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| Project sponsor and major shareholders of project company |
Sponsors:
IFC has an equity stake of 19.9% in RBSec. Its other shareholders include:
- Rio Bravo Crédito Cia. de Securitização Imobiliária, which holds approximately 58% of the Company’s shareholders equity;
- GMAC-RFC, a strategic investor in the Company, which holds a 20% stake; and
- several individual investors, who hold the remaining 2% of its capital. |
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| Total project cost and proposed IFC investment |
| The proposed IFC investment involves provision of a guarantee (or the economic equivalent thereof) with a value of up to 50 million Brazilian Reais (approximately $22 million at current exchange rates) to a Brazilian bank (Banco ABN AMRO Real S.A.), in order for the latter to make long-tenor, local currency-denominated financing available to Rio Bravo Securitizadora S.A. (RBSec or the Company). |
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| Location of project and description of site |
| RBSec is headquartered in São Paulo. |
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| Description of company and purpose of project |
The project involves provision of an IFC guarantee (or the economic equivalent thereof) with a value of up to 50 million Brazilian Reais (approximately $22 million at current exchange rates) to a Brazilian bank (Banco ABN AMRO Real S.A.), in order for the latter to make long-tenor, local currency-denominated financing available to Rio Bravo Securitizadora S.A. (RBSec or the Company).
RBSec is one of the leading residential and commercial real estate securitization companies in Brazil. Its principal business activities include:
- Origination of residential and commercial real estate receivables from entities that make primary financing available to home purchasers and other end-users of real estate;
- Subsequent securitization in CRI format of the relevant real estate receivables which it originates, and placement of the resultant CRI's with Brazilian domestic capital market investors (CRI's, or Certificados de Recebíveis Imobiliários, are effectively the Brazilian equivalent of mortgage-backed securities); and
- Acting as a master servicer for CRI transactions.
RBSec will utilize proceeds of the BRL50 million financing from Banco Real which is supported by the IFC guarantee to acquire local currency-denominated residential real estate receivables from eligible developers, banks, and other sellers of such assets. Thus, the IFC Project is intended to help RBSec to further expand its residential real estate receivable origination, securitization, and housing finance-related securities placement activities. |
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| Environmental and social issues - Category C |
This is an environmental category C project. RBSec will be required to establish an appropriate screening procedure to ensure that properties associated with securitized real estate receivables are not environmentally impaired.
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| To contact the project company, please write to: |
Mr. Nicholas Reade, Chief Executive Officer
Rio Bravo Securitizadora S.A.
Av. Chedid Jafet 222,
Bloco B, 3º andar
04551-065 São Paulo - SP
Brazil
Tel 5511-2107-6655, or 2107-6684 |