Рентные ЗПИФы и ЗПИФы недвижимости – сравнение инвестиционных возможностей

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И.С. Маленков, старший консультант
Д.В. Уголков, генеральный директор, к.т.н.

Замедление роста ВВП России до 1,3% в 2013 г. по сравнению с 3,4% в 2012 г. и 4,3% в 2011 г., ослабление рубля относительно доллара США и евро до рекордных значений (30 января 2014 г. курс евро к рублю составил исторический максимум в 48,2201 руб/евро) свидетельствуют о неустойчивом характере восстановления экономики России после кризиса 2008 г. и вызывает вопросы у частных инвесторов о направлениях наиболее выгодного вложения капитала.

В соответствии с Прогнозом социально-экономического развития Российской Федерации на 2014 год и на плановый период 2015 и 2016 годов Минэкономразвития России[1], к видам экономической деятельности, доля которых будет расти в период 2014-2016 годов, относятся:
строительство;
  • финансовая деятельность (покупка ценных бумаг);
  • операции с недвижимым имуществом, аренда и предоставление услуг;
  • образование (предоставление услуг по обучению иностранным языкам, подготовке к различным тестам);
  • здравоохранение и предоставление социальных услуг.
По нашему мнению, особого внимания заслуживает экономическая деятельность, связанная с недвижимым имуществом. На текущий момент, интерес к российскому рынку недвижимости проявляют не только российские, но и иностранные компании.

Известный предприниматель Аркадий Ротенберг создал девелоперскую компанию «РГ-девелопмент», которая будет инвестировать в коммерческую и жилую недвижимость в основном Москвы и Московской области (Ведомости, 11.02.2014).

Швейцарская Valartis Group — крупная финансовая компания, управляющая активами на 7,9 млрд. швейцарских франков (около 8,8 млрд. долларов США) – объявила об общем запланированном объеме инвестиций в российский рынок недвижимости в 1 млрд. долларов США (Ведомости, 14.02.2014). Партнером Valartis Group в России станет девелоперская компания DB Development (владельцы — Сбербанк и Deutsche Bank).

К перспективным формам инвестиций на рынке недвижимости можно отнести закрытые паевые инвестиционные фонды (далее - ЗПИФ) недвижимости и рентные фонды (далее - ЗПИФН и ЗПИРФ). Прирост количества ЗПИФН и ЗПИРФ за последние четыре года составил соответственно 30% и 93%, что в абсолютном выражении означает более существенный прирост общего количества ЗПИФНов по сравнению с приростом общего количества ЗПИРФов.

По данным www.investfunds.ru, за последние 3 года самыми доходными ПИФами (ТОП-40 фондов) стали рентные фонды и фонды недвижимости.

Деятельность ЗПИРФ и ЗПИФН строго регламентирована действующим законодательством Российской Федерации.

Работа ЗПИФов обеспечивается силами нескольких организаций, большая часть из которых осуществляет контроль его деятельности. Этим, в частности, и объясняется высокая надежность инвестиций в ЗПИФ[2].

Инфраструктура ЗПИФов:
  • ЗПИФ - это обособленный имущественный комплекс, состоящий из объектов недвижимости, прав собственности или аренды, а также иного имущества, принадлежащего пайщикам фонда и переданного в доверительное управление управляющей компании фонда. Закрытый паевой инвестиционный фонд не является юридическим лицом. Имущество паевого инвестиционного фонда обособлено от имущества управляющей компании фонда и принадлежит пайщикам фонда на праве общей долевой собственности. Все условия работы ЗПИФа определяются в правилах доверительного управления фондом, которые регистрируются в Службе Банка России по финансовому рынку (бывшая ФСФР). Паевой инвестиционный фонд недвижимости создается на срок от 1 года до 15 лет с возможностью пролонгации срока действия[3].
  • Служба Банка России по финансовому рынку осуществляет лицензирование и контроль деятельности специализированного депозитария, управляющей компании и специализированного регистратора.
  • Специализированный депозитарий. Средства пайщиков хранятся в специализированном депозитарии, который ведет учет, обеспечивает хранение и контролирует операции с активами.
  • Управляющая компания управляет активами ЗПИФов, обеспечивает функционирование всей инфраструктуры фонда и координирует взаимодействие всех участников ЗПИФа.
  • Специализированный регистратор ведет реестр владельцев паев.
  • Инвестиционный комитет пайщиков одобряет сделки с имуществом ЗПИФа, осуществляет контроль над деятельностью управляющей компании.
  • Независимый оценщик оценивает активы ЗПИФа.
  • Независимый аудитор проводит обязательный аудит ЗПИФа.

