construída\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>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>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>1\u003C\u002Ftd>\u003Ctd>1.100,00 m²\u003C\u002Ftd>\u003Ctd>R$ 240.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 196,36\u002Fm²\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,080\u003C\u002Ftd>\u003Ctd>1,242\u003C\u002Ftd>\u003Ctd>1,322\u003C\u002Ftd>\u003Ctd>R$ 259,60\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2\u003C\u002Ftd>\u003Ctd>997,00 m²\u003C\u002Ftd>\u003Ctd>R$ 298.881,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 269,80\u002Fm²\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,080\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,080\u003C\u002Ftd>\u003Ctd>R$ 291,39\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>3\u003C\u002Ftd>\u003Ctd>5.100,00 m²\u003C\u002Ftd>\u003Ctd>R$ 1.500.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 264,71\u002Fm²\u003C\u002Ftd>\u003Ctd>1,035\u003C\u002Ftd>\u003Ctd>1,187\u003C\u002Ftd>\u003Ctd>1,010\u003C\u002Ftd>\u003Ctd>1,232\u003C\u002Ftd>\u003Ctd>R$ 326,23\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>507,00 m²\u003C\u002Ftd>\u003Ctd>R$ 80.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 142,01\u002Fm²\u003C\u002Ftd>\u003Ctd>1,022\u003C\u002Ftd>\u003Ctd>1,540\u003C\u002Ftd>\u003Ctd>1,258\u003C\u002Ftd>\u003Ctd>1,821\u003C\u002Ftd>\u003Ctd>R$ 258,59\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>310,00 m²\u003C\u002Ftd>\u003Ctd>R$ 70.000,00\u003C\u002Ftd>\u003Ctd>0,90\u003C\u002Ftd>\u003Ctd>R$ 203,23\u002Fm²\u003C\u002Ftd>\u003Ctd>1,000\u003C\u002Ftd>\u003Ctd>1,406\u003C\u002Ftd>\u003Ctd>1,025\u003C\u002Ftd>\u003Ctd>1,432\u003C\u002Ftd>\u003Ctd>R$ 290,95\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0038-00.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Homogeneização (Fatores)\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Interva\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>lo de confiança\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Situação paradigma\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>Número de amostras:\u003C\u002Ftd>\u003Ctd>5\u003C\u002Ftd>\u003Ctd>Área Construída\u003Cbr>1.645,07 m²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Graus de liberdade:\u003C\u002Ftd>\u003Ctd>4\u003C\u002Ftd>\u003Ctd>Idade:\u003Cbr>1 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>tc (tabelado):\u003C\u002Ftd>\u003Ctd>1,533\u003C\u002Ftd>\u003Ctd>Vida útil:\u003Cbr>50 anos\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Amplitude:\u003C\u002Ftd>\u003Ctd>R$ 38,29\u002Fm²\u003C\u002Ftd>\u003Ctd>Padrão:\u003Cbr>escritório fino (+)\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Conservação:\u003Cbr>a - novo\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite inferior:\u003C\u002Ftd>\u003Ctd>R$ 266,21\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Média:\u003C\u002Ftd>\u003Ctd>R$ 285,35\u002Fm²\u003C\u002Ftd>\u003Ctd>Média Saneada\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite superior:\u003C\u002Ftd>\u003Ctd>R$ 304,50\u002Fm²\u003C\u002Ftd>\u003Ctd>Limite inferior (-30%):\u003Cbr>R$ 199,75\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>Média:\u003Cbr>R$ 285,35\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Intervalo - E\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>lementos utilizados\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>Limite superior (+30%):\u003Cbr>R$ 370,96\u002Fm²\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor mínimo:\u003C\u002Ftd>\u003Ctd>R$ 258,59\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Valor máximo:\u003C\u002Ftd>\u003Ctd>R$ 326,23\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Ajuste: Par\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>adigma x Avaliando\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>R$ 300,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Fator de testa\u003C\u002Ftd>\u003Ctd>1,0000\u003Cbr>da (Avaliado)\u003C\u002Ftd>\u003Ctd>R$ 240,00\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Campo de arbítrio\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>1,0000\u003Cbr>\u003Cstrong>Paradigma\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Avaliando\u003C\u002Fstrong>\u003Cbr>Fator final\u003C\u002Ftd>\u003Ctd>R$ 180,00\u003Cbr>Unitário Estimado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite inferior:\u003C\u002Ftd>\u003Ctd>R$ 242,55\u002Fm²\u003Cbr>R$ 242,55\u002Fm²\u003C\u002Ftd>\u003Ctd>R$ 12000\u003Cbr>Valor\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>\u003Cstrong>Média:\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>R$ 