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Banco BTG Pactual S.A.

PRI reporting framework 2019

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PR 04. Incorporating ESG issues when selecting investments

04.1. 組織が不動産投資先を選択する際、通常ESG問題を組み入れているかどうかを記載してください。

04.2. ESG問題を不動産投資の選択に組み入れる際のアプローチを説明してください。

After initial approval from the Investment Committee, BTG Pactual starts the business due diligence process that includes:
(i) Market Research Analysis

- general overview of new project’s location/region (general characteristics, reference points, average occupancy rate, infrastructure, etc.);- research regarding competition generally within the local area of the project and identification of the project's key competitors; qualitative and quantitative analysis and comparison of the target project against key competitors;
- recommendation of price and price conditions;
- estimates of how quickly the units will be sold/rented.

(ii) Developer Business Due Diligence
- unaudited and audited financial statements analysis;
- receivables servicing reports (including delinquency and aging);
- property titles;
- land acquisition/land swap contracts;
- existing cost consulting reports;
- insurance policies;
- capital structure;
- loan agreements;
- tax position.

After the business due diligence process, BTG Pactual will draft a Memorandum of Understanding (“MOU”) with the general terms and conditions of the potential investment and exclusivity for the deal during the due diligence process. The MOU is typically subject to further due diligence as well as final Investment Committee approval.
The due diligence process includes: (i) land appraisal report, (ii) cost consulting report, (iii) environmental report and (iv) legal due-diligence report. Along with the due diligence process, BTG Pactual is responsible for the management and coordination of internal and external legal counsels and other professionals preparing and advising on the contracts to be entered into by the Fund and the new developer partner, such as: shareholders agreements, real estate management agreements and financial management agreements.

04.3. 貴社の不動産投資選定プロセスにおいて、どのESG問題が主に考慮されているかを記載し、問題毎に事例を3つまで挙げてください。 

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04.4. 補足情報 [任意]

PR 05. Types of ESG information considered in investment selection (Private)

PR 06. ESG issues impact in selection process

06.1. 報告年度において、ESG問題が不動産投資の選択プロセスに影響を及ぼしたかどうかを明示してください。

06.2. 報告年度に、ESG問題が不動産投資の取引構造化プロセスに影響したかどうかを記載してください。

06.3. 補足情報 [任意]