New Middle Class Boosts Brazilian Real Estate in Natal

The rise of the middle classes is a big demand driver behind the current boom in Brazilian property. Zona Norte in Natal, north east Brazil is an example of a new middle class district expanding because of this demand.

Natal, the capital of Rio Grande do Norte, is one of the fastest growing cities in north east Brazil. Within the city is the district of Zona Norte, a rapidly expanding suburb with huge opportunities for new businesses and Brazilian real estate investment.

Residential Demand Fuels Investment Opportunities

Zona Norte is home to around 37% of Natal’s population and the area has seen big migration over the last few years with over 300,000 Brazilians moving there. This migration in tandem with increasing purchasing power among the growing Brazilian middle classes has led to vast expansion of the suburb.

Essentially a residential area, Zona Norte is popular with Class C – the largest and fastest growing sector of Brazilian society – and Class D. This means the area meets criteria for investment in Brazil social housing projects under the Minha Casa Minha Vida government programme. Obelisk International is one of the social housing developers in Zona Norte and is currently involved in a large Minha Casa Minha Vida project near the Lagoa Azul area.

“Along with big residential development, Zona Norte has seen a massive increase in the number of businesses and shops setting up in the area since 2007,” says Gary Hardacre, CEO of Obelisk International. “The two impulses – residential and commercial – mean Zona Norte is turning into the up-and-coming area in Natal, part of our reason for choosing it as a focal point for one of our Brazil investments,” he adds.

Massive Commercial Demand

Norte Shopping, the first large shopping mall in the region, was built in 2007. The success of Norte Shopping has been such that the mall is still growing. Expansion is due to continue until 2013 with a multi-screen cinema opening this autumn.

Alongside Norte Shopping are hypermarkets and megastores selling household appliances. But not all businesses are large scale in Zona Norte – dozens of small companies and shops have set up in the area to make the most of the investment opportunities offered by Zona Norte’s expanding population.

The combination of a growing middle class with increasing purchasing power plus the employment opportunities offered in the area make Zona Norte an extremely attractive location to open a new business in north east Brazil. According to the local small and medium business organisation Sebrae/RN, Zona Norte currently has the highest number of new business applications.

For Obelisk International, the expansion of Zona Norte powered by the growing middle classes illustrates the strength of demand for investment in Brazilian real estate from the local population. “This demand is real and tangible,” says Mr Hardacre, “and because of this, we believe the Zona Norte area represents excellent potential for Brazilian property investment.”

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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This is the Year for Brazilian Investment

Brazil’s Finance Minister is set on between 4% and 5% growth for his country this year. Combining lower interest rates with greater private investment in Brazil, Guido Mantega claims that this is the year for Brazilian investment.

In an interview published in the economic weekly Istoe Dinheiro, Mr Mantega sets out his economic plans for Brazil during 2012. While he does not reveal his exact plans on public spending cuts, Mr Mantega is clear on where the opportunities lie this year – private Brazil investments.

Consolidated Accounts

Brazil’s President Dilma Rousseff has reportedly ‘ordered’ at least a 4% increase in GDP growth for 2012. This bold goal in the current global economic climate is, according to Mr Mantega, very achievable for Brazil.

His first step is to keep the budget surplus to 3.1% of the country’s GDP to protect Brazil against external economic turmoil. “Brazil has had a budget surplus for 12 consecutive years,” he points out, “and this surplus consolidates our position.”

Mr Mantega is well aware that Brazil isn’t immune to global downturn, but he believes the country can protect itself and dictate its own GDP growth. With this in mind, another measure is to continue to bring Brazilian interest rates down. Cut to 10.5% in January, the Selic interest rate is forecast to see decreases to single digits over the next few months.

Promoting Investment in Brazil

Along with a solid budget surplus and lower interest rates, the Treasury aims to actively promote Brazilian investment. 2011 saw record levels of foreign investment in Brazil, but according to Mr Mantega, things are about to get even better.

“2012 will be the year of investment in Brazil,” he said. The Brazilian government is aiming to attract public and private investment funds to Brazil to modernise its infrastructure and reinforce its industrial sector. The government is targeting the areas of logistics, energy and housing.

Social housing investment is a top priority. To this end, the Finance Minister recently met with representatives from Caixa and Banco do Brasil banks, and Brazilian real estate developers to request acceleration in the Minha Casa Minha Vida (MCMV) programme.

MCMV – the largest investment in property in Brazil – aims to build 3 million homes by the end of 2014 and the Brazilian government is keen for this target to be met. “The Brazilian construction industry has been one of the fastest growing in recent years,” explains Mr Mantega, “but in the government we believe that we can work faster to deliver units.”

Obelisk International, a major developer of social housing under the MCMV programme in north east Brazil, welcomes this fresh impetus from the government to push Brazilian investment. “It’s good news for all foreign companies investing in Brazil,” comments Gary Hardacre, CEO of Obelisk International, “because this will help promote and facilitate private investment in the country over the next year.”

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Zell Continues to Bet on Brazilian Investments

One of the first foreigners to invest in Brazil, US billionaire Sam Zell maintains his bet on Brazilian investments. His latest acquisition includes the controlling stake of Tha Group, specialising in property in Brazil.

Through his investment company Equity International, Sam Zell has a history of interest in investments in Brazil and was one of the first foreigners to include Brazil on the global investment radar. Equity International’s Brazilian investments have to date included a range of companies operating within the Brazilian real estate market.

Expansion Within Brazil

One of the oldest companies in the Brazilian property sector, Tha Group specialises in development and construction of real estate. A spokesperson for the company said that the acquisition by Equity International will give Tha Group a much-welcomed opportunity to grow and expand within different regions of Brazil.

This expansion comes at a time when Brazilian real estate is experiencing strong growth, particularly in areas outside Sao Paulo and Rio de Janeiro. Real estate funds are increasingly interested in these areas and it appears Equity International is setting a trend for equity investment in Brazil.

Equity International has had stakes in shopping malls via BR Malls and commercial property in Brazil through Bracor. Sam Zell’s company has also owned interest in AGV Logistica and in 2011, formed part of Gafisa – one of the largest developers of real estate in Brazil – and Brazilian Finance.