Законодательное регулирование ЗПИРФ и ЗПИФН повышает устойчивость фондов и предоставляет возможность осуществления долгосрочных инвестиций за счет:
  • учета имущества ЗПИФа Управляющей компанией на отдельном балансе,
  • отсутствия ответственности ЗПИФа по обязательствам и долгам Управляющей компании,
  • контроля Управляющей компании, Специализированного депозитария, Специализированного регистратора со стороны Службы Банка России по финансовому рынку,
  • невозможности произвольного погашения паев ЗПИФа.

Отсрочка уплаты налога на прибыль позволяет повысить эффективность бизнеса, использующего рентный ЗПИФ и/или ЗПИФ недвижимости в своей деятельности.

ЗПИФН – закрытый паевой инвестиционный фонд, инвестирующий средства пайщиков в объекты недвижимости по договору доверительного управления. Создается для реализации определенного строительного проекта.

ЗПИФ недвижимости является лидером среди всех категорий паевых инвестиционных фондов по показателю объема привлечения инвестиций за последние 3 года.

Анализ количества и стоимости чистых активов ЗПИФ показывает, что средняя величина ЗПИФН составляет 270 млн. руб., а ЗПИРФ – 2,1 млрд. руб., что свидетельствует о более низком пороге входа для ЗПИФН.

ЗПИФН в России более распространены, чем ЗПИРФ – по состоянию на 1 февраля 2014 г. количество ЗПИФов недвижимости в России составило 657 штук, а рентных ЗПИФов – 85 штук, что наглядно свидетельствует о предпочтениях бизнеса по отношению к ЗПИФН. При этом темпы прироста количества ЗПИФН за последние два года сохранились на уровне 12,7%, а рентных ЗПИФов сократились почти в два раза и составили 26,9%.

ЗПИФН носит более универсальный характер, позволяя в отличие от ЗПИРФ инвестировать в строящуюся недвижимость.

В соответствии с требованиями Положения «О составе и структуре активов акционерных инвестиционных фондов и активов паевых инвестиционных фондов», утвержденного Приказом ФСФР России от 28 декабря 2010 г. № 10-79/пз-н (далее – Положение), в состав активов закрытого паевого инвестиционного фонда, относящегося к категории фондов недвижимости, могут входить только:
  1. денежные средства, в том числе иностранная валюта, на счетах и во вкладах в кредитных организациях;
  2. недвижимое имущество и право аренды недвижимого имущества;
  3. имущественные права из договоров участия в долевом строительстве объектов недвижимого имущества, заключенных в соответствии с Федеральным законом от 30.12.2004 N 214-ФЗ «Об участии в долевом строительстве многоквартирных домов и иных объектов недвижимости и о внесении изменений в некоторые законодательные акты Российской Федерации»;
  4. долговые инструменты;
  5. инвестиционные паи паевых инвестиционных фондов и акции акционерных инвестиционных фондов, относящихся к категории фондов недвижимости или рентных фондов;
  6. паи (акции) иностранных инвестиционных фондов, если присвоенный указанным паям (акциям) код CFI имеет следующие значения: первая буква - значение «E», вторая буква - значение «U», пятая буква - значение «R».

В соответствии с требованиями Положения, в состав активов закрытого паевого инвестиционного фонда, относящегося к категории фондов недвижимости, акции и инвестиционные паи которых предназначены для квалифицированных инвесторов, могут также входить:
  1. имущественные права, связанные с возникновением права собственности на объект недвижимости (его часть) после завершения его строительства (создание) и возникающие из договора, стороной по которому является юридическое лицо, которому принадлежит право собственности или иное вещное право, включая право аренды, на земельный участок, выделенный в установленном порядке для целей строительства объекта недвижимости, и (или) имеющим разрешение на строительство объекта недвижимости на указанном земельном участке, либо юридическое лицо, инвестирующее денежные средства или иное имущество в строительство объекта недвижимости;
  2. имущественные права из договоров, на основании которых осуществляется строительство (создание) объектов недвижимого имущества (в том числе на месте сносимых объектов недвижимости) на выделенном в установленном порядке для целей строительства (создания) указанного объекта недвижимости земельном участке, который (право аренды которого) составляет активы акционерного инвестиционного фонда или активы паевого инвестиционного фонда;
  3. имущественные права из договоров, на основании которых осуществляется реконструкция объектов недвижимости, составляющих активы акционерного инвестиционного фонда или активы паевого инвестиционного фонда;
  4. проектная документация для строительства или реконструкции объекта недвижимости;
  5. акции или доли российских хозяйственных обществ (за исключением акций акционерных инвестиционных фондов), осуществляющих деятельность по проектированию, строительству зданий и сооружений, инженерным изысканиям для строительства зданий и сооружений и (или) по реставрации объектов культурного наследия (памятников истории и культуры), более 50 процентов размещенных акций (долей в уставном капитале) которых составляют активы фонда.

Рентный ЗПИФ

Рентный ЗПИФ размещает активы в основном в коммерческую недвижимость и получает доходы от сдачи ее в аренду. Фонд может использоваться для достижения следующих целей[4]:

- инвесторами - в качестве инструмента получения стабильного дохода;

- собственниками коммерческой недвижимости:

  • для превращения непрофильных активов в источник инвестиционных ресурсов для профильного бизнеса. Непрофильный объект передается в фонд, а полученные от размещения паев фонда средства идут бывшему владельцу недвижимости;
  • для получения преференций по налогу на прибыль и имущество (ЗПИФ, не являющийся сам по себе, юридическим лицом, получает ряд налоговых льгот, в частности, не уплачиваются: налог на имущество, земельный налог, налог на прибыль пайщики уплачивают только при погашении пая или при получении промежуточных выплат[5]);
  • для привлечения финансовых ресурсов за счет продажи части паев сторонним инвесторам при сохранении преимущественных прав на переданные объекты коммерческой недвижимости.


Основной доход пайщиков - арендные платежи и рост рыночной стоимости объекта. Полученный доход или его часть управляющая компания ЗПИФа по согласованию с учредителем может:

  • периодически выплачивать пайщикам;
  • инвестировать в модернизацию и реконструкцию объектов для увеличения их стоимости и арендных ставок по ним;
  • инвестировать в покупку/строительство других объектов недвижимости (как коммерческой, так и жилой);
  • инвестировать на фондовом рынке, размещать на банковских депозитах.

Рентный фонд может приобретать на внесенные средства объекты коммерческой недвижимости или сразу формируется ими. Управляющая компания заключает договор с эксплуатирующей компанией на управление объектами недвижимости. Эксплуатирующая компания берет на себя всю работу по управлению и содержанию объектов и передает чистый поток арендных платежей в фонд.

Требования к составу активов рентного ЗПИФа отличаются от аналогичных требований к ЗПИФу недвижимости.

В соответствии с требованиями Положения, в состав активов закрытого паевого инвестиционного фонда, относящегося к категории рентных фондов, могут входить только:

  1. денежные средства, в том числе иностранная валюта, на счетах и во вкладах в кредитных организациях;
  2. недвижимое имущество и право аренды недвижимого имущества;
  3. акции акционерных инвестиционных фондов и инвестиционные паи паевых инвестиционных фондов, относящихся к категории рентных фондов;
  4. паи (акции) иностранных инвестиционных фондов, если присвоенный указанным паям (акциям) код CFI имеет следующие значения: первая буква - значение «E», вторая буква - значение «U», пятая буква - значение «R»;
  5. долговые инструменты.
Сравнение возможностей инвестирования в ЗПИФН и ЗПИРФ показывает, что форма ЗПИФН вызывает у инвесторов больший интерес, чем ЗПИРФ, что подтверждается динамикой общего количества ЗПИФНов и ЗПИРФов, а также более низким порогом входа для ЗПИФН по сравнению с ЗПИРФом.

17 Февраля 2014

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Имя Цитировать
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[url=http://www.technologytreats.ga]www.technologytreats.ga[/url] | <br>
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[url=http://www.technologyrule.ga]www.technologyrule.ga[/url] | <br>
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[url=http://www.technologypirates.ga]www.technologypirates.ga[/url] | <br>
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[url=http://www.technologyshake.ga]www.technologyshake.ga[/url] | <br>
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[url=http://www.technologysleuth.ga]www.technologysleuth.ga[/url] | <br>
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[url=http://www.technologysoldier.ga]www.technologysoldier.ga[/url] | <br>
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[url=http://www.technologycamel.ga]www.technologycamel.ga[/url] | <br>
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[url=http://www.technologyintergrity.ga]www.technologyintergrity.ga[/url] | <br>
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[url=http://www.technologysouthbeach.ga]www.technologysouthbeach.ga[/url] | <br>
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[url=http://www.technologysustain.ga]www.technologysustain.ga[/url] | <br>
[url=http://www.technologymeasure.ga]www.technologymeasure.ga[/url] | <br>
[url=http://www.technologyClearance.ga]www.technologyClearance.ga[/url] | <br>
[url=http://www.technologyNobel.ga]www.technologyNobel.ga[/url] | <br>
[url=http://www.technologyEastside.ga]www.technologyEastside.ga[/url] | <br>
[url=http://www.technologyhotrod.ga]www.technologyhotrod.ga[/url] | <br>
[url=http://www.technologycorporation.ga]www.technologycorporation.ga[/url] | <br>
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[url=http://www.technologydivine.ga]www.technologydivine.ga[/url] | <br>
[url=http://www.technologypronto.ga]www.technologypronto.ga[/url] | <br>
[url=http://www.technologycarnival.ga]www.technologycarnival.ga[/url] | <br>
[url=http://www.technologyeastbay.ga]www.technologyeastbay.ga[/url] | <br>
[url=http://www.technologydodge.ga]www.technologydodge.ga[/url] | <br>
[url=http://www.technologyguerilla.ga]www.technologyguerilla.ga[/url] | <br>
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[url=http://www.technologyyankee.ga]www.technologyyankee.ga[/url] | <br>
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[url=http://www.technologyatlantic.ga]www.technologyatlantic.ga[/url] | <br>
[url=http://www.technologylowprice.ga]www.technologylowprice.ga[/url] | <br>
[url=http://www.technologyhusky.ga]www.technologyhusky.ga[/url] | <br>
[url=http://www.technologynations.ga]www.technologynations.ga[/url] | <br>
[url=http://www.technologyremarkable.ga]www.technologyremarkable.ga[/url] | <br>
[url=http://www.technologyfighter.ga]www.technologyfighter.ga[/url] | <br>
[url=http://www.technologynorthamerican.ga]www.technologynorthamerican.ga[/url] | <br>
[url=http://www.technologyquantum.ga]www.technologyquantum.ga[/url] | <br>
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[url=http://www.technologycourier.ga]www.technologycourier.ga[/url] | <br>