285,35\u002Fm²\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>R$ 285,35\u002Fm²\u003C\u002Fstrong>\u003C\u002Ftd>\u003Ctd>,\u003Cbr>R$ 120,00\u003Cbr>R$ 180,00\u003Cbr>R$ 240,00\u003Cbr>R$ 300,00\u003Cbr>Valor Unitário Observado\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>Limite superior:\u003C\u002Ftd>\u003Ctd>R$ 328,16\u002Fm²\u003Cbr>R$ 328,16\u002Fm²\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0039-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch6>\u003Cstrong>Especificação da Avaliação\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cstrong>ABNT NBR 14653 -2 (Imóveis Urbanos)\u003C\u002Fstrong>\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\u002F3880\u002F3880.pdf-0039-04.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\u002F3880\u002F3880.pdf-0039-06.png\">\u003C\u002Fp>\u003Ch6>\u003Cstrong>Tabela 5 - Grau de precisão nos casos de utilização de modelos de regressão linear ou do tratamento por fatores\u003C\u002Fstrong>\u003C\u002Fh6>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>\u003Cstrong>Descrição\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>Graus\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003Cth>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>\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>Amplitude do intervalo\u003Cbr>de confiança de 80% em\u003C\u002Ftd>\u003Ctd>≤ 30%\u003C\u002Ftd>\u003Ctd>≤ 40%\u003C\u002Ftd>\u003Ctd>≤ 50%\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Cul>\u003Cli>Nota: Quando a amplitude do intervalo de confiança ultrapassar 50%, não há classificação do resultado quanto à precisão e é necessária justificativa com base no diagnóstico do mercado.\u003C\u002Fli>\u003C\u002Ful>\u003Cp>\u003Cstrong>GRAU DE FUNDAMENTAÇÃO: Grau II GRAU DE PRECISÃO: Grau III\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0040-00.png\">\u003C\u002Fp>\u003Cp>EB BINSWANGER\u003Cbr>EB BRAZIL\u003Cbr>\u003C\u002Fp>\u003Ch6>\u003Cstrong>Elementos Comparativos\u003C\u002Fstrong>\u003C\u002Fh6>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0040-02.png\">\u003C\u002Fp>\u003Cp>de eiSAS CM AAA x Metab y A brio Mp NES CNA\u003Cbr>SI Bmne co ad” d Perg de Ea Pia no\u003Cbr>d ” NA ad sa = Te A”, se =\u003Cbr>RRtb: | VSEdVea IeOa, SUA edsPAES » ARO BEENi SRU O é\u003Cbr>LA AS O a nd A nadas s Es DA\u003Cbr>E o AO A CD NE Le SÊ » 2 gataOS 2 UT pd\u003Cbr>É. Ee Ê 4 ADO E ai ES E es Rr,\u003Cbr>» , > ID Se 7 p ç EM As E +\u003Cbr>“qto que A a EE co pe «\u003Cbr>\u003C\u002Fp>\u003Cp>Mapa de Localização\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0040-04.png\">\u003C\u002Fp>\u003Cp>Elemento 1\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0040-06.png\">\u003C\u002Fp>\u003Cp>Elemento 2\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0040-08.png\">\u003C\u002Fp>\u003Cp>Elemento 3\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0040-10.png\">\u003C\u002Fp>\u003Cp>Elemento 4\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0040-12.png\">\u003C\u002Fp>\u003Cp>Elemento 5\u003C\u002Fp>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0041-00.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>\u003Cstrong>% ocupação\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\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>62.208.600\u003Cbr>43.251.768\u003Cbr>\u003Cstrong>Receita de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Locação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Crriid\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Receita\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-38.105\u003Cbr>-171.623\u003Cbr>\u003Cstrong>Desconto de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>locação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Car\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>89.760.195\u003Cbr>151.930.690\u003Cbr>0\u003Cbr>41.576.338\u003Cbr>84.656.484\u003Cbr>\u003Cstrong>ência\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Venda\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Total de receitas\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Com\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>lo\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Flagship Portobello\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>0\u003Cbr>\u003Cstrong>issão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>cação\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>C\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-2.692.806\u003Cbr>-1.247.290\u003Cbr>\u003Cstrong>omissão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>venda\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>In\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>\u003Cstrong>adimplência\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>De\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>0\u003Cbr>0\u003Cbr>\u003Cstrong>spesa\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-621.705\u003Cbr>-430.801\u003Cbr>\u003Cstrong>FRA\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>s\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-155.426\u003Cbr>-107.700\u003Cbr>\u003Cstrong>Gestão