PERU Trends and Developments Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
try and the region, showcasing a viable form of collaboration between the public and private sectors. Moreover, the successful implementa - tion of this model could accelerate the develop - ment of key infrastructure, positively impacting urban mobility, safety and quality of life in Lima and Callao. Securitisation trusts for real estate development The securitisation trust has been widely used for the development of various real estate projects and, in recent years, for financing land acquisi - tion (landbanking), particularly in areas of urban expansion in Lima and other provinces of Peru. Trusts for real estate projects It is said that securitisation trusts for real estate projects “boomed” in 2024, and this trend is expected to continue in the coming year. Much of this growth can be attributed to the emer - gence of various investment funds (many of them established through private offerings) that are willing to invest specifically in securitisation bonds. Thus, throughout 2024, investment funds and other institutional investors acquired bonds or participation certificates in securitisation trusts for real estate projects, injecting significant dyna - mism into real estate projects and their financing methods. As a result, the use of securitisation trusts in the real estate sector has contributed to expediting project timelines, allowing developers to secure financing more quickly. Securitisation Trust for Real Estate Income Investment – FIBRA In 2016, the Regulations on Asset Securitisa - tion Processes were amended to promote the creation of securitisation trusts that exclusively issue participation certificates through primary
public offerings, aimed at acquiring or construct - ing real estate for leasing or other forms of prof - itable use. This type of trust is referred to as a “Securitisation Trust for Real Estate Income Investment – FIBRA”. The Regulations on Asset Securitisation Pro - cesses were amended again in 2019 to encour - age the development of FIBRAs and improve the functioning of the asset securitisation industry. Notable changes included updates to the con - stitutive act, obligations of securitisation com - panies, information required in the prospectus, and procedures for registering programmes and securities, among others. Requirements were also introduced for a securitisation trust to maintain FIBRA status, including its organisa - tional structure, functions and the issuance and placement of participation certificates. Therefore, the history of FIBRAs in Peru as an investment vehicle for acquiring and/or devel - oping real estate for leasing or other income- generating purposes is relatively recent. Securitisation trusts for landbanking The concept of landbanking, understood as the strategic acquisition and accumulation of land for future development, has gained prominence as a key tool in the real estate and infrastructure sectors. In this context, securitisation trusts are being used to structure and finance such ini - tiatives, enabling real estate developers (and investors) to maximise asset value and ensure the sustainability of their projects. In Peru, securitisation trusts for landbanking have been employed to acquire land in urban expansion areas in Lima and in other regions of the country.
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