[url=http://www.technologypresident.ga]www.technologypresident.ga[/url] | <br>
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[url=http://www.technologysparkle.ga]www.technologysparkle.ga[/url] | <br>
[url=http://www.technologyrainforest.ga]www.technologyrainforest.ga[/url] | <br>
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[url=http://www.technologylightning.ga]www.technologylightning.ga[/url] | <br>
[url=http://www.technologyblod.ga]www.technologyblod.ga[/url] | <br>
[url=http://www.technologydowntown.ga]www.technologydowntown.ga[/url] | <br>
[url=http://www.technologycurious.ga]www.technologycurious.ga[/url] | <br>
[url=http://www.technologyauthority.ga]www.technologyauthority.ga[/url] | <br>
[url=http://www.technologyraven.ga]www.technologyraven.ga[/url] | <br>
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[url=http://www.technologymystical.ga]www.technologymystical.ga[/url] | <br>
[url=http://www.technologypermanent.ga]www.technologypermanent.ga[/url] | <br>
[url=http://www.technologycaptive.ga]www.technologycaptive.ga[/url] | <br>
[url=http://www.technologyamazing.ga]www.technologyamazing.ga[/url] | <br>
[url=http://www.technologytopsecret.ga]www.technologytopsecret.ga[/url] | <br>
[url=http://www.technologyabundant.ga]www.technologyabundant.ga[/url] | <br>
[url=http://www.technologydesigning.ga]www.technologydesigning.ga[/url] | <br>
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[url=http://www.technologyimagine.ga]www.technologyimagine.ga[/url] | <br>
[url=http://www.technologysnapshot.ga]www.technologysnapshot.ga[/url] | <br>
[url=http://www.technologyhandsome.ga]www.technologyhandsome.ga[/url] | <br>
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[url=http://www.technologylittle.ga]www.technologylittle.ga[/url] | <br>
[url=http://www.technologysurreal.ga]www.technologysurreal.ga[/url] | <br>
[url=http://www.Travelcolor.ga]www.Travelcolor.ga[/url] | <br>
[url=http://www.Travelback.ga]www.Travelback.ga[/url] | <br>
[url=http://www.Travelbody.ga]www.Travelbody.ga[/url] | <br>
[url=http://www.Travelice.ga]www.Travelice.ga[/url] | <br>
[url=http://www.Traveldragon.ga]www.Traveldragon.ga[/url] | <br>
[url=http://www.Travelroll.ga]www.Travelroll.ga[/url] | <br>
[url=http://www.Travelbrowser.ga]www.Travelbrowser.ga[/url] | <br>
[url=http://www.Traveldir.ga]www.Traveldir.ga[/url] | <br>
[url=http://www.Travelpipe.ga]www.Travelpipe.ga[/url] | <br>
[url=http://www.Travelsend.ga]www.Travelsend.ga[/url] | <br>
[url=http://www.Travelcharts.ga]www.Travelcharts.ga[/url] | <br>
[url=http://www.Travelmarks.ga]www.Travelmarks.ga[/url] | <br>
[url=http://www.Travelwish.ga]www.Travelwish.ga[/url] | <br>
[url=http://www.Travelflower.ga]www.Travelflower.ga[/url] | <br>
[url=http://www.Traveldollar.ga]www.Traveldollar.ga[/url] | <br>
[url=http://www.Travellion.ga]www.Travellion.ga[/url] | <br>
[url=http://www.Travelcaster.ga]www.Travelcaster.ga[/url] | <br>
[url=http://www.Travelpremium.ga]www.Travelpremium.ga[/url] | <br>
[url=http://www.Traveldollars.ga]www.Traveldollars.ga[/url] | <br>
[url=http://www.Travelopplis.ga]www.Travelopplis.ga[/url] | <br>
[url=http://www.Travelunder.ga]www.Travelunder.ga[/url] | <br>