de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>contrato\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>-3.469.937\u003Cbr>-1.785.792\u003Cbr>\u003Cstrong>Total de\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>despesas\u003C\u002Fstrong>\u003C\u002Fth>\u003Cth>148.460.753\u003Cbr>\u003Cbr>82.870.692\u003Cbr>\u003Cstrong>Total\u003C\u002Fstrong>\u003Cbr>\u003Cstrong>Operacional\u003C\u002Fstrong>\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>jun-26\u003Cbr>0\u003Cbr>jul-26\u003Cbr>1\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>\u003C\u002Ftd>\u003Ctd>0,00\u003Cbr>315,13\u003Cbr>\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>\u003C\u002Ftd>\u003Ctd>0,00\u003Cbr>315,13\u003Cbr>\u003C\u002Ftd>\u003Ctd>\u003Cstrong>oga\u003C\u002Fstrong>\u003Cbr>0\u003Cbr>518.405\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-82.405\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>0\u003Cbr>436.000\u003Cbr>\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-4.360\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-1.090\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>-5.450\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>430.550\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ago-26\u003Cbr>2\u003Cbr>set-26\u003Cbr>3\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003C\u002Ftd>\u003Ctd>518.405\u003Cbr>518.405\u003C\u002Ftd>\u003Ctd>-82.405\u003Cbr>-82.405\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>436.000\u003Cbr>0\u003Cbr>0\u003Cbr>436.000\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-4.360\u003Cbr>-4.360\u003C\u002Ftd>\u003Ctd>-1.090\u003Cbr>-1.090\u003C\u002Ftd>\u003Ctd>-5.450\u003Cbr>-5.450\u003C\u002Ftd>\u003Ctd>430.550\u003Cbr>430.550\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>out-26\u003Cbr>4\u003Cbr>nov-26\u003Cbr>5\u003Cbr>d26\u003Cbr>6\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003Cbr>31513\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>100\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003Cbr>31513\u003C\u002Ftd>\u003Ctd>518.405\u003Cbr>518.405\u003Cbr>518405\u003C\u002Ftd>\u003Ctd>-82.405\u003Cbr>-82.405\u003Cbr>41914\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>436.000\u003Cbr>0\u003Cbr>0\u003Cbr>436.000\u003Cbr>0\u003Cbr>0\u003Cbr>476491\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-4.360\u003Cbr>-4.360\u003Cbr>4765\u003C\u002Ftd>\u003Ctd>-1.090\u003Cbr>-1.090\u003Cbr>1191\u003C\u002Ftd>\u003Ctd>-5.450\u003Cbr>-5.450\u003Cbr>5956\u003C\u002Ftd>\u003Ctd>430.550\u003Cbr>430.550\u003Cbr>470535\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ez-\u003Cbr>\u003Cbr>jan-27\u003Cbr>7\u003C\u002Ftd>\u003Ctd>100%\u003C\u002Ftd>\u003Ctd>,\u003Cbr>315,13\u003C\u002Ftd>\u003Ctd>,\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>,\u003Cbr>315,13\u003C\u002Ftd>\u003Ctd>.\u003Cbr>518.405\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-41.914\u003C\u002Ftd>\u003Ctd>.\u003Cbr>0\u003Cbr>0\u003Cbr>476.491\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>0\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-4.765\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-1.191\u003C\u002Ftd>\u003Ctd>-.\u003Cbr>-5.956\u003C\u002Ftd>\u003Ctd>.\u003Cbr>470.535\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>fev-27\u003Cbr>8\u003Cbr>mar-27\u003Cbr>9\u003Cbr>b\u003Cbr>\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003Cbr>\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003Cbr>\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003Cbr>\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003Cbr>\u003C\u002Ftd>\u003Ctd>518.405\u003Cbr>518.405\u003Cbr>\u003C\u002Ftd>\u003Ctd>-41.914\u003Cbr>-41.914\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>476.491\u003Cbr>0\u003Cbr>0\u003Cbr>476.491\u003Cbr>\u003Cbr>\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>\u003C\u002Ftd>\u003Ctd>\u003C\u002Ftd>\u003Ctd>-4.765\u003Cbr>-4.765\u003Cbr>\u003C\u002Ftd>\u003Ctd>-1.191\u003Cbr>-1.191\u003Cbr>\u003C\u002Ftd>\u003Ctd>-5.956\u003Cbr>-5.956\u003Cbr>\u003C\u002Ftd>\u003Ctd>470.535\u003Cbr>470.535\u003Cbr>\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>ar-27\u003Cbr>10\u003Cbr>mai-27\u003Cbr>11\u003C\u002Ftd>\u003Ctd>100%\u003Cbr>100%\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003C\u002Ftd>\u003Ctd>1,00\u003Cbr>1,00\u003C\u002Ftd>\u003Ctd>315,13\u003Cbr>315,13\u003C\u002Ftd>\u003Ctd>518.405\u003Cbr>518.405\u003C\u002Ftd>\u003Ctd>-41.914\u003Cbr>-41.914\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003Cbr>476.491\u003Cbr>0\u003Cbr>0\u003Cbr>476.491\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u003Cbr>0\u003C\u002Ftd>\u003Ctd>0\u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alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0042-00.png\">\u003C\u002Fp>\u003Cp>ED\u003Cbr>MD