ABCP11 — Grand Plaza Shopping FII

Grand Plaza Shopping Fundo de Investimento Imobiliário – Responsabilidade Limitada (CNPJ 01.201.140/0001-90, IPO 05/17/1996; converted to limited liability on 06/18/2025)

Segment: Brick-and-mortar / Shopping Center (~98% asset allocation) · Price R$ 74.0 · P/BV 0.6683 · BV/unit R$ 110.73 · Net assets R$ 521 Mi · 13,150 unitholders · 1 assets

What is ABCP11

ABCP11 (Grand Plaza Shopping FII) is a Brazilian REIT in the Brick-and-mortar / Shopping Center (~98% asset allocation) segment. Grand Plaza Shopping Fundo de Investimento Imobiliário – Responsabilidade Limitada (CNPJ 01.201.140/0001-90, IPO 05/17/1996; converted to limited liability on 06/18/2025)

Owner of over one-third of Grand Plaza Shopping in Santo André (SP)—a mall with approximately 300 stores operating since 1997—distributing tenant rents as monthly income. Note: carries a tax assessment notice returned to the DRJ, with no resolution on the horizon.

This page gathers the factual snapshot of ABCP11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.

ABCP11 numbers in 2026

Net assets: R$ 521 Mi
Book value per share: R$ 110.73
Number of shareholders: 13,150
Assets in portfolio: 1
Gross leasable area: 68,793 sqm (Property; FII holds 38.58%)
Occupancy: 98.5%
WAULT (years): 3.0

Fees

Management Fee: 0,10% a.a.
Performance Fee: Não há
Custody Fee: 0%

Manager

Management: Rio Bravo Investimentos DTVM Ltda..

Rio Bravo is one of the most traditional asset managers in the Brazilian FII market, operating since the 1990s with a strong presence in brick-and-mortar and credit funds. ABCP11 Management Reports are notably detailed (segment sales, traffic, NOI, delinquency, parking revenue, month-over-month). Led by Managing Director Paulo André Porto Bilyk (CEO/CIO from 2015-2019). Defense against tax contingencies is diligent: it secured a unanimous annulment at CARF in Feb/2025. Auditor: Grant Thornton, with clean opinions for 2024 and 2025. Rio Bravo has managed the fund since its inception in 1996—three decades of institutional continuity.

Fund inception: 17/05/1996
ABCP Assets: R$ 521 Mi
Taxa adm: 0,1% a.a.

See our analysis of Rio Bravo Investimentos DTVM Ltda. →

ABCP11 portfolio: what the fund invests in

Single-asset FII — 38.58% of Grand Plaza Shopping in Santo André, SP

Asset	Location	% of NAV	Occupancy
Grand Plaza Shopping	Avenida Industrial, 600, Centro — Santo André, SP	38.6%	0.985%

Concentration and diversification

HHI 0.9492 — alta.

Breakdown	Share
By state	Sudeste 100.0%
By tenant	Cinemark + anchor tenants (estimated top-10 <30% of revenues) 30.0%
By index	IGP-DI 82.3% · IPCA 9.8% · IPC-FIPE 4.5% · IGP-M 2.8% · INPC 0.5%

Price, P/BV and book value

Unit trading at a 27% discount to book value. Property appraised at fair value of R$ 508M (Nov/2025 appraisal report), representing 97.4% of net assets.

last close R$ 74.0 · all-time low R$ 67.03 · high R$ 93.79 · book value per unit R$ 110.73.

Liquidity and trading

Average daily volume (21 sessions) of R$ 1,150,000 · 12-month average of R$ 1,605,000.

Low liquidity for a large-scale shopping center. