ЗПИФ недвижимости. Строительные и девелоперские фонды.

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    1

    1780602

    2254621

    , . .

    Key marks

    $25,500$25,5000.0

    1- (10 )$11,500$11,5000.0

    2- (16 )$14,000$14,0000.0

    1- $18,505$18,5050.0

    2- $18,505$18,5050.0

    ( "" )

    1- $35,000$35,0000.0

    2- $35,000$35,0000.0

    , %2.0%

    ,%14.0%

    ,%17.0%

    5555.0

    1 2 3 4 5 6 7

    1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .

    ( 1)

    000000000000000000000000000

    ( )000000000000000000000000000

    NPV 10

    ( 2)

    0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

    ( )0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

    ( ) 0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

    NPV 20

    001 .1 1 .1

    002 .2 .

    003 .3 .

    004 .4 .

    001 .2 1 .2

    002 .2 .

    003 .3 .

    004 .4 .

    001 .3 1 .3

    002 .2 .

    003 .3 .

    004 .4 .

    001 .4 1 .4

    002 .2 .

    003 .3 .

    004 .4 .

    001 .5 1 .5

    002 .2 .

    003 .3 .

    004 .4 .

    001 .6 1 .6

    002 .2 .

    003 .3 .

    004 .4 .

    001 .7 1 .7

    002 .2 .

    0000

    ( )

    ( )

    NPV 1

    NPV 2

    ..

    " "

    ()

    ( )

    1 2 3 4 5

    1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .

    95,00090,00090,00090,00090,00045,00048,051115,000120,000120,000120,000120,00060,00064,068135,000150,000150,000150,000150,000155,085

    50,00055,00060,000

    :45,00090,00090,00090,00090,00045,000060,000120,000120,000120,000120,00060,000075,000150,000150,000150,000150,00075,000

    1- 45,00090,00090,00090,00090,00045,00000000000000000

    0.100.200.200.200.200.10

    15,0003045,00090,00090,00090,00090,00045,00000

    2- 000000060,000120,000120,000120,000120,00060,0000000000

    0.100.200.200.200.200.10

    15,0004060,000120,000120,000120,000120,00060,000

    3- 0000000000000075,000150,000150,000150,000150,00075,000

    0.100.200.200.200.200.10

    15,0005075,000150,000150,000150,000150,00075,000

    % 14%00000000000000000000

    00000048,05100000064,0680000080,085

    100000048,0510000000000000

    2000000000000064,068000000

    3000000000000000000080,085

    000000765,0000000001,020,000000001,275,000

    1- 000000765,0000000000000000

    51.079%79%82%84%87%90%100%

    100%0%0%0%0%0%0%100%

    ..15,00000000015,0000000000000000

    ..765,000000000765,0000000000000000

    2- 00000000000001,020,000000000

    68.079%79%82%84%87%90%100%

    100%0%0%0%0%0%0%100%

    ..15,0000.00.00.00.00.00.00.00.00.00.00.00.00.015,000.00.00.00.00.00.00.0

    ..1,020,0000.00.00.00.00.00.00.00.00.00.00.00.00.01,020,000.00.00.00.00.00.00.0

    3- 00000000000000000001,275,000

    85.079%82%84%87%90%100%

    100%0%0%0%0%0%100%

    ..15,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.015,000.0

    ..1,275,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.01,275,000.0

    -95,000-90,000-90,000-90,000-90,000-45,000716,949-115,000-120,000-120,000-120,000-120,000-60,000955,932-135,000-150,000-150,000-150,000-150,0001,119,915

    0.2400000052,06800000072,2240000092,380

    -95,000-90,000-90,000-90,000-90,000-45,000664,881-115,000-120,000-120,000-120,000-120,000-60,000883,708-135,000-150,000-150,000-150,000-150,0001,027,536

    -95,000-185,000-275,000-365,000-455,000-500,000164,88149,881-70,119-190,119-310,119-430,119-490,119393,590258,590108,590-41,410-191,410-341,410686,125

    :

    .

    510,000415,000325,000235,000145,00055,00010,000674,881559,881439,881319,881199,88179,88119,881903,590768,590618,590468,590318,590168,5901,196,125

    000000000000000000000

    0000000000000000000

    () 415,000325,000235,000145,00055,00010,000674,881559,881439,881319,881199,88179,88119,881903,590768,590618,590468,590318,590168,5901,196,125

    NPV, ..209,547

    , ..686,125

    , 20.9%

    ()

    ( )

    1 2 3 4 5

    1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .

    96,32692,20292,19292,18292,17147,16150,201116,543121,702121,698121,693121,68961,68565,748136,611151,512151,510151,507151,505156,587

    50,00055,00060,000

    :45,00090,00090,00090,00090,00045,000060,000120,000120,000120,000120,00060,000075,000150,000150,000150,000150,00075,000

    1- 45,00090,00090,00090,00090,00045,00000000000000000

    0.100.200.200.200.200.10

    15,0003045,00090,00090,00090,00090,00045,00000

    2- 000000060,000120,000120,000120,000120,00060,0000000000

    0.100.200.200.200.200.10

    150004060,000120,000120,000120,000120,00060,000

    3- 0000000000000075,000150,000150,000150,000150,00075,000

    0.100.200.200.200.200.10

    150005075,000150,000150,000150,000150,00075,000

    % 14%00000000000000000000

    00000048,05100000064,0680000080,085

    100000048,0510000000000000

    2000000000000064,068000000

    3000000000000000000080,085

    1,3262,2022,1922,1822,1712,1612,1511,5431,7021,6981,6931,6891,6851,6801,6111,5121,5101,5071,5051,503

    1,0301,7391,7311,7221,7141,7061,6981,2561,3221,3191,3151,3121,3081,3051,2591,1811,1801,1781,1761,174

    296464461459457455453287380379378377376375352331330330329329

    000000765,0000000001,020,000000001,275,000

    1- 000000765,0000000000000000

    51.079%79%82%84%87%90%100%

    100%0%0%0%0%0%0%100%

    ..15,00000000015,0000000000000000

    ..765,000000000765,0000000000000000

    2- 00000000000001,020,000000000

    68.079%79%82%84%87%90%100%

    100%0%0%0%0%0%0%100%

    ..150000.00.00.00.00.00.00.00.00.00.00.00.00.015,000.00.00.00.00.00.00.0

    ..1,020,0000.00.00.00.00.00.00.00.00.00.00.00.00.01,020,000.00.00.00.00.00.00.0

    3- 00000000000000000001,275,000

    85.079%74%79%85%90%100%

    100%0%0%0%0%0%100%

    ..150000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.015,000.0

    ..1,275,0000.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.01,275,000.0

    -96,326-92,202-92,192-92,182-92,171-47,161714,799-116,543-121,702-121,698-121,693-121,689-61,685954,252-136,611-151,512-151,510-151,507-151,5051,118,413

    0-96,326-188,529-280,721-372,902-465,073-512,234202,56486,021-35,681-157,378-279,072-400,761-462,445491,806355,196203,68352,173-99,334-250,839867,573

    24%659,356

    :

    .

    515,000418,674326,471234,279142,09849,9272,766717,564601,021479,319357,622235,928114,23952,5551,006,806870,196718,683567,173415,666264,1611,382,573

    , 000000000000000000000

    000000000000000000000

    0000000000000000000

    () 418,674326,471234,279142,09849,9272,766717,564601,021479,319357,622235,928114,23952,5551,006,806870,196718,683567,173415,666264,1611,382,573

    ()515,000463,674461,471459,279457,098454,927452,766717,564661,021659,319657,622655,928654,239652,5551,006,806945,196943,683942,173940,666939,1611,382,573

    , (..)100,000200,000300,000500,000700,000900,0001,400,0002,000,0002,500,000

    3%3.00%2.50%1.50%0.80%0.70%0.50%0.45%0.10%

    (, , )1.30%1.20%0.75%0.40%0.23%0.16%0.14%0.09%0.03%

    NPV, ..304,990

    , ..659,356

    , 20.1%

    , , 13%

    ()

    ( )

    1 2 3 4 5 6 7 8 9 10

    1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .

    95,00090,00090,00090,00090,00045,0009,816124,816129,816129,816129,816129,81669,81619,632154,632169,632169,632169,632169,63294,63229,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,448

    50,00055,00060,000

    :45,00090,00090,00090,00090,00045,000060,000120,000120,000120,000120,00060,000075,000150,000150,000150,000150,00075,00000000000000000000000

    1- 45,00090,00090,00090,00090,00045,0000000000000000000000000000000000000

    0.100.200.200.200.200.10

    15,0003045,00090,00090,00090,00090,00045,00000

    2- 000000060,000120,000120,000120,000120,00060,000000000000000000000000000000

    0.100.200.200.200.200.10

    15,0004060,000120,000120,000120,000120,00060,000

    3- 0000000000000075,000150,000150,000150,000150,00075,00000000000000000000000

    0.100.200.200.200.200.10

    15,0005075,000150,000150,000150,000150,00075,00000000000000000000000

    % 14%0000000000000000000000000000000000000000

    0000009,8169,8169,8169,8169,8169,8169,81619,63219,63219,63219,63219,63219,63219,63229,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,448

    10000009,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,816

    200000000000009,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,816

    3000000000000000000009,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,816

    00000063,00063,00063,00063,00063,00063,00063,000126,000126,000126,000126,000126,000126,000126,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000189,000