[url=http://www.Travelrates.ga]www.Travelrates.ga[/url] | <br>
[url=http://www.Travelletter.ga]www.Travelletter.ga[/url] | <br>
[url=http://www.Travelsonic.ga]www.Travelsonic.ga[/url] | <br>
[url=http://www.Travelflag.ga]www.Travelflag.ga[/url] | <br>
[url=http://www.Travelwidget.ga]www.Travelwidget.ga[/url] | <br>
[url=http://www.Travelclient.ga]www.Travelclient.ga[/url] | <br>
[url=http://www.Travelpatch.ga]www.Travelpatch.ga[/url] | <br>
[url=http://www.Travelfolder.ga]www.Travelfolder.ga[/url] | <br>
[url=http://www.Travelgroove.ga]www.Travelgroove.ga[/url] | <br>
[url=http://www.Travelgun.ga]www.Travelgun.ga[/url] | <br>
[url=http://www.Travelworth.ga]www.Travelworth.ga[/url] | <br>
[url=http://www.Travelduck.ga]www.Travelduck.ga[/url] | <br>
[url=http://www.Travelomatic.ga]www.Travelomatic.ga[/url] | <br>
[url=http://www.Travelblaster.ga]www.Travelblaster.ga[/url] | <br>
[url=http://www.Travelformula.ga]www.Travelformula.ga[/url] | <br>
[url=http://www.Travelgang.ga]www.Travelgang.ga[/url] | <br>
[url=http://www.Travelsplash.ga]www.Travelsplash.ga[/url] | <br>
[url=http://www.Travelmessenger.ga]www.Travelmessenger.ga[/url] | <br>
[url=http://www.Travelvisual.ga]www.Travelvisual.ga[/url] | <br>
[url=http://www.Travelbattle.ga]www.Travelbattle.ga[/url] | <br>
[url=http://www.Travelchase.ga]www.Travelchase.ga[/url] | <br>
[url=http://www.Travelfeedback.ga]www.Travelfeedback.ga[/url] | <br>
[url=http://www.Travelkiss.ga]www.Travelkiss.ga[/url] | <br>
[url=http://www.Travelstamp.ga]www.Travelstamp.ga[/url] | <br>
[url=http://www.Travelgrab.ga]www.Travelgrab.ga[/url] | <br>
[url=http://www.Travelorama.ga]www.Travelorama.ga[/url] | <br>
[url=http://www.Travelwinner.ga]www.Travelwinner.ga[/url] | <br>
[url=http://www.Travelmember.ga]www.Travelmember.ga[/url] | <br>
[url=http://www.Traveldish.ga]www.Traveldish.ga[/url] | <br>
[url=http://www.Travelecho.ga]www.Travelecho.ga[/url] | <br>
[url=http://www.Travelcollections.ga]www.Travelcollections.ga[/url] | <br>
[url=http://www.Travelcollector.ga]www.Travelcollector.ga[/url] | <br>
[url=http://www.Travelecono.ga]www.Travelecono.ga[/url] | <br>
[url=http://www.Travelpure.ga]www.Travelpure.ga[/url] | <br>
[url=http://www.Travelother.ga]www.Travelother.ga[/url] | <br>
[url=http://www.Travelminer.ga]www.Travelminer.ga[/url] | <br>
[url=http://www.Travelrings.ga]www.Travelrings.ga[/url] | <br>
[url=http://www.Travelexcel.ga]www.Travelexcel.ga[/url] | <br>
[url=http://www.Travelcircus.ga]www.Travelcircus.ga[/url] | <br>
[url=http://www.Travelmain.ga]www.Travelmain.ga[/url] | <br>
[url=http://www.Travelhands.ga]www.Travelhands.ga[/url] | <br>
[url=http://www.Traveltreasure.ga]www.Traveltreasure.ga[/url] | <br>
[url=http://www.Travelnumber.ga]www.Travelnumber.ga[/url] | <br>
[url=http://www.Travelcharte.ga]www.Travelcharte.ga[/url] | <br>
[url=http://www.Travelsugar.ga]www.Travelsugar.ga[/url] | <br>
[url=http://www.Travelcatch.ga]www.Travelcatch.ga[/url] | <br>
[url=http://www.Travelrail.ga]www.Travelrail.ga[/url] | <br>
[url=http://www.Travelstreaming.ga]www.Travelstreaming.ga[/url] | <br>
[url=http://www.Travelrally.ga]www.Travelrally.ga[/url] | <br>
[url=http://www.Travelcrawler.ga]www.Travelcrawler.ga[/url] | <br>