High Performance from Real Estate Funds

The renewed interest from Equity International in property in Brazil comes as no surprise to market observers. Brazilian real estate funds achieved record highs during 2010 and last year also saw exceptional performance by some funds, although the average return of 11.63% was lower than 2010.

This average, however, hides a much higher performance from certain real estate funds in Brazilian. According to the business magazine Exame, the Banco do Brasil’s real estate fund achieved just under 58% for its holders last year. Other successful Brazilian real estate funds in 2011 belonged to Caixa, Brazilian Mortgages and Brazil Capital Real Estate Fund. All achieved returns in the region of 30% to 40%.

For Obelisk International, Sam Zell’s renewed interest in Brazil confirms the country as a top investment destination. “Mr Zell was something of a pioneer in Brazilian investments,” comments Gary Hardacre, CEO of Obelisk International, “and the fact that he’s back shows Brazil still has plenty of potential.” Obelisk International expects to see further big interest in Brazil from foreign investors this year.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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The Luxury Touch to Brazilian Investment Opportunities

A booming economy has led to huge investment opportunities in Brazil across the social spectrum. Big money from consumer spending is entering both the lower end of the market and the higher luxury echelons of Brazilian society.

On the back of Brazil’s increasing population and wealth, record levels of foreign investment have entered Brazil this year. At the middle class end of the social scale are investments into consumer goods such as household appliances and cars as well as investment into the social housing programme, Minha Casa Minha Vida.

The fast-growing middle classes are widely considered to be one of the best investment opportunities currently on the Brazilian table. Foreign companies with a presence in Brazil such as Obelisk International, believe this potential is here to stay. But Brazil isn’t just about a booming middle class - Brazilian investment goes right across the board.

High Net Worth Brazilian Style

According to the 2011 World Wealth Report, Brazil ranks 11th on the global rich list. With 155,400 dollar millionaires, Brazil lies ahead of countries such as Mexico, Russia and Spain. The Report by Capgemini and Merrill Lynch Global Wealth Management finds that the high net worth population in Latin America generally is on the rise with a 6.2% increase in 2010.

When it comes to ultra high net worth, Latin America has the highest regional percentage (2.4%), with Brazilian millionaires making up a large part of this. Unsurprisingly, luxury goods are big business in Brazil, home to an increasing number of luxury brands. Sales in high-end consumer items are booming and expected to reach US$12 billion this year, a massive 33% increase on 2010.

Designer labels are more than aware of the huge investment opportunities presented by Brazil’s wealthy consumers. Sao Paulo acts as a magnet for luxury goods and latest additions include Diane von Furstenberg and Christian Louboutin, both with boutiques in the city.

New Opportunities

The massive millionaire market proves that Brazil is a honey pot for investment opportunities across the social classes. And wealth doesn’t just mean investment in designer handbags and haute couture suits; luxury Brazilian real estate also has a big and growing market as can be seen in the latest additions to city skylines.

Brazil, along with other emerging markets, has now consolidated its presence on the world investmen stage. “Emerging markets are not only sources of revenue, but sources of new ideas,” said Nizan Guanaes, a Brazilian advertising executive quoted in the Financial Times blog, Beyond Brics.

Mr Guanaes’ comment that emerging markets are “now players and the big guys, we are opportunities” sums up the huge investment promise found in nations such as Brazil, China and India. When it comes to choice and potential for investment, Brazil is hard to beat whatever your social target or preference.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Commercial Real Estate in Brazil Ahead of the Game

Brazilian real estate continues to have the edge over most others in the world after a record third quarter in sales volume. Along with China, Brazil is the preferred destination for real estate investment opportunities.

A Q3 2011 survey into commercial real estate published by Real Capital Analytics finds that the total volume of sales in commercial property in Brazil reached US$35 billion. This is the highest quarterly level ever seen in Brazil, reflecting the big investor interest in Brazilian real estate.

Real Estate in Latin America Stays Hot

The survey reveals that sales in the Americas generally fell by 50% on this year’s second quarter. This marked decrease was prompted by the slowdown in the US mortgage market. However, on a continental level, Latin American real estate continues to boom with plenty of positive movement.

At the forefront of the property market in Latin America is Brazil, where commercial real estate – like residential property – is a hive of activity. “Hotels are of particular interest, especially in 2014 World Cup destination cities,” comments Gary Hardacre, CEO of Obelisk International, “and our market research is also noting large investments in office units in Rio de Janeiro and Sao Paulo.”

Real Capital Analytics found that Chile and Mexico were also favoured real estate investment spots in Latin America, although on a smaller scale than Brazil. Both represent stable economic markets, although Chile is less well-known for its property investment. The positive movements in Latin America commercial real estate confirm the region’s investment potential.

China and Brazil Investments

According to the survey, worldwide commercial real estate sales volumes reached US$568 during Q3, a year-on-year rise of 34%. 2011 is proving a particularly good year for commercial property investment since volumes have already surpassed levels in 2008 when the US real estate market crashed.

Globally, China and Brazil stand out as the top spots for investment in commercial real estate. Of the four BRIC nations, they are the only two now favoured massively by foreign investment in property. Interest in Indian commercial property has diminished dramatically and in Europe, Poland has overtaken Russia as a preferred location.

“Brazil is an obvious property investment target because of its size and market,” says Mr Hardacre. He also points out that Brazilian property investment is improving all the time – “Investors with Obelisk International have seen clear progress in market conditions over the last 12 months as the property market in Brazil comes to maturity.”

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Young Entrepreneurs Favour Brazil for Investment

Brazilian investment opportunities are not just top of the agenda for asset managers, hedge funds and developers of real estate. Young entrepreneurs also favour investment in Brazil, ranking the country third in the G20.

Among the G20 nations, Brazil comes in third place when it comes to attractive investment opportunities. In the latest Ernst & Young Entrepreneurship Barometer, young people in business rank Brazil behind the US and China but ahead of Germany, Japan and the UK in terms of a favourable business environment.

Optimism Plus Growth

Describing Brazilian investment as having “high potential and strong growth”, the Barometer finds young entrepreneurs very optimistic about opportunities in Brazil. This optimism springs from Brazil’s consolidated economic strength and “great policy improvements”.