    1- 00000063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,000

    1.567,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,500

    0.14,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,500

    2- 000000000000063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,000

    1.567,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,500

    0.14,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,500

    2- 0000000000000000000063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,00063,000

    1.567,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,50067,500

    0.14,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,5004,500

    -95,000-90,000-90,000-90,000-90,000-45,00053,184-61,816-66,816-66,816-66,816-66,816-6,816106,368-28,632-43,632-43,632-43,632-43,63231,368159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552159,552

    0.24000000000000000000000000026,20138,29238,29238,29238,29238,29238,29238,29238,29238,29238,29238,29238,29238,29238,292

    -95,000-90,000-90,000-90,000-90,000-45,00053,184-61,816-66,816-66,816-66,816-66,816-6,816106,368-28,632-43,632-43,632-43,632-43,63231,368159,552159,552159,552159,552159,552133,350121,259121,259121,259121,259121,259121,259121,259121,259121,259121,259121,259121,259121,259121,259

    -95,000-185,000-275,000-365,000-455,000-500,000-446,816-508,632-575,448-642,264-709,081-775,897-782,713-676,345-704,977-748,609-792,242-835,874-879,506-848,138-688,586-529,035-369,483-209,931-50,38082,971204,230325,489446,749568,008689,267810,526931,7861,053,0451,174,3041,295,5641,416,8231,538,0821,659,3411,780,601

    :

    .

    880,000785,000695,000605,000515,000425,000380,000433,184371,368304,552237,736170,919104,10397,287203,655175,023131,39187,75844,12649431,862191,414350,965510,517670,069829,620962,9711,084,2301,205,4891,326,7491,448,0081,569,2671,690,5261,811,7861,933,0452,054,3042,175,5642,296,8232,418,0822,539,3412,660,601

    ( )00000000000000000000000000000000000000000

    000000000000000000000000000000000000000

    () 785,000695,000605,000515,000425,000380,000433,184371,368304,552237,736170,919104,10397,287203,655175,023131,39187,75844,12649431,862191,414350,965510,517670,069829,620962,9711,084,2301,205,4891,326,7491,448,0081,569,2671,690,5261,811,7861,933,0452,054,3042,175,5642,296,8232,418,0822,539,3412,660,601

    NPV, ..133,252

    , ..1,780,601

    , 27.9%

    1

    NPV , . .133,252238,811

    , . .1,780,6022,254,621

    , 27.90%31.80%

    , . .1,780,6022,254,621

    , 27.90%31.80%

    1

    NPV , . .

    ()

    , . .

    ,

    ( )

    . .. .

    1 2 3 4 5 6 7 8 9 10

    1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .1 .2 .3 .4 .

    96,60191,60191,60191,60191,60146,60111,417126,528131,456131,555131,654131,75371,85321,768156,966171,602171,756171,911172,06596,48031,40731,57231,28031,41231,54431,56531,69131,69231,81131,93031,90432,01732,12932,24232,35432,46732,57932,69232,80432,917

    50,00055,00060,000

    :45,00090,00090,00090,00090,00045,000060,000120,000120,000120,000120,00060,000075,000150,000150,000150,000150,00075,00000000000000000000000

    1- 45,00090,00090,00090,00090,00045,0000000000000000000000000000000000000

    0.100.200.200.200.200.10

    15,0003045,00090,00090,00090,00090,00045,00000

    2- 000000060,000120,000120,000120,000120,00060,000000000000000000000000000000

    0.100.200.200.200.200.10

    150004060,000120,000120,000120,000120,00060,000

    3- 0000000000000075,000150,000150,000150,000150,00075,00000000000000000000000

    0.100.200.200.200.200.10

    150005075,000150,000150,000150,000150,00075,00000000000000000000000

    14%0000000000000000000000000000000000000000

    0000009,8169,8169,8169,8169,8169,8169,81619,63219,63219,63219,63219,63219,63219,63229,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,44829,448

    10000009,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,816

    200000000000009,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,816

    3000000000000000000009,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,8169,816

    1,6011,6011,6011,6011,6011,6011,6011,7121,6401,7391,8381,9372,0362,1362,3341,9702,1242,2792,4331,8481,9582,1241,8311,9642,0962,1172,2422,2432,3632,4822,4562,5692,6812,7942,9063,0183,1313,2433,3563,468

    1,1441,1441,1441,1441,1441,1441,1441,2231,1711,2421,3131,3841,4551,5261,6671,4071,5171,6281,7381,3201,3991,5171,3081,4031,4971,5121,6021,6021,6881,7731,7541,8351,9151,9952,0762,1562,2362,3172,3972,477

    458458458458458458458489468497525554582610667563607651695528560607523561599605641641675709702734766798830862895927959991

    ...

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