[url=http://www.Travelfleet.ga]www.Travelfleet.ga[/url] | <br>
[url=http://www.Travelmetric.ga]www.Travelmetric.ga[/url] | <br>
[url=http://www.Travelnatural.ga]www.Travelnatural.ga[/url] | <br>
[url=http://www.Travelcounty.ga]www.Travelcounty.ga[/url] | <br>
[url=http://www.Travelhard.ga]www.Travelhard.ga[/url] | <br>
[url=http://www.Travelopedia.ga]www.Travelopedia.ga[/url] | <br>
[url=http://www.Travelfame.ga]www.Travelfame.ga[/url] | <br>
[url=http://www.Travelknight.ga]www.Travelknight.ga[/url] | <br>
[url=http://www.Travelredhot.ga]www.Travelredhot.ga[/url] | <br>
[url=http://www.Travelclassy.ga]www.Travelclassy.ga[/url] | <br>
[url=http://www.Traveldraw.ga]www.Traveldraw.ga[/url] | <br>
[url=http://www.Travelslide.ga]www.Travelslide.ga[/url] | <br>
[url=http://www.Travelbunny.ga]www.Travelbunny.ga[/url] | <br>
[url=http://www.Travelspicy.ga]www.Travelspicy.ga[/url] | <br>
[url=http://www.Travelvector.ga]www.Travelvector.ga[/url] | <br>
[url=http://www.Travelbrite.ga]www.Travelbrite.ga[/url] | <br>
[url=http://www.Travelpride.ga]www.Travelpride.ga[/url] | <br>
[url=http://www.Travelcollect.ga]www.Travelcollect.ga[/url] | <br>
[url=http://www.Travelsweet.ga]www.Travelsweet.ga[/url] | <br>
[url=http://www.Travelsearcher.ga]www.Travelsearcher.ga[/url] | <br>
[url=http://www.Travelenvy.ga]www.Travelenvy.ga[/url] | <br>
[url=http://www.Travelpeace.ga]www.Travelpeace.ga[/url] | <br>
[url=http://www.Travelstrick.ga]www.Travelstrick.ga[/url] | <br>
[url=http://www.Travellegacy.ga]www.Travellegacy.ga[/url] | <br>
[url=http://www.Travelrater.ga]www.Travelrater.ga[/url] | <br>
[url=http://www.Travelcharm.ga]www.Travelcharm.ga[/url] | <br>
[url=http://www.Traveloftheday.ga]www.Traveloftheday.ga[/url] | <br>
[url=http://www.Travelcupid.ga]www.Travelcupid.ga[/url] | <br>
[url=http://www.Travelsprint.ga]www.Travelsprint.ga[/url] | <br>
[url=http://www.Travelrunners.ga]www.Travelrunners.ga[/url] | <br>
[url=http://www.Traveltreat.ga]www.Traveltreat.ga[/url] | <br>
[url=http://www.Travelnano.ga]www.Travelnano.ga[/url] | <br>
[url=http://www.Travelsession.ga]www.Travelsession.ga[/url] | <br>
[url=http://www.Travelturbo.ga]www.Travelturbo.ga[/url] | <br>
[url=http://www.Travelsample.ga]www.Travelsample.ga[/url] | <br>
[url=http://www.Travelshadow.ga]www.Travelshadow.ga[/url] | <br>
[url=http://www.Travelphase.ga]www.Travelphase.ga[/url] | <br>
[url=http://www.Travelfiesta.ga]www.Travelfiesta.ga[/url] | <br>
[url=http://www.Travelpositive.ga]www.Travelpositive.ga[/url] | <br>
[url=http://www.Travelultra.ga]www.Travelultra.ga[/url] | <br>
[url=http://www.Traveljackpot.ga]www.Traveljackpot.ga[/url] | <br>
[url=http://www.Travelboulevard.ga]www.Travelboulevard.ga[/url] | <br>
[url=http://www.Travelnational.ga]www.Travelnational.ga[/url] | <br>
[url=http://www.Travelgrabber.ga]www.Travelgrabber.ga[/url] | <br>
[url=http://www.Travelgorilla.ga]www.Travelgorilla.ga[/url] | <br>
[url=http://www.Travelrule.ga]www.Travelrule.ga[/url] | <br>
[url=http://www.Travelmuscle.ga]www.Travelmuscle.ga[/url] | <br>
[url=http://www.Travellastminute.ga]www.Travellastminute.ga[/url] | <br>
[url=http://www.Traveldelta.ga]www.Traveldelta.ga[/url] | <br>
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