Reflecting this, the creation of new businesses in Brazil grew nearly 30% between 2005 and 2008, considerably higher than the G20 average (11.8%). New business density in Brazil stands at 2.4, on a par with the 2.5 found in the G20 and much higher than the 1.3 average among the rapid-growth market.

Strengths & Opportunities

The Barometer lists the strengths in the Brazilian investment environment for young entrepreneurs. Highlights include a more favourable business culture towards entrepreneurship in Brazil, which is mirrored in high employment opportunities in small and medium enterprises, responsible for 80% of job creation.

Economic growth has expanded the consumer market in Brazil creating countless opportunities for investment in a wide range of business areas. The Barometer also notes that many sectors are fragmented, which translates into big potential for consolidation.

Infrastructure is another key area for Brazilian investments. Massive government and private investment for the 2014 and 2016 sporting events has, in turn, attracted huge interest. Brazilian real estate, particularly within the social housing programme Minha Casa Minha Vida is also a favoured destination for investors.

Tasks Ahead

Together with a huge potential for investment, Brazil comes with several challenges for newcomers and young entrepreneurs doing business there. The Barometer find high corporate tax rates and labour costs place obstacles in the way of new businesses. Starting a new business is also time-consuming and bureaucratic compared to some other G20 nations.

However, access to funding has improved and the government has pledged to reform tax regulations to facilitate doing business in Brazil. And in spite of the tasks ahead, Brazil is the best country in the G20 to do business for 58% of Brazilian entrepreneurs.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Investors Descend on Brazilian Investment Opportunities

Brazil has become a magnet for foreign investors in search of investment opportunities. And the good news is that with its buoyant economy and booming consumer spending, Brazilian investments are here to stay.

In their latest report on Brazil, Ernst & Young take a look at Brazil’s economy, politics and demographics. Based on these factors, ‘Viewpoint, Brazil in Focus’ predicts that the current stellar growth is likely to continue at least until 2016, meaning potential for investment in the “global economic powerhouse” still has plenty of room for growth.

Finance Rushes to Brazil

According to Ernst & Young, asset managers are “rushing to take advantage of Brazil’s infrastructure investment”. Banks and hedge funds from locations globally “are descending on Brazil, all hoping to participate in the country’s long-overdue success”.

This dash to share a slice of Brazilian investment potential is reflected in record levels of foreign direct investment (FDI). In the 12 months to May this year, FDI in Brazil reached US$64 billion, the highest annual amount ever. FDI levels since May have continued to rise and financial experts are predicting 2011 will be the best year ever for Brazilian investment levels.

Economic Strength

A compelling reason for so much foreign interest in Brazil is its economy. With GDP growth of 6.9% last year, Brazil ascended to seventh place in the world economic power ranking. On the back of continued growth, many analysts believe Brazil will edge its way past the UK this year. And the government predicts that the Brazilian economy will see an average annual growth of 4.9% between now and 2015.

Part of this growth is fuelled by consumer spending, not least by the 20 million Brazilians who have joined the middle class since 2006. This trend has led to what Ernst & Young call “a remarkable consumer spending spree” and has affected goods across the spectrum from electronics and cars to property in Brazil.

The Growth Acceleration Plan (PAC) has had a major role in the new-found wealth. Under the PAC, millions have benefitted from better infrastructure, transportation and social improvements. The social housing programme, Minha Casa Minha Vida also forms part of the PAC and constitutes the largest investment in real estate in Brazil.

Challenges for Some Financial Sectors

Ernst & Young find that certain Brazilian investments face considerable challenges, particularly asset management and hedge funds. Obstacles include stringent regulations and the report notes that many foreign firms doing business in Brazil partner with established Brazilian companies.

Gary Hardacre, CEO of Obelisk International echoes this observation. “Brazil certainly represents a challenge for the outsider,” he comments, “and the best way to succeed in an investment in Brazil is to associate with a Brazilian company.”

Mr Hardacre also believes that it can pay to choose a Brazilian investment with less regulatory restrictions. “Brazilian real estate is a case in point,” he says, “with plenty of investment opportunities and high returns, but without the endless red tape especially if you invest with an established company.”

Ernst & Young report that, although asset management and hedge funds are very popular in Brazil, “investors are embracing exchange-traded funds and real estate funds”. Interest in Brazilian real estate funds is coming not just from foreign investment but also from Brazilian investors themselves, keen to get in on this sector within Brazil’s huge investment potential.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Best Investment Opportunities in North East Brazil

North east Brazil is yet again tipped as a top Brazilian investment location. The region’s strong economy and population growth point to excellent opportunities in many areas, particularly real estate investment.

Brazil as a whole is enjoying buoyant economic growth and around 4% GDP is expected this year. But things in north east Brazil are even better with analysts predicting 5% growth in this part of the country. Hand-in-hand with this booming economy goes a growing population as the strong job market attracts Brazilians to the area.

Strong Drivers for Investment

North east Brazil therefore brings together several fundamentals for investment opportunities. Increased purchasing power from higher wages and better employment possibilities plus more people migrating to the area make for major demand drivers, particularly in Brazilian real estate.

The demand is so powerful that some experts in the Brazilian property market tip the north east as the best location for investments in real estate in Brazil outside the metropolitan areas of Sao Paulo and Rio de Janeiro. This is especially true for investors looking for medium-term investment in property.

Obelisk International fully recognises this potential with its Brazilian investments fully focused on this part of Brazil. Company market research has identified middle class C as a particularly promising market in the states in north east Brazil. Obelisk International is participating in the Minha Casa Minha Vida social housing programme with projects aimed at the lower and central tiers of Class C.

North East Brazil Equals High Returns

In a recent interview in the business weekly Exame, an expert in Brazilian real estate valuation, Marcos de Oliveira, Director of Consul Sheet said he is convinced that for property investment returns, Brazil has no area to match the north east. He bases this on the strong demand drivers in the area and the recent track record of property in Brazil’s north east.