EINS WANÇER\u003Cbr>\u003C\u002Fp>\u003Ch6>\u003Cstrong>Especificação da Avaliação\u003C\u002Fstrong>\u003C\u002Fh6>\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>\u003Cp>\u003Cimg alt=\"\" src=\"\u002Fstorage\u002Ffiis\u002Fdocumentos\u002F3880\u002F3880.pdf-0042-05.png\">\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>Restrições\u003C\u002Ftd>\u003Ctd>Máximo de 3 itens em\u003Cbr>graus inferiores,\u003Cbr>admitindo-se no máximo\u003Cbr>um item no Grau I\u003C\u002Ftd>\u003Ctd>Máximo de 4 itens em\u003Cbr>graus inferiores ou não\u003Cbr>atendidos\u003C\u002Ftd>\u003Ctd>Mínimo de 7 itens\u003Cbr>atendidos\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\u002F3880\u002F3880.pdf-0043-01.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\u002F3880\u002F3880.pdf-0043-07.png\">\u003C\u002Fp>\u003Ch6>Isabela Monastersky (MRICS) - Diretora Técnica\u003C\u002Fh6>\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\u002F3880\u002F3880.pdf-0044-00.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\u002FRBVA11\u002Fdocumentos\u002F3880\u002Fpdf",false,"2026-09-30 17:16:00",{"id":91,"empresa":92,"gestor":96,"cotacoes":97,"patrimonio":204,"vpa":205,"p_vpa":206,"tipo_gestao":207,"mandato":96,"segmento":51,"categoria":208,"grupo":51,"preco_atual":202,"cotacao_atualizada_em":209,"ultima_variacao_cotacao_24h":210,"variacao_cotacao_7d":211,"variacao_cotacao_1m":212,"variacao_cotacao_3m":213,"variacao_cotacao_6m":214,"variacao_cotacao_12m":215,"vacancia_fisica":216,"liquidez_atual":217,"ultimo_dividendo":218,"ultimo_dividend_yield":219,"mes_pagamento_ultimo_dividendo":220,"dividend_yield_3m":221,"dividend_yield_6m":222,"dividend_yield_12m":223,"dividend_yield_medio_12m":224,"qtd_dividendos_pagos_ano_passado":225,"data_ultima_cotacao":201,"pregoes_com_negocio_21":226,"alertas":227,"updated_at":228,"liquidez_media_reais":229,"administrador":41,"taxa_administracao_paga":230,"balanco":231,"resultado_distribuido":239,"publico_alvo":243,"mercados_negociacao_cotas":244,"data_funcionamento":246,"data_final":96,"quantidade_cotas":247,"quantidade_cotistas":248,"detalhes_cotistas":249,"total_investido":255,"investimentos_fundo":256,"imoveis":261,"contratos":785,"custodiante":838,"auditor_independente":96,"formador_mercado":845,"distribuidor_cotas":96,"consultor_especializado":96,"administrador_locacoes":851,"relatorio_anual":857,"analise_administrador":860},662,{"nome":49,"nome_simplificado":93,"nome_comercial":46,"ticker":48,"nome_ticker":94,"nome_pregao":95,"cnpj":58},"RIO BRAVO RENDA VAREJO  DE RESPONSABILIDADE LIMITADA","RBVA11 - 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Páteo do Colégio, 1",0.009372,[480],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":478},{"nome":482,"vacancia":266,"numero_unidades":64,"area":483,"endereco":484,"percentual_inadimplencia":266,"percentual_receitas":485,"inquilinos":486,"ocupacao":64},"GPA - Vila Rossi e Borchi - Campinas\u002FSP",3367,"Av. Barão de Itapura, 2233",0.009115,[487],{"setor":288,"percentual_receita_imovel":64,"percentual_receita_fii":485},{"nome":489,"vacancia":266,"numero_unidades":64,"area":490,"endereco":491,"percentual_inadimplencia":266,"percentual_receitas":492,"inquilinos":493,"ocupacao":64},"Caixa - Jardim da Saúde - São Paulo\u002FSP",1836,"Av. do Cursino, 1348",0.008584,[494],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":492},{"nome":496,"vacancia":266,"numero_unidades":64,"area":497,"endereco":498,"percentual_inadimplencia":266,"percentual_receitas":499,"inquilinos":500,"ocupacao":64},"PortoBello - Jardim América - São Paulo\u002FSP",1645,"Alameda Gabriel Monteiro, 1193",0.008559,[501],{"setor":502,"percentual_receita_imovel":64,"percentual_receita_fii":499},"Casa e Construção",{"nome":504,"vacancia":266,"numero_unidades":64,"area":505,"endereco":506,"percentual_inadimplencia":266,"percentual_receitas":507,"inquilinos":508,"ocupacao":64},"GPA - Pinheiros  - São Paulo\u002FSP",2666,"Rua Alves Guimarães, 50",0.008453,[509],{"setor":288,"percentual_receita_imovel":64,"percentual_receita_fii":507},{"nome":511,"vacancia":266,"numero_unidades":64,"area":512,"endereco":513,"percentual_inadimplencia":266,"percentual_receitas":514,"inquilinos":515,"ocupacao":64},"Caixa - Pedro Vicente - São Paulo\u002FSP",814,"R. Pedro Vicente, 222",0.008212,[516],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":514},{"nome":518,"vacancia":266,"numero_unidades":64,"area":519,"endereco":520,"percentual_inadimplencia":266,"percentual_receitas":521,"inquilinos":522,"ocupacao":64},"Caixa - Taipas - São Paulo\u002FSP",1335,"Estrada de Taipas, 355",0.00804,[523],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":521},{"nome":525,"vacancia":266,"numero_unidades":64,"area":526,"endereco":527,"percentual_inadimplencia":266,"percentual_receitas":528,"inquilinos":529,"ocupacao":64},"GPA - Centro - Guarujá\u002FSP",2489,"Estrada do Pernambuco, 500",0.008001,[530],{"setor":288,"percentual_receita_imovel":64,"percentual_receita_fii":528},{"nome":532,"vacancia":266,"numero_unidades":64,"area":533,"endereco":534,"percentual_inadimplencia":266,"percentual_receitas":535,"inquilinos":536,"ocupacao":64},"Caixa - Bandeira - Rio de Janeiro\u002FRJ",1940,"Rua Mariz e Barros, 79",0.007665,[537],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":535},{"nome":539,"vacancia":266,"numero_unidades":64,"area":540,"endereco":541,"percentual_inadimplencia":266,"percentual_receitas":542,"inquilinos":543,"ocupacao":64},"Caixa - Pinheiros - São Paulo\u002FSP",909,"Rua Paes Leme, 250\u002F258",0.007303,[544],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":542},{"nome":546,"vacancia":266,"numero_unidades":64,"area":547,"endereco":548,"percentual_inadimplencia":266,"percentual_receitas":549,"inquilinos":550,"ocupacao":64},"Pernambucanas - Assis - São Paulo\u002FSP",2266,"Avenida Rui Barbosa, 205, Loja, Centro",0.007001,[551],{"setor":332,"percentual_receita_imovel":64,"percentual_receita_fii":549},{"nome":553,"vacancia":266,"numero_unidades":64,"area":554,"endereco":555,"percentual_inadimplencia":266,"percentual_receitas":556,"inquilinos":557,"ocupacao":64},"GPA - Centro - São Bernardo do Campo\u002FSP",2365,"Rua Santa Filomena, nºs 677, 687 e 697, Centro",0.006806,[558],{"setor":288,"percentual_receita_imovel":64,"percentual_receita_fii":556},{"nome":560,"vacancia":266,"numero_unidades":64,"area":561,"endereco":562,"percentual_inadimplencia":266,"percentual_receitas":563,"inquilinos":564,"ocupacao":64},"GPA - Asa Sul  - Brasilia\u002FDF",2601,"EQ 406\u002F407-SUL – Lote 1 - Brasília - DF",0.006761,[565],{"setor":288,"percentual_receita_imovel":64,"percentual_receita_fii":563},{"nome":567,"vacancia":266,"numero_unidades":64,"area":568,"endereco":569,"percentual_inadimplencia":266,"percentual_receitas":570,"inquilinos":571,"ocupacao":64},"Caixa - Guarapiranga - São Paulo\u002FSP",1312,"Av. de Pinedo, 228",0.006643,[572],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":570},{"nome":574,"vacancia":266,"numero_unidades":64,"area":575,"endereco":576,"percentual_inadimplencia":266,"percentual_receitas":577,"inquilinos":578,"ocupacao":64},"Pernambucanas - Ipiranga - São Paulo\u002FSP",1000,"Rua Silva Bueno, 2374, Loja, Ipiranga",0.006432,[579],{"setor":332,"percentual_receita_imovel":64,"percentual_receita_fii":577},{"nome":581,"vacancia":266,"numero_unidades":64,"area":582,"endereco":583,"percentual_inadimplencia":266,"percentual_receitas":584,"inquilinos":585,"ocupacao":64},"Pernambucanas - Curitiba - Paraná\u002FPR",1930,"Avenida República Argentina, 4044, Loja",0.006171,[586],{"setor":332,"percentual_receita_imovel":64,"percentual_receita_fii":584},{"nome":588,"vacancia":266,"numero_unidades":64,"area":589,"endereco":590,"percentual_inadimplencia":266,"percentual_receitas":591,"inquilinos":592,"ocupacao":64},"Caixa - Imperador - São Paulo\u002FSP",1024,"Av. do Imperador, 3892",0.005329,[593],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":591},{"nome":595,"vacancia":266,"numero_unidades":64,"area":596,"endereco":597,"percentual_inadimplencia":266,"percentual_receitas":598,"inquilinos":599,"ocupacao":64},"Caixa - Vila Mascote - São Paulo\u002FSP",753,"Av. Santa Catarina, 287",0.005112,[600],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":598},{"nome":602,"vacancia":266,"numero_unidades":64,"area":603,"endereco":604,"percentual_inadimplencia":266,"percentual_receitas":605,"inquilinos":606,"ocupacao":64},"Caixa - Rio do A - Campo Grande\u002FRJ",576,"Est. Rio do A, 1131",0.00506,[607],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":605},{"nome":609,"vacancia":266,"numero_unidades":64,"area":610,"endereco":611,"percentual_inadimplencia":266,"percentual_receitas":612,"inquilinos":613,"ocupacao":64},"Caixa - Cipo Guaçu - Embu Guaçu\u002FSP",548,"Rua Sesefredo Klein Doll, 