Monday, May 18, 2015

Central Bank will limit the investment of private pension funds in real estate – the newspaper – Interfax

Moscow. May 18th. INTERFAX-REAL ESTATE – state pension funds (NPF) may lose the opportunity to invest in commercial real estate with the help of mortgage participation certificates (ISU), said on Monday, the newspaper “Kommersant” with reference to the draft guidance, published on the website of the Central Bank. According to the newspaper, the document “changes the position 451P investing pension savings: buy them ISU funds will only if the mortgage coverage of the certificate does not include collateral in the form of non-residential property (as well as rights to the loans granted to it construction). ” The publication notes that in 2014 pension investment in ISU increased 2.8 times to 83 billion rubles. and accounted for 7% of all savings NPF. Representatives of investment funds are actively investing in commercial real estate, were skeptical of the initiative of the Central Bank, calling it “excessive,” the newspaper said. The newspaper, citing market participants stressed that the Agency for Housing Mortgage Lending (AHML) can benefit from the prohibition to invest in MIS related to residential real estate. “HMLA launches ISU, secured by residential real estate. Deputy General Director Alexander HMLA Goldfinches indicates that the basis of IMS is a long-term mortgage loan secured by a reliable and liquid collateral in the form of residential square meters,” – the newspaper said.

At a reprint of materials the reference to “Interfax-Real Estate” is required.

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