“Ten years ago, land was fetching little more than R$1 per square metre,” said Mr Oliveira, “and asking prices are now more like R$300.” This 300% rise in land prices leads Mr Oliveira to believe the region has extremely promising prospects for investment opportunities over the medium term. Obelisk International shares this belief and fully expects prices to continue to rise over the next decade.

“For many investors, Brazilian investment opportunities are contained in Rio and Sao Paulo,” says Gary Hardacre, CEO of Obelisk International. “However, we believe that the best returns are elsewhere where the Brazilian real estate markets are more stable and less influenced by international investors. For Obelisk International, the best place to be when it comes to property in Brazil is the north east.”

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Brazil Investment Riding High

With its strong economy, booming investment opportunities and solid demand drivers, Brazil continues to ride high. Not only is confidence high at home, Brazil is making waves abroad too.

Unlike most political leaders at the moment, Dilma Rousseff is enjoying big approval. A recent CNI-Ibope survey found that a massive 71% of the Brazilian population approve of their President. 51% of those surveyed said they considered her government to be good or very good.

More Foreign Investment in Brazil

This positive climate at home is contagious and opportunities for investment in Brazil continue to attract foreign attention. Latest in the long list of Brazilian investment in 2011 is the Saudi Arabian airline, Emirates. Emirates has just received permission to operate an Airbus route between Dubai and Sao Paulo, adding to business opportunities between Latin America’s largest economy and the Middle East.

When it comes to technology, Brazil also offers plenty of investment opportunities. Foxconn, a manufacturer of touch screens for tablets, is reportedly close to closing a deal for a factory in Brazil. According to the financial weekly Istoe Dinheiro, the factory would be the first of its kind in the Western world and the deal will run to US$12 billion investment in Brazil.

Real Estate Investment Favourite

Foreigners are also busy buying up Brazilian real estate with Sao Paulo a particular hot spot among investors looking for luxury properties. Real estate agents quoted by the Brazilian Mortgage Association (ABECIP) report a 35% rise in investment in property in Sao Paulo by foreigners this year. Sotheby’s International Realty is expecting to quadruple its business among foreigners this year and predicts its sales of Brazilian property will total R$400 million.

Americans appear to have the biggest interest in Brazilian real estate at its top end – around 50% of Sao Paulo property buyers are from the US – with the average purchase price between R$1 million and R$3 million. Foreigners are attracted to two aspects of the Brazilian property market – its price (luxury property in Brazil comes with a much smaller price tag than in Europe) and the potential returns, currently around 12% a year.

Like other foreign companies with investment in Brazil, Obelisk International has observed the confidence in the Brazilian market, both from Brazilians themselves and from new foreign investors. “Brazil really stands out at the moment as the place to be,” says Gary Hardacre, CEO of Obelisk International, “and this year’s big investment in real estate confirms our belief in the market.”

However, Obelisk International market research shows that the Sao Paulo property market may be in danger of over-heating and Mr Hardacre believes investors should look beyond the affluent south west of Brazil. “Other less-known areas of Brazil such as the north and north west also have big opportunities for real estate investment,” he says, pointing out that returns are often considerably higher.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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3 Million Properties in Brazil Not Enough

3 million social housing units in the Brazilian real estate programme Minha Casa Minha Vida will not be enough. According to government figures, Brazil will need 23 million properties over the next 20 years just to meet demand among low-income families.

The Minha Casa Minha Vida project is currently into its second phase and 2 million affordable housing units will be built over the next three years. While these properties in Brazil will go some of the way towards closing the gap between supply and demand, the Ministry of Cities believes millions more will be needed between now and 2031.

Speaking on a recent radio programme, the Housing Secretary Ines Magalhaes explained that the current Minha Casa Minha Vida project will fall far short of fulfilling demand. Official government figures highlight a deficit of 23 million properties among families earning between zero and three times the minimum wage.

Minha Casa Minha Vida Moves Forward

This income group has an allocation of 1.6 million homes, which have been affected by changes in regulations under phase two of Minha Casa Minha Vida. For example, these social housing units are now larger, more expensive and must include solar panels and tiled floors.

Slow government bureaucracy means these changes have only just been finalised and as a result, Ms Magalhaes said that all contracts for housing units for the 0-3 income bracket throughout Brazil have been delayed. However, she reiterated that with the government budget already in place for this year, the Ministry of Cities expects the back-log to be quickly resolved.

Ms Magalhaes also explained more about the holistic nature of this huge investment in Brazilian real estate. As well as homes, Minha Casa Minha Vida is providing considerable opportunities for women. Not only are women becoming homeowners – women signed 94% of Minha Casa Minha Vida contracts signed this year – they are also benefitting from jobs in civil construction through the programme.

Promising Investment Prospects

The social advantages provided by social housing investment in Brazil look set to continue well into the future. Investors too can expect to benefit from this niche market. With a shortage of 23 million homes, the demand for real estate in Brazil from low-income families points to very promising prospects for social housing investment in Brazil over the next two decades.

Although it’s early days yet, Obelisk International believes that the Brazilian government will continue with a third phase of Minha Casa Minha Vida beyond 2014. “This would make sense given the huge success of the first two phases,” comments Gary Hardacre, CEO of Obelisk International, “particularly since the housing shortage in Brazil is so acute. It’s obvious 3 million homes are not enough and we believe investment opportunities in Minha Casa Minha Vida will be part of the Brazilian investment scenario for years to come.”

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Brazilian Investment Beats the Crisis

With most of Europe in financial and economic straits, Brazil beckons as the place for investment opportunities. The country is well set to weather the global crisis and may even benefit from it, a huge plus for Brazilian investments.

Based on Moody’s latest comments on the Brazilian economy, the Financial Times (FT) blog beyondbrics claims Brazil is the best place to beat the crisis. “Stressed out about the eurozone crisis? Worried about bank CDS spreads? Perhaps it’s time you moved to Brazil,” starts one of last week’s blog entries.

Good Economic Management

The FT comes to this conclusion based on remarks made by the regional credit officer for Moody’s in Latin America Mauro Leos, at a recent Sao Paulo conference. Mr Leos noted that Brazil is a good economic position in the face of the current crisis and pointed out that during the last global crisis in 2009, Brazil investment rating went up.