12",0.004319,[614],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":612},{"nome":616,"vacancia":266,"numero_unidades":254,"area":617,"endereco":618,"percentual_inadimplencia":266,"percentual_receitas":619,"inquilinos":620,"ocupacao":64},"Soho's Place - Vila Buarque - São Paulo\u002FSP",1820,"Rua Maria Antônia, 140, Higienópolis, São Paulo\u002FSP",0.004214,[621],{"setor":622,"percentual_receita_imovel":64,"percentual_receita_fii":619},"Outros",{"nome":624,"vacancia":266,"numero_unidades":64,"area":625,"endereco":626,"percentual_inadimplencia":266,"percentual_receitas":627,"inquilinos":628,"ocupacao":64},"Caixa - Parque Maria Helena - Suzano\u002FSP",575,"Avenida Vereador João Batista Fitipaldi, 115",0.003967,[629],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":627},{"nome":631,"vacancia":266,"numero_unidades":64,"area":632,"endereco":633,"percentual_inadimplencia":266,"percentual_receitas":634,"inquilinos":635,"ocupacao":64},"Plano&Plano - Centro - São Bernardo do Campo\u002FSP",1491,"R. Marechal Deodoro, 460",0.003029,[636],{"setor":622,"percentual_receita_imovel":64,"percentual_receita_fii":634},{"nome":638,"vacancia":266,"numero_unidades":64,"area":639,"endereco":640,"percentual_inadimplencia":266,"percentual_receitas":641,"inquilinos":642,"ocupacao":64},"Ânima - Consolação - São Paulo\u002FSP",569," Rua da Consolação, 2320",0.003012,[643],{"setor":272,"percentual_receita_imovel":64,"percentual_receita_fii":641},{"nome":645,"vacancia":266,"numero_unidades":64,"area":646,"endereco":647,"percentual_inadimplencia":266,"percentual_receitas":648,"inquilinos":649,"ocupacao":64},"Pernambucanas - Santa Fé do Sul - São Paulo\u002FSP",1019,"Rua Sete, 825, Loja, Centro",0.002972,[650],{"setor":332,"percentual_receita_imovel":64,"percentual_receita_fii":648},{"nome":652,"vacancia":266,"numero_unidades":64,"area":653,"endereco":654,"percentual_inadimplencia":266,"percentual_receitas":655,"inquilinos":656,"ocupacao":64},"Santander - Vila Santa Cecília - Volta Redonda\u002FRJ",2565,"Rua 12, 239",0.002618,[657],{"setor":324,"percentual_receita_imovel":64,"percentual_receita_fii":655},{"nome":659,"vacancia":266,"numero_unidades":64,"area":660,"endereco":661,"percentual_inadimplencia":266,"percentual_receitas":662,"inquilinos":663,"ocupacao":64},"M3Storage - Nova Paulista - São Paulo\u002FSP",693,"Av. Paulista, 726 - L1",0.002448,[664],{"setor":622,"percentual_receita_imovel":64,"percentual_receita_fii":662},{"nome":666,"vacancia":266,"numero_unidades":64,"area":667,"endereco":668,"percentual_inadimplencia":266,"percentual_receitas":669,"inquilinos":670,"ocupacao":64},"Corporativo Monsenhor Celso - Curitiba\u002FPR",1311,"Rua Marechal Deodoro, 195",0.002311,[671],{"setor":672,"percentual_receita_imovel":64,"percentual_receita_fii":669},"Corporativo",{"nome":674,"vacancia":266,"numero_unidades":64,"area":675,"endereco":676,"percentual_inadimplencia":266,"percentual_receitas":677,"inquilinos":678,"ocupacao":64},"Grupo Ultra - Berrini - São Paulo\u002FSP",1032,"Av Eng. Luiz Carlos Berrini, 1307",0.002299,[679],{"setor":680,"percentual_receita_imovel":64,"percentual_receita_fii":677},"Academia",{"nome":682,"vacancia":266,"numero_unidades":64,"area":683,"endereco":684,"percentual_inadimplencia":266,"percentual_receitas":685,"inquilinos":686,"ocupacao":64},"P&B Kids - Pinheiros - São Paulo\u002FSP",455,"Avenida Rebouças, nº 2538, São Paulo\u002FSP",0.001273,[687],{"setor":622,"percentual_receita_imovel":64,"percentual_receita_fii":685},{"nome":689,"vacancia":266,"numero_unidades":64,"area":690,"endereco":691,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":692,"ocupacao":64}," - Paulista  - São Paulo\u002FSP",2857,"Av. Paulista, 436",[693],{"setor":680,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":695,"vacancia":64,"numero_unidades":64,"area":696,"endereco":697,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":698,"ocupacao":266}," - Ouvidor - Rio de Janeiro\u002FRJ",1343,"Av. Rio Branco, 115",[699],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":701,"vacancia":266,"numero_unidades":64,"area":702,"endereco":703,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":704,"ocupacao":64},"Santander - Centro - Santos\u002FSP",2438,"Praça Visconde de Mauá, 20",[705],{"setor":622,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":707,"vacancia":64,"numero_unidades":64,"area":708,"endereco":709,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":710,"ocupacao":266}," - Candelária - Rio de Janeiro\u002FRJ",1065,"Rua Buenos Aires, 48",[711],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":713,"vacancia":266,"numero_unidades":64,"area":714,"endereco":715,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":716,"ocupacao":64}," - Santo Antônio - Recife\u002FPE",2343,"Rua