Cepacs are titles that allow construction companies to build buildings above the limits established by law in each neighbourhood. The offer takes into account the prospect of economic growth after the fall caused by the health crisis. It also tells the great interest of developers and investors in Faria Lima, the financial centre of the city of São Paulo. The region has little land available for new developments, and the corporate buildings that already exist there have high occupancy levels.

The balance of Cepacs available in Operation Faria Lima totals 321.8 thousand titles, according to the notice. The offer of only 12.1 thousand titles complies with a memorandum of understanding signed between the Secretariat of Urbanism and the Brazilian Securities and Exchange Commission (CVM), which defined that the following auctions should take place within conservative parameters to feasibility studies.

The price of R$17.6 thousand is equal to the trading value closed at the last auction, held 22 months ago, in December 2019. At the time, the bonds were offered for R$6,500 but had a premium of almost 170% and moved R$1.64 billion.

Source: Estadão

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