Legal materials for the structuring of a real estate investment vehicle for the Rio Central Region

Description

The Inter-American Development Bank (IDB), in coordination with the Municipality of Rio de Janeiro, invites specialized consulting firms to submit proposals to carry out technical and legal services for the structuring of a Real Estate Investment Vehicle (REIV) for the Rio Central Region, targeting the urban regeneration of public and private properties with priority given to heritage-listed assets.

1. Technical objectives & scope of services
Private capital mobilization: Identify and propose technical, legal, and financial arrangements to mobilize private capital at scale to finance redevelopment and rehabilitation interventions across the Rio Central Region portfolio.

Focus on heritage assets: Address specific regulatory, urban, and fiscal requirements applicable to properties protected by heritage listing and urban cultural heritage preservation instruments.

2. Key activities & risk management
Legal diagnosis and urban instruments (P1): Analyze existing regulations, audit court case law, and urban/fiscal planning instruments (including tax reform frameworks) to assess feasibility and identify legal mechanisms for integrating non-cooperating assets (e.g., expropriation, forced sales, and voluntary incentives).

Risk assessment and normative drafting (P2): Evaluate legal, urban, environmental, liquidity, and execution risks across proposed REIV scenarios, and draft required bills, decrees, and normative acts to mitigate risks and enable implementation.

3. Deliverables & REIV governance
Procurement materials (P3): Prepare complete procurement and contracting materials for selecting the REIV Administrator and Manager, including asset incorporation legal materials and cooperation agreements for properties held by religious entities and private owners with tax liabilities.

Constitutive documents and model clauses (P4): Propose the REIV governance structure (share classes, Investment Committee, investment/divestment policies) in compliance with CVM regulations, drafting constitutive agreements and model contractual clauses for heritage-listed property restoration obligations and liability allocation.

Note: Interested consulting firms must review the requirements on the BEO Bidders Portal.