Imperador Dom Pedro II, 255",[717],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":719,"vacancia":266,"numero_unidades":64,"area":720,"endereco":721,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":722,"ocupacao":64}," - Ed. Olivetti Paulista - São Paulo\u002FSP",701,"Av Paulista 447 Loja ",[723],{"setor":288,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":725,"vacancia":64,"numero_unidades":64,"area":726,"endereco":727,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":728,"ocupacao":266},"Centro - Fortaleza\u002FCE",2582,"Rua Pedro I, 373",[729],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":731,"vacancia":64,"numero_unidades":64,"area":732,"endereco":733,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":734,"ocupacao":266}," - Praça Pio X - Rio de Janeiro\u002FRJ",1964,"Praça Pio X, 78",[735],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":737,"vacancia":64,"numero_unidades":64,"area":738,"endereco":739,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":740,"ocupacao":266}," - Centro - Rio de Janeiro\u002FRJ",1796,"Rua da Quitanda, 70",[741],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":743,"vacancia":64,"numero_unidades":64,"area":744,"endereco":745,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":746,"ocupacao":266}," - Centro Histórico - Porto Alegre\u002FRS",2223,"Rua 7 de Setembro, 1100",[747],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":749,"vacancia":266,"numero_unidades":64,"area":750,"endereco":751,"percentual_inadimplencia":752,"percentual_receitas":266,"inquilinos":753,"ocupacao":64},"Goodbe - Monções - São Paulo\u002FSP",617,"Av. Sto. Amaro, 3332 ",0.0023,[754],{"setor":680,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":756,"vacancia":266,"numero_unidades":64,"area":757,"endereco":668,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":758,"ocupacao":64},"Loja Monsenhor Celso - Curitiba\u002FPR",780,[759],{"setor":760,"percentual_receita_imovel":64,"percentual_receita_fii":266},"Saúde & Bem estar",{"nome":762,"vacancia":266,"numero_unidades":64,"area":763,"endereco":764,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":765,"ocupacao":64}," - Duque de Caxias - São Paulo\u002FSP",2309,"Av. Duque de Caxias, 200 - Sta. Ifigênia",[766],{"setor":680,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":768,"vacancia":64,"numero_unidades":64,"area":769,"endereco":770,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":771,"ocupacao":266},"Caixa - Mutinga - Osasco\u002FSP",830,"Avenida das Esmeraldas, 512",[772],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":774,"vacancia":64,"numero_unidades":64,"area":775,"endereco":776,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":777,"ocupacao":266}," - Presidente Wilson - Rio de Janeiro\u002FRJ",742,"Av. Rio Branco, 311-B",[778],{"setor":452,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"nome":780,"vacancia":266,"numero_unidades":64,"area":781,"endereco":782,"percentual_inadimplencia":266,"percentual_receitas":266,"inquilinos":783,"ocupacao":64},"Caixa - Italianos - São Paulo\u002FSP",521,"Rua dos Italianos, 609",[784],{"setor":622,"percentual_receita_imovel":64,"percentual_receita_fii":266},{"data_referencia":39,"prazos":786,"indexadores":822,"receita_aluguel_trimestre":832,"valor_imoveis":833,"cap_rate":834,"receita_sobre_mercado":835,"aluguel_m2_mes":836,"area_ocupada":837},[787,789,791,794,796,798,801,803,805,807,810,813,816,819],{"faixa":788,"percentual":266},"Até 3 meses",{"faixa":790,"percentual":266},"3 a 6 meses",{"faixa":792,"percentual":793},"6 a 9 meses",0.005712,{"faixa":795,"percentual":266},"9 a 12 meses",{"faixa":797,"percentual":266},"12 a 15 meses",{"faixa":799,"percentual":800},"15 a 18 meses",0.116972,{"faixa":802,"percentual":266},"18 a 21 meses",{"faixa":804,"percentual":266},"21 a 24 meses",{"faixa":806,"percentual":266},"24 a 27 meses",{"faixa":808,"percentual":809},"27 a 30 meses",0.005277,{"faixa":811,"percentual":812},"30 a 33 meses",0.094421,{"faixa":814,"percentual":815},"33 a 36 meses",0.013448,{"faixa":817,"percentual":818},"Acima de 36 meses",0.737465,{"faixa":820,"percentual":821},"Indeterminado",0.013943,[823,826,829],{"nome":824,"percentual":825},"IPCA",0.708078,{"nome":827,"percentual":828},"IGP-M",0.276019,{"nome":830,"percentual":831},"INPC",0.003141,42270463.62,1656950000,0.102044,0.13218,49.41,285161,{"id":839,"nome":840,"cnpj":841,"endereco":842,"telefone":843,"created_at":844,"updated_at":844},76,"Banco Itaú","51225664000190","PRACA ALFREDO EGYDIO DE SOUZA ARANHA, 100 - PARQUE JABAQUARA","(11) 5582-2241","2026-10-03T18:55:35.000000Z",{"id":846,"nome":847,"cnpj":848,"endereco":849,"telefone":850,"created_at":844,"updated_at":844},77,"XP