This rise in rating was awarded because of Brazil’s response to the crisis and “the resilience that was shown,” Mr Leos explained. Management of economics is a criteria Moody’s look at when reviewing ratings – “one of the things that allows us to understand a country and better differentiate them is how they behave during a crisis,” he said.

Brazil managed the previous crisis well with only a brief recession during Q4 2008 and Q1 2009. Since then, the country has gone from economic strength to strength. Buoyant GDP growth last year is continuing this year, unemployment is at a record low and Brazilian investment is experiencing a boom with the highest inflows ever.

Balanced Books

The FT emphasises other positive points in the Brazilian economy, particularly the solidity of banks in Brazil. Unlike many of their European counterparts, Brazilian banks have high capital reserves thanks to strict banking regulations. Brazil also has its external accounts in good order.

Moody’s, who raised Brazil’s rating last June to Baa2 with a positive outlook, are not troubled by the rising inflation rate in Brazil. Moody’s timescale for upgrades is usually between 12 and 18 months, and Mr Leos said the credit agency intends to review Brazil’s rating in autumn next year at the earliest.

Obelisk International shares Moody’s positive outlook for Brazil and firmly believes that with the financial uncertainty in Europe, Brazil is proving to offer the best – and safest – opportunities for investment. “There’s no doubt that Brazil is the place to be for investors,” says Gary Hardacre, CEO at Obelisk International, “as it has solid economic foundations and demand drivers that are difficult to match.” Record levels of investor confidence and foreign investment in Brazil would seem to prove that it certainly is time to move your investments to Brazil.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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3 Million Properties in Brazil Not Enough

3 million social housing units in the Brazilian real estate programme Minha Casa Minha Vida will not be enough. According to government figures, Brazil will need 23 million properties over the next 20 years just to meet demand among low-income families.

The Minha Casa Minha Vida project is currently into its second phase and 2 million affordable housing units will be built over the next three years. While these properties in Brazil will go some of the way towards closing the gap between supply and demand, the Ministry of Cities believes millions more will be needed between now and 2031.

Speaking on a recent radio programme, the Housing Secretary Ines Magalhaes explained that the current Minha Casa Minha Vida project will fall far short of fulfilling demand. Official government figures highlight a deficit of 23 million properties among families earning between zero and three times the minimum wage.

Minha Casa Minha Vida Moves Forward

This income group has an allocation of 1.6 million homes, which have been affected by changes in regulations under phase two of Minha Casa Minha Vida. For example, these social housing units are now larger, more expensive and must include solar panels and tiled floors.

Slow government bureaucracy means these changes have only just been finalised and as a result, Ms Magalhaes said that all contracts for housing units for the 0-3 income bracket throughout Brazil have been delayed. However, she reiterated that with the government budget already in place for this year, the Ministry of Cities expects the back-log to be quickly resolved.

Ms Magalhaes also explained more about the holistic nature of this huge investment in Brazilian real estate. As well as homes, Minha Casa Minha Vida is providing considerable opportunities for women. Not only are women becoming homeowners – women signed 94% of Minha Casa Minha Vida contracts signed this year – they are also benefitting from jobs in civil construction through the programme.

Promising Investment Prospects

The social advantages provided by social housing investment in Brazil look set to continue well into the future. Investors too can expect to benefit from this niche market. With a shortage of 23 million homes, the demand for real estate in Brazil from low-income families points to very promising prospects for social housing investment in Brazil over the next two decades.

Although it’s early days yet, Obelisk International believes that the Brazilian government will continue with a third phase of Minha Casa Minha Vida beyond 2014. “This would make sense given the huge success of the first two phases,” comments Gary Hardacre, CEO of Obelisk International, “particularly since the housing shortage in Brazil is so acute. It’s obvious 3 million homes are not enough and we believe investment opportunities in Minha Casa Minha Vida will be part of the Brazilian investment scenario for years to come.”

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
Follow us on Twitter, Facebook and LinkedIn.

Brazilian Investment Beats the Crisis

With most of Europe in financial and economic straits, Brazil beckons as the place for investment opportunities. The country is well set to weather the global crisis and may even benefit from it, a huge plus for Brazilian investments.

Based on Moody’s latest comments on the Brazilian economy, the Financial Times (FT) blog beyondbrics claims Brazil is the best place to beat the crisis. “Stressed out about the eurozone crisis? Worried about bank CDS spreads? Perhaps it’s time you moved to Brazil,” starts one of last week’s blog entries.

Good Economic Management

The FT comes to this conclusion based on remarks made by the regional credit officer for Moody’s in Latin America Mauro Leos, at a recent Sao Paulo conference. Mr Leos noted that Brazil is a good economic position in the face of the current crisis and pointed out that during the last global crisis in 2009, Brazil investment rating went up.

This rise in rating was awarded because of Brazil’s response to the crisis and “the resilience that was shown,” Mr Leos explained. Management of economics is a criteria Moody’s look at when reviewing ratings – “one of the things that allows us to understand a country and better differentiate them is how they behave during a crisis,” he said.

Brazil managed the previous crisis well with only a brief recession during Q4 2008 and Q1 2009. Since then, the country has gone from economic strength to strength. Buoyant GDP growth last year is continuing this year, unemployment is at a record low and Brazilian investment is experiencing a boom with the highest inflows ever.

Balanced Books

The FT emphasises other positive points in the Brazilian economy, particularly the solidity of banks in Brazil. Unlike many of their European counterparts, Brazilian banks have high capital reserves thanks to strict banking regulations. Brazil also has its external accounts in good order.

Moody’s, who raised Brazil’s rating last June to Baa2 with a positive outlook, are not troubled by the rising inflation rate in Brazil. Moody’s timescale for upgrades is usually between 12 and 18 months, and Mr Leos said the credit agency intends to review Brazil’s rating in autumn next year at the earliest.

Obelisk International shares Moody’s positive outlook for Brazil and firmly believes that with the financial uncertainty in Europe, Brazil is proving to offer the best – and safest – opportunities for investment. “There’s no doubt that Brazil is the place to be for investors,” says Gary Hardacre, CEO at Obelisk International, “as it has solid economic foundations and demand drivers that are difficult to match.” Record levels of investor confidence and foreign investment in Brazil would seem to prove that it certainly is time to move your investments to Brazil.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Stable Outlook for Brazilian Real Estate | Obelisk International News

For the Central Bank of Brazil, the Brazilian real estate market is stable. Steady increases in income and by extension, purchasing power together with a conservative banking sector are all behind the strength in property in Brazil.

