A instrumentalização financeira do espaço: Fundos de investimento imobiliário como estruturas de capital fixo

Abstract

In the current condition of financial dominance over the production processes, the growth and consolidation of the Real Estate Investment Funds (FII, Brazilian REIT) in the Metropolitan Region of São Paulo are designated as an increasingly relevant model of urban space instrumentalization and, therefore, of the constitution of a specific capital ownership regime whose centrality resides in interest and rent. Because of this, the present work demonstrates how the development of the instrument had repercussions on the metropolitan region of São Paulo since the global financial crisis of 2008. Furthermore, the FII was qualified as an autonomous large fixed capital structure that, in the light and determination of finances, engenders complex mechanisms of capital appropriation and reproduction through the urban space. The qualitative method used here demonstrates empirically the process of expansion of the FII over the metropolis, being later articulated in the theoretical debate. The work concludes that the real estate and financial entanglement, viable through sophisticated instruments, circumvents the barriers historically present in the real estate sector, taking it as a great vector for the expansion of financial capital.