INVESTIMENTOS CORRETORA DE CÂMBIO, TÍTULOS E VALORES MOBILIÁRIOS S.A.,","02332886001178","Avenida Presidente Juscelino Kubitschek, n° 1.909, Torre Sul, 29º e 30º andares, CEP 04543-010","(11) 99201-7854",{"id":852,"nome":853,"cnpj":854,"endereco":855,"telefone":856,"created_at":844,"updated_at":844},78,"Matchpoint Gestão Imobiliária LTDA.","30673777000188","RUA Cerro Cora, 2175 - 6 Andar - Sala 6-101 - Vila Romana - São Paulo\u002FSP","(11) 3834-2173",{"ano_referencia":858,"data_disponibilizacao":859},"2025","2026-04-20",{"ResultadoFundo":861,"ConjunturaEconomica":862,"PerspectivaPeriodoSeguinte":863},"O resultado do Fundo no período foi Lucro de R$ 176 milhões. Os principais fatores que impactaram o resultado do fundo foram o resultado líquido com propriedades para investimento, totalizando R$ 157 milhões.","Seguimos otimistas com o processo de suavização da política monetária, com uma sequência de cortes de juros cuja largada deve ocorrer na reunião do Copom de março (11\u002F03). Embora desdobramentos geopolíticos recentes tragam pressões inflacionárias, avaliamos que seus efeitos serão de natureza transitória, sem alteração estrutural do cenário base.\nO câmbio, sustentado em patamares mais apreciados, tem funcionado como âncora fundamental do processo desinflacionário brasileiro, evidenciado de forma nítida na retração dos preços de comercializáveis — em especial, alimentos. Condições de oferta mais benignas devem igualmente contribuir para manter essa categoria, que representa mais de um quinto da cesta do IPCA, em níveis menos pressionados ao consumidor.\nAs expectativas de inflação seguem convergindo de forma sustentada em direção ao centro da meta — atualmente em 3,91% —, ao passo que os dados de atividade econômica apontam arrefecimento considerável na margem, particularmente no consumo. Esperamos a manutenção dessa dinâmica ao longo de 2026.\nO principal ponto de dissonância entre os analistas reside no mercado de trabalho. A inflação de serviços — essencialmente uma inflação salarial — permanece em níveis superiores ao teto da meta, demonstrando elevada resiliência. A combinação de reajustes salariais acima do INPC, avanço da formalização da força de trabalho e desemprego em mínimas históricas (5,4% na última PNAD Contínua) tende a sustentar esse desafio à autoridade monetária. O maior grau de indexação dessa categoria reduz a sensibilidade dos preços ao aperto monetário no curto prazo, limitando a velocidade da convergência.\nAssim, para 2026 projetamos crescimento econômico modesto, próximo a 1,7%, com desaceleração continuada do consumo e acomodação gradual dos preços livres — a despeito da persistência no componente de serviços. O principal risco mapeável ao cenário é o papel do câmbio no processo desinflacionário: a volatilidade do dólar e a escalada de tensões geopolíticas permanecem como vetores com potencial de trazer consequências deletérias à inflação doméstica.","O câmbio, sustentado em patamares mais apreciados, tem funcionado como âncora fundamental do processo desinflacionário brasileiro, evidenciado de forma nítida na retração dos preços de comercializáveis — em especial, alimentos. Condições de oferta mais benignas devem igualmente contribuir para manter essa categoria, que representa mais de um quinto da cesta do IPCA, em níveis menos pressionados ao consumidor.\nAs expectativas de inflação seguem convergindo de forma sustentada em direção ao centro da meta — atualmente em 3,91% —, ao passo que os dados de atividade econômica apontam arrefecimento considerável na margem, particularmente no consumo. Esperamos a manutenção dessa dinâmica ao longo de 2026.\nO principal ponto de dissonância entre os analistas reside no mercado de trabalho. A inflação de serviços — essencialmente uma inflação salarial — permanece em níveis superiores ao teto da meta, demonstrando elevada resiliência. A combinação de reajustes salariais acima do INPC, avanço da formalização da força de trabalho e desemprego em mínimas históricas (5,4% na última PNAD Contínua) tende a sustentar esse desafio à autoridade monetária. O maior grau de indexação dessa categoria reduz a sensibilidade dos preços ao aperto monetário no curto prazo, limitando a velocidade da convergência.\nAssim, para 2026 projetamos crescimento econômico modesto, próximo a 1,7%, com desaceleração continuada do consumo e acomodação gradual dos preços livres — a despeito da persistência no componente de serviços. O principal risco mapeável ao cenário é o papel do câmbio no processo desinflacionário: a volatilidade do dólar e a escalada de tensões geopolíticas permanecem como vetores com potencial de trazer consequências deletérias à inflação doméstica."]