Recent increases in Brazilian property prices and the hikes in home loan approvals have led some analysts to question the stability of the property market. Some have concluded that there may be a bubble forming within Brazilian real estate, an opinion that is rejected by many industry experts based on the economic drivers behind the boom in property.

No Evidence of Risk

One of these experts, Antonio de Moraes, Director of Fiscal Supervision at the Central Bank of Brazil, is adamant that there is no evidence of a bubble. Interviewed in the business weekly Exame, Mr de Moraes states that “there is nothing in the Brazilian property market to concern us or anything putting the sector at risk”.

He is emphatic in that “there is no evidence to suggest a bubble forming” and he draws on two fundamentals to back this up. The first factor is, according to Mr de Moraes, the recent steady increases in income for a huge segment of the Brazilian population. This rise in income means more Brazilians have more to spend and most families want to spend their new wealth on a property in Brazil. This leads to huge demand with the first-time buyer market.

Conservative Mortgage Lending

Secondly, Mr de Moraes cites the conservative nature of lending adopted by all Brazilian banks. This conservative policy prevents mortgages in Brazil representing more than 65% loan-to-value. He also points out that most purchases of Brazilian real estate are made by first-time homebuyers with a lot more at stake in their purchase than second home buyers.

Central Bank of Brazil data shows that Brazilian real estate loans represented 1.3% of the country’s GDP in 2005. Six years later, this percentage has increased to around 4%, an easily sustainable figure and one allowing plenty of room for growth. Many experts agree that the Brazilian property market can easily support a loan rate of between 10% and 15% of GDP, a rate that is expected to be reached over the next decade.

Record Transactions in 2010

Reflecting the massive growth in the market for real estate in Brazil are figures for 2010 recently released by the Construction and Real Estate Institute (INCI). According to INCI, Brazilian real estate transactions numbered over 65,000 last year and reached a value of €11.4 billion.

The 12% annual increase in the number of transactions reflects the rise in Brazilian property investment opportunities last year. Many analysts including Obelisk International expect 2011 to see another increase based on solid activity within the real estate sector. “The social housing programme, Minha Casa Minha Vida, will add hugely to the number of transactions,” comments Gary Hardacre, CEO of Obelisk International, “as more developments are completed, confirming the potential behind Brazilian investment in property”.

“With the current demand drivers and buoyant economic situation, we at Obelisk International see no signs of a property bubble,” says Mr Hardacre. “This is particularly true in regions such as Rio Grande do Norte where the demand for affordable property is so strong,” he adds.

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Brazil Leads Social Housing Investment | Obelisk International News

Investment opportunities in social housing are available in a number of countries, both in developed nations such as the US and UK, and in emerging markets led by Brazil, China and India. The Brazilian affordable housing programme is relatively young, but its success means it’s becoming a model to follow.

The Brazilian social housing programme, Minha Casa Minha Vida, is the largest single investment in real estate in Brazil. Building 3 million homes by the end of 2014 and less than half way through its schedule, Minha Casa Minha Vida has already made a real difference to ordinary Brazilians’ lives and the huge deficit in the Brazilian property market.

Tangible Results

With just over 1 million social housing units contracted last year, 2011 is seeing the delivery of many project. Almost weekly a Brazilian city proudly announces the completion of another Minha Casa Minha Vida development. Recent examples include Parnamirim in Rio Grande do Norte (452 apartments) and San Carlos in Sao Paulo state (750 houses).

In addition to providing affordable housing for Brazilians and considerably improving living standards, Minha Casa Minha Vida has also created thousands of jobs and injected much-needed funds into local economies. “It’s important to appreciate the holistic nature of the programme,” says Gary Hardacre, CEO of Obelisk International, “and Minha Casa’s effects go beyond reducing some of the housing shortage.”

Worldwide Social Housing Investment

With one of the most ambitious social housing programmes globally, Brazil is seeing results. Reasons for this positive outcome are Minha Casa Minha Vida’s clear objectives, 100% government financing provided by Caixa Economica Federal Bank and effective coordination between Caixa and local authorities.

The situation in other countries – both emerging and developed – is not so bright . In the UK, a recent survey highlighted the huge shortfall in the number of affordable housing units. According to Countryside Alliance, less than one quarter of the over 230,000 homes required are being built this year by local councils.

Among Brazil’s fellow BRIC countries, China and India are both well short of fulfilling social housing investment objectives. China’s problem is lack of funding – finance for development comes from private banks rather than the government. Issues in India are more complex with little progress made since 2008 – just 7,805 people have benefitted out of a target market of 310,000.

Brazilian real estate investment in social housing is serving as a model for other countries. Latin American neighbours, Colombia and Uruguay have approached the Brazilian authorities for advice on affordable housing schemes. China too is reported to be interested in Brazil’s funding of Minha Casa Minha Vida.

Obelisk International was quick to recognise the potential in this investment opportunity. “Minha Casa’s results so far mean we expect to expand on our social housing investment portfolio,” says Mr Hardacre, “as the programme moves forward into 2012.”

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Best Investment Opportunities

With the global economy fluctuating wildly, finding the best investment opportunity is challenging. Obelisk International takes a look at global investments and offers a pick of the best for 2012.

In the midst of the ongoing global uncertainty, many conventional investment opportunities are no longer staples for returns. In this scenario, investors are increasingly searching for that ‘safe haven’ for private investment. As a result, conserving wealth as well as building on it is a top priority when sourcing investment opportunities.

Security is Priority

“Over the last two years, we’ve noticed that money-back options are priority for investors,” comments Gary Hardacre, CEO at Obelisk International. He believes that this reflects the current economic uncertainty. “Our Brazilian investments provide that tandem of a financial cushion plus profits,” says Mr Hardacre, “with the advantage of money back after just one year.”

