FOREIGN INVESTMENT AND THE BRAZILIAN REAL ESTATE MARKET

This article discusses the main aspects of the Brazilian real estate market in order to illustrate if it would be attractive for a typical American real estate investor to buy office-building portfolios in Brazil. The article emphasizes: [i] - the regulatory frontiers, comparing investment securitization, using a typical American REIT structure, with the Brazilian solution, using the Fundo de Investimento Imobiliario - FII; [ii] - the investment quality attributes in the Brazilian market, using an office building prototype, and [iii] - the comparison of [risk vs. yield] generated by an investment in the Brazilian market, using a FII, benchmarked against an existing REIT (OFFICE SUB-SECTOR) in the USA market. We conclude that investing dollars exchanged for Reais [the Brazilian currency] in a FII with a triple A office-building portfolio in the Sao Paulo marketplace will yield an annual income and a premium return above an American REIT investment. The highly aggressive scenario, along with the strong persistent exchange rate detachment to the IGP-M variations, plus instabilities affecting the generation of income, and even if we adopt a 300-point margin for the Brazil-Risk level, demonstrates that an investment opportunity in the Brazilian market, in the segment we have analyzed, outperforms an equivalent investment in the American market.

Compatibility of Neoseiulus paspalivorus and Proctolaelaps bickleyi, candidate biocontrol agents of the coconut mite Aceria guerreronis: spatial niche use and intraguild predation

The eriophyid mite Aceria guerreronis occurs in most coconut growing regions of the world and causes enormous damage to coconut fruits. The concealed environment of the fruit perianth under which the mite resides renders its control extremely difficult. Recent studies suggest that biological control could mitigate the problems caused by this pest. Neoseiulus paspalivorus and Proctolaelaps bickleyi are two of the most frequently found predatory mites associated with A. guerreronis on coconut fruits. Regarding biological control, the former has an advantage in invading the tight areas under the coconut fruit perianth while the latter is more voracious on the pest mites and has a higher reproductive capacity. Based on the idea of the combined use/release of both predators on coconut fruits, we studied their compatibility in spatial niche use and intraguild predation (IGP). Spatial niche use on coconut fruits was examined on artificial arenas mimicking the area under the coconut fruit perianth and the open fruit surface. Both N. paspalivorus and P. bickleyi preferentially resided and oviposited inside the tight artificial chamber. Oviposition rate of P. bickleyi and residence time of N. paspalivorus inside the chamber were reduced in the presence of a conspecific female. Residence of N. paspalivorus inside the chamber was also influenced by the presence of P. bickleyi. Both N. paspalivorus and P. bickleyi preyed upon each other with relatively moderate IGP rates of adult females on larvae but neither species yielded nutritional benefits from IGP in terms of adult survival and oviposition. We discuss the relevance of our findings for a hypothetic combined use of both predators in biological control of A. guerreronis.

ASSOCIATED A-TYPE SUBALKALINE AND HIGH-K CALC-ALKALINE GRANITES IN THE ITU GRANITE PROVINCE, SOUTHEASTERN BRAZIL: PETROLOGICAL AND TECTONIC SIGNIFICANCE

The 590-580 Ma Itu Granite Province (IGP) is a roughly linear belt of post-orogenic granite plutons similar to 60 km wide extending for some 350 km along the southern edge of the Apia-Guaxupe Terrane in southeastern Brazil. Typical components are subalkaline A-type granites (some with rapakivi texture) that crystallized at varied, but mostly strongly oxidizing conditions, and contrast with a coeval association of also oxidized high-K calc-alkaline granites in terms of major (e. g., lower Ca/Fe) and trace elements (higher Nb, Y, Zr). Mantle-derived magmas (such as those forming the LILE-rich Piracaia Monzodiorite, with epsilon(Nd(t)) = -7 to -10, (87)Sr/(86)Sr((t)) = 0.7045-0.7055) are inferred to derive from enriched subcontinental lithosphere modified during previous subduction, and may have played a role in the generation of the A-type granites, adding melts or fluids or both to the lower crust from which the latter were generated. The IGP is interpreted as a reflection of crust uplift and increased heat flux during ascent of hot, less dense asthenosphere after continental collision, probably reflecting breakoff of an oceanic slab coeval to the right-lateral accretion of a terrane related to the Mantiqueira Orogenic System.