Investment Instruments
Pei has several financing mechanisms to support the acquisition and management of the real estate assets making up its portfolio. These include equity securities –the vehicle's main financing mechanism– and ordinary bonds, used as a supplementary instrument within its capital structure.
Trust Agreement
Determines the legal framework that governs the vehicle’s management, the rights and obligations of the parties, and Pei's corporate governance operating rules.
Amendments to the Trust Agreement
Equity
Securities
These are Pei’s primary investment mechanism. Through them, investors acquire a prorate right on the trust’s real estate assets portfolio.
These securities are registered with the National Securities and Issuers Registry [Registro Nacional de Valores y Emisores] and traded on the Colombian Stock Exchange.
They represent a proportional share in the Pei trust.
They are an investment in a diversified portfolio of real estate assets.
They are traded on the Colombian Stock Exchange through brokerage firms.
They have been rated
i-AAA by BRC Standard & Poor’s since 2011.
Participatory Units
Report issued by a rating agency that assesses the risk profile and the vehicle’s ability to meet its obligations to investors.
Issuance prospectus
Document describing the issuance terms of the Participatory Units, as well as the vehicle’s structure and operation.
Addenda
Pei’s participatory units are backed by a tangible underlying asset: the portfolio of real estate assets that make up the vehicle, consisting of commercial properties located in different cities across the country.
Ordinary
Bonds
Pei issued its first ordinary bonds in 2018, becoming a pioneer in the Colombian real estate market. These funds are used to refinance the existing debt, as part of the strategy to diversify the funding and optimize the debt costs.
The ordinary bonds’ rating is BRC 1+ for short term maturity and AA+ for long term maturity, positioning them as investment-grade instruments.
The bonds represent an alternative source of financing through the access they provide to the capital markets.
Their payment structure is aligned with the business's cash flow generation, promoting financial sustainability.
The bonds offer competitive rates compared to other market alternatives, maintaining an attractive risk-return profile.
Bond Rating
Report issued by a rating firm that evaluates the risk profile and the vehicle's capacity to meet its obligations to investors.
Issuance Prospectus
Official document containing the general terms of the issuance, instrument structure, associated risks, and applicable regulatory framework.
Coverage Analysis
Managing Agent
Equity Analyst
daniel.bustamante@casadebolsa.com.co
Omar Javier Suárez
Equity Strategy Manager
omar.suarez@casadebolsa.com.co
Katherine Ortiz
Equity Lead
kortiz@corredores.com
Javier David Villegas
Equity Analyst
javier.villegas@bancolombia.com.co