These opportunities for investment are found in Brazilian real estate, one of the few global property markets where domestic demand drivers guarantee sustained growth for at least the next decade. The niche market selected by Obelisk International within Brazilian property is social housing, which enjoys the security of 100% government backing and financing.

Mortgages in Brazil

Part and parcel of real estate in Brazil is the fast-growing mortgage market, another area where Obelisk International believes there are excellent investment opportunities. “The potential for growth in Brazilian mortgages is massive,” Mr Hardacre explains.

Home loans currently represent just 5% of Brazil’s GDP and according to the President of the Brazilian Central Bank, Alexandre Tombini, this should rise to 15% over the next decade. “This growth and the solidity of the Brazilian banking system make mortgages an interesting sector for investment in Brazil,” says Mr Hardacre.

Feeding the World

Along with a booming market for real estate, Brazil presents a wealth of other investment opportunities. Its plentiful natural resources include vast tracts of agricultural land (19% of the world’s arable land) making Brazil a major player in global food supplies. This role will increase in importance as the world’s population grows.

As a result, many private investment advisors tip Brazilian agriculture. Investments take the form of purchasing agricultural land, farms or food production companies or investing directly in food commodities in Brazil. Soya bean and wheat are among the best investment opportunity.

Some analysts believe fast food chains have excellent investment potential. Fast food stuffs are gaining rapid ground in many African and Middle Eastern countries leading to investment opportunities in shares either in the fast food brands themselves or in supplier companies.

Gold & Francs

Investment analysts are unanimous that opportunities for investment in 2012 will continue to include two traditional safe havens for wealth – gold and Swiss francs. Both have performed exceptionally well during 2010 and 2011, and are perceived as secure deposits by individuals and institutions alike.

Gold prices have reached record highs this year reflecting huge investor confidence in the precious metal. Gold is therefore an expensive investment option for first-time buyers, although since the global economy looks unlikely to recover over the next year, gold will remain a safe investment opportunity during 2012.

Switzerland with its political stability and solid balance sheets continues a favourite investment bolt hole. Its currency, the Swiss franc, has traditionally provided investment security. Investors in the franc have seen excellent returns this year, a pattern expected to repeat itself in 2012.

On Balance

Economic patterns are notoriously difficult to predict and are even more so in the current climate. While 2012 will undoubtedly bring its share of financial uncertainty, Obelisk International believes carefully-chosen investment opportunities will provide security and profit.

Along with gold and Swiss francs, emerging markets are undeniably the place to be, although not all markets or investments carry the all-important security. For Obelisk International, Brazil - particularly its real estate and mortgage markets - brings together all the right ingredients for some of the best investment opportunities for 2011 and 2012.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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The Spotlight is on Dilma

Much of the confidence in Brazil investment opportunities comes from the perception that Brazil has a strong government led by determined leaders. President Dilma Rousseff is one such leader and this week, she captures the spotlight on the international stage.

Dilma’s higher than usual profile this week is US-based. The Brazilian President features on the front cover of Newsweek in its American edition and Dilma will be the first woman head of state to open a United Nations General Assembly. In addition, she will receive the Woodrow Wilson Public Service Award.

This stream of accolades comes as recognition of Dilma’s decided leadership of Brazil, currently a leading light in times of global uncertainty. Dilma’s international acknowledgment will also serve to further corroborate Brazil as a destination for some of the best investments for 2011, particularly when it comes to political and economical security.

Brazil in Control

Newsweek, under the title “Don’t mess with Dilma”, details the President’s personal and political life. The article emphasises Brazil’s economic growth and Dilma’s part in this. The recent visit by Barack Obama when he referred to Brazil and the US as “equal partners” and Dilma’s inauguration of the UN General Assembly confirm Brazil’s presence in the world arena.

When asked what differentiates her country from the rest of the world, the Brazilian President highlights Brazil’s strong political and banking controls. For Dilma, these controls mean Brazil can counteract slower economic growth or even global stagnation, unlike many other countries.

Recent statistics back this theory – Brazil barely suffered the effects of the 2008 global recession and currently has record levels of employment and middle class growth. Direct foreign investment in Brazil is also seeing the highest rates ever with private investment in equity at the top.

The latest Ernst & Young Capital Confidence Barometer Brazil recently concluded that when it comes to Brazilian investment opportunities, “the pluses far outweigh the minuses”. This sentiment is echoed by many foreign companies active in Brazil including Obelisk International, present in north east Brazil. “2011 has certainly been the year with most investor interest and activity,” comments Gary Hardacre, CEO at Obelisk International.

Centre Stage

In addition to her front cover presence, Dilma is also receiving the prestigious Woodrow Wilson Public Service Award. For Jane Harman, CEO of the Woodrow Wilson Center, “President Rousseff’s story has inspired millions of women throughout the world to reach for leadership”.

Shortly after receiving the award, Dilma will open the General Assembly at the UN in New York where she will be the first female head of state to do so. After just nine months as President of Brazil, Dilma is proving to be an immensely influential leader, capable of leading her own country and others. Brazilian investment is undoubtedly in safe hands.

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First Delivery of Minha Casa Minha Vida Investment in Parnamirim

Following the draw that took place in July, the city of Parnamirim has now delivered the first Minha Casa Minha Vida development. At the ceremony attended by local and regional dignitaries, the dream behind the biggest investment in Brazilian real estate started to become reality.

Parnamirim, just outside Natal, is one of the fastest growing cities in Rio Grande do Norte and a major focus for social housing investments in Brazil. The Mayor has so far committed the locality to Minha Casa Minha Vida projects building over 3,700 homes including some Obelisk International developments.

The city’s first social housing project is located in the up-and-coming area of Vale do Sol, near the BR-101 highway. Consisting of 22 blocks, this Minha Casa Minha Vida development cost R$14.4 million, entirely financed by Caixa Economica Federal. In keeping with the programme’s objective to boost employment, all workers who took part in Parnamirim’s first social housing project were from the city or nearby ensuring local job and wealth creation.

Dream Come True

In the presence of thousands of locals from Parnamirim, the Mayor handed the keys of the 352 apartments over to the lucky new owners. The first key went to Ideuzuite Oliviera, a 62-year old grandmother who will be joined in the apartment by her daughter and two grandchildren. “This is the first house I’ve ever owned,” said Mrs Oliveira, deeply moved by the occasion, “and I can’t wait to move in”.

