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Emprendimientos Inmobiliarios de Interés Común

Emprendimientos Inmobiliarios de Interés Común Partners and Directors PATRICIO LANUSSE JUAN ÁNGEL SEITÚN JORGE O’REILLY MATEO SALINAS

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Emprendimientos Inmobiliarios de Interés Común

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  1. Emprendimientos Inmobiliarios de Interés Común

  2. Partners and Directors PATRICIO LANUSSE JUAN ÁNGEL SEITÚN JORGE O’REILLY MATEO SALINAS Agronomist, before forming part of EIDICO, he took part in the organization of the following private neighbourhoods: San José and Las Marías at La Horqueta; and El Lago at Bella Vista. Attorney, partner of the law firm Seitún & Asociados. He also took part in the organization of the private neighbourhood San José at La Horqueta. JD - Pontificia Universidad Católica Argentina - UCA Argentina.LLM - Georgetown University - Washington DC. MBA - IESE Business School - Barcelona, Spain. Licentiate in Management.

  3. Background EIDICO is a service provider company specialized in the development of ‘at cost’ private urbanizations. Since 1994 it has designed, marketed, and managed 50 projects that take up a surface of hectares, divided into more than units (between lots, dorms and farms) million dollars subscribed under the Eidico system 13,950 19,811 562

  4. Work Philosophy MISSION  “EIDICO is a nationwide service provider company devoted to cooperatively develop real estate and investment businesses, directed to a group of persons with interests in common by means of a direct and personalized communication.”

  5. Key values • Risks of the action – Audacity • Friendly relationship • Social responsibility • Ability to interpret • Flexibility

  6. What We Do EIDICO’s function is to organize and develop real estate undertakings, without initial capital, bringing together the direct interested parties (beneficiaries). Two things need to be put together: • The owner of a big fraction of land with little value, • and the group of young people ready to undertake the great project to transform that area into a habitable place, making their contributions on a monthly basis, and betting on a future good quality family life.

  7. EIDICO is a service provider company that acts Who Are We? • As a developer • As a marketer • Through direct contact of • At cost, real estate projects • By means of a closed system

  8. We are a service provider company that detects basic common needs unsolved by traditional systems. We design the needed product and propose the way of having access to it, collecting and managing the aggregate individual contributions needed to achieve the goal of constructing the proposed real estate or investment project ‘at cost.’ One of the keys of this system is the ability of placing within subscribers’ reach a goal that, if individually faced, would be absolutely impossible to achieve.

  9. Highlights of the System For subscribers • Very enticing profitability. • Low risk due to marketing of the 100%, guaranteed cash flow. • Transparency and protection under the chosen legal format (Trust agreement). • Natural financing without any interest, because payments are made according to construction advance certificates.

  10. Highlights of the System For the owner of the land • No cost in marketing or development. • No commercial risk, and if subscription is achieved: • Significant income. • Safeness as to the success of the project. • Certainty of collection. • If they reinvest in lots: • The advantages of any subscriber. • It enhances final income, improving liquidity by exchanging one asset for many.

  11. The EIDICO system started with the development of private neighbourhoods destined to permanent housing. Today our business has also expanded to leisure developments, and savings and investment projects (tourism, forestation, shopping malls). Developments BEFORE NOW

  12. TOMORROW YESTERDAY TODAY NEIGHBOURHOODS Santa María de Tigre SHOPPING MALLS FORESTATION STOCKBREEDING TOURISM UNSATISFIED NEEDS Altamira

  13. EIDICO System • Clients are small investors. • Under the most appropriate legal format. • Clients commit to complying with a schedule of contributions. • EIDICO gets in touch, in a personalized way, with its clients, friends, and subscribers.

  14. Legal Tools • Originally, the condominium and mandate systems were used (in the case of the Santa María de Tigre neighbourhood). • We were one of the pioneers in the use of the ‘At Cost’ Trust. • Management Trust: private neighbourhoods. • Operational Trust: income and investment projects (forestation, stockbreeding, and shopping malls). • Public Trust: income and investment projects (shopping malls). • Recently, we have used the mandate system (San Benito neighbourhood) as a way of optimizing the Trust format.

  15. Steps to Follow in any Project • Identification of the Place and Analysis of the Project • Definition of the value of the bare land. • Execution of an agreement between Trustor-Trustee (6 months option). • Design of architectural project. • Preparation of budget for the work. • Determination of costs and appraisal of 100% of the lots.