Thanks to subsidies from the government’s investment in the programme, the new homeowners in Parnamirim pay a mortgage of just R$50 a month. They are also exempt from Brazilian real estate tax for ten years and are not obliged to pay land registry fees. The council has given each apartment owner five light bulbs and a new fridge as a housewarming present.

The Mayor also described the event as “moving” and highlighted the huge social change being generated by the Minha Casa Minha Vida programme. This was reiterated by Caixa representatives and Rio Grande do Norte’s members of the Brazilian parliament present at the ceremony.

Social Aspect Behind Investment

In Brazil, the Minha Casa Minha Vida social housing programme is instigating wide-reaching changes. These range from employment creation and financial boosts for local economies to providing adequate living conditions for millions of families.

Gary Hardacre, CEO of Obelisk International underlines the importance of the social aspect behind this Brazilian real estate investment opportunity. “There is no doubt about it,” says Mr Hardacre, “Minha Casa Minha Vida is making a real difference to the lives of ordinary Brazilians and this can clearly be seen in Parnamirim.”

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Best Prospects for Brazilian Real Estate in North East

The market for property in Brazil continues to move fast, powered by huge demand from the middle classes. Within this dynamic market, north east Brazil seems to have the edge on potential for investment opportunities in real estate.

Brazil is seeing changes in its current property situation, particularly in the south east around Sao Paulo. Here, prices have risen by 30% over the last year and some Sao Paulo real estate is more expensive than prime property in the US. Various metropolitan districts are also experiencing a slowdown in new developments.

But in this huge country, the south east corner is just a part of the whole and to get the bigger picture, you need to move away from the heavily-populated south east. In the north east of Brazil, the property market continues to boom, as more and more international and Brazilian developers including Obelisk International have discovered.

Overload in Sao Paulo

As the largest city and the country’s financial hub, Sao Paulo is naturally the scene of most property development in Brazil. The recent high level of real estate activity has led to the most expensive property prices in the country and a temporary overload in the market with many developers choosing not to launch new projects.

Prices have soared so much that prime property in Sao Paulo is in some cases more expensive than the equivalent in New York. The lack of new builds in the city has led to the recent cancellation of the annual Sao Paulo Property Exhibition held by Secovi-SP. However, most analysts agree this situation is provisional since intense local demand for property in Sao Paulo will continue to drive new development forward.

North East is Business as Usual

In the north east of Brazil, it’s a very different story with the region suffering none of the problems facing Brazilian real estate developers in Sao Paulo. While lack of building space in Sao Paulo has led to exorbitant land prices, availability of land is not a problem in north east Brazil. Here, there is plenty of building land and the recent boom in the number of new projects reflects this situation.

The middle classes in states like Rio Grande do Norte and Bahia drive demand for property. This demand is apparent at all levels including the lower middle classes who qualify for the social housing programme, Minha Casa Minha Vida. The programme has divided its nationwide allocation of 3 million homes into regions with 34% of units going to the north east and 37% to the south east. This very similar allocation proves that north east Brazil has comparable potential for those planning investment in real estate in Brazil.

“Huge demand is undoubtedly the main factor behind the long-term potential for the real estate market in Brazil,” says Gary Hardacre, CEO at Obelisk International. “For many Brazilians, owning their own home is still an unrealised dream and while this situation continues, so will investment opportunities.” However, Obelisk International firmly believes that the best opportunities for investment in Brazil at the moment are in the north east, which offers a more stable long-term future than the big cities in the south east.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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Favourable Finance for Resale Real Estate in Brazil | Obelisk International News

Terms for preferential mortgages are now in place for resale Brazilian property. Similar to loans for the Minha Casa Minha Vida social housing programme, the favourable finance will allow thousands more Brazilians to have access to homes.

Minha Casa Minha Vida has been a highly successful means of reducing some of the deficit of real estate in Brazil. However, even the programme’s three million properties fall way short of fulfilling demand among middle class Brazilians to own a home.

To help alleviate this demand, Caixa Economica Federal – the government bank financing the Minha Casa Minha Vida scheme – has introduced preferential mortgages for middle class families. These mortgages come with no subsidies but they are based on the same eligibility criteria as the social housing programme and carry very favourable interest rates.

Qualifying Conditions

To qualify for preferential mortgages for a resale property, families must be resident in the locality where they are buying and their minimum monthly income must be R$465. The maximum income ceiling permitted is R$4,900 a month in metropolitan areas and cities with over 250,000 inhabitants.

100% finance is available up to a maximum property value of R$500,000 and interest rates for these new Brazilian mortgages range from 4.5% to 8.16%. The financing conditions are the same for all qualifying families with the only variable being the interest rates. These are based on a sliding scale – mortgages for properties valued between R$70,000 and R$80,000 attract the lowest 4.5% rate.

Boost for Resale Property

In Brazil, the social housing programme is aimed at low-income families buying new build properties. Since Minha Casa Minha Vida was introduced in 2009, resale Brazilian properties have been excluded from any government deals. Until now – this new Caixa scheme is aimed specifically at families purchasing resale homes.

Obelisk International believes that these preferential mortgages will be key in activating this sector of the Brazilian real estate market. Obelisk International CEO, Gary Hardacre is convinced that the new Caixa mortgage deals will open up the resale market to lower middle class Brazilians.

“This area of the market is currently under-exploited because of high mortgage interest rates,” Mr Hardacre explains, “and we expect to see a surge in resales to these families over the next few months”. Obelisk International also predicts a range of investment opportunities to emerge on the back of these favourable financing terms.

“These mortgages will create a ready-made exit strategy for resale Brazilian properties in many parts of the country,” says Mr Hardacre, “mirroring the exit strategy available for Minha Casa Minha Vida homes.” For Obelisk International, an on-tap market plus finance provided by Latin America’s largest public bank are fundamentals behind the success of real estate investment in Brazil.

Contact Obelisk International on 0034 952 820 319. Via email: info@obeliskinternational.com or visit our website: www.obeliskinternational.com.
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