  16. Steps to Follow in any Project • B) Subscription of the Project • Publication in Tigris magazine for no less than 3 months. • Previous briefing to those interested. • Date of subscription and placement of the 100% of the lots. • Execution of the agreements.

  17. Steps to Follow in any Project • C) During the Construction • Execution of the Trust deed. • Management of the funds. • Follow-up of collections, payments, hirings and control of works, until their completion.

  18. Steps to Follow in any Project • D) Finished Product • Formalities to obtain the condominium deed. • Individual deeds for each lot. • Termination of the Trust or mandate.

  19. Description of the Jobs • EIDICO S.A., a Trust Company, consists of five areas: • Legal • Technical • Commercial-Economic • Administrative • Architecture The five areas constantly interact, and they act jointly.

  20. Description of the Jobs • 1. LEGAL • Sample agreements with the owners of the lands. • Sample agreements to be executed with the future beneficiaries. • 2. TECHNICAL • Analysis of the current project. Proposals to improve cost efficiency. • Collection of all necessary information to prepare the budget of the work. (Altimetry, location of general services, definition of basic quality parameters, detail of works to be included). • Budget of all the works to be performed on the premises, including the internal piping and conduits as well as how utilities reach the neighbourhood. • Definition of the terms for the works and completed works schedule.

  21. Description of the Jobs • 3. COMMERCIAL-ECONOMIC • Definition of the complete project and its cash flow. • Value of each lot and payment terms. • Analysis of the communication tools to be used. • Definition of the message and image to be transmitted. • Objective date for the launching. • Periodic meetings, dates, locations and invitations. • 4. ADMINISTRATIVE • Assistance to clients. • Booking forms to be signed. • Definition of intervening parties. • Collection system (evaluation of costs and different alternatives).

  22. Description of the Jobs • 5. ARCHITECTURE • The architecture area is covered by an agreement executed with the firm Robirosa-Beccar Varela-Pasinato. • Due to its professional quality and prestige, it is the most renowned in urban designs. • It has committed to exclusively accompany EIDICO in all its projects subject to this layout.

  23. EIDICO Developer • Finds lands suitable for the developments; suitability is defined in a double sense: - price of the land • - necessary investment. • Prepares the necessary urban and technical projects. • Estimates the budget. • Launches the proposal. • Closes the deal. • Manages and directs the project. BACK

  24. EIDICO Marketer • Summons those interested in subscribing the project. • Executes agreements with subscribers through which 100% of the necessary contributions to carry out the project are secured. • Each agreement is subordinated to the execution of the last one; if the100% is not subscribed, the subscription is cancelled. • The subscription agreement is not a sale, and as such, it is not a traditional form of marketing. BACK

  25. Direct Contact • There are no advertisement expenses. • There are no marketing expenses. • The mysticism of the group of the initiated is developed. • Marketing is focused on a group with affinity elements. • The company develops its own database. • It establishes its own communication system. BACK

  26. EIDICO Undertakings EIDICO as Land Developer The term “developing” can have different meanings, but in the EIDICO’s system it takes a particular dimension. Developer for us implies two different visions: (i) The usual real estate point of view. (ii) The main objective of developing any project is not the transformation of the land itself, but fulfilling plural and/or community needs.  People’s interests are the start and end of our projects. BACK

  27. EIDICO Undertakings The term “emprendimiento” can have different meanings, but in the EIDICO system it takes a particular dimension. “Emprendimiento” implies two basic meanings: (i) Firstly, it originates from “company,” not in the commercial sense but in that of human work, of goals people bring to the company; and (ii), it points to a plural sense, that of a community (an “emprendimiento” is a “company” of several members.) BACK

  28. At Cost EIDICO The fact that this is an “at cost” development originates the following consequences: Financial: subscribers’ contributions are made according to the duration of the work (between 24 and 48 months), with which subscribers obtain a form of payment that results in a virtual financing, although in fact nobody finances anyone. Economic: EIDICO determines its costs without “markup,” thus obtaining differences between 60 to 100% compared to similar market values. Legal: the work is performed through management, that is to say, the subscriber pays the cost, undertaking the greater costs. BACK

  29. EIDICO’s Closed System Being this a closed system, the subscribers’ commitment is obtained for 100% of the project; otherwise this is not carried out. Thus the capitalist’s margin and the risk of the work being stopped due to lack of sales disappear. The system’s only actual risk is default in subscribers’ payments. The key of the system lies on the fact that there are no capitalists or entrepreneurs who assume the risk of obtaining the funds as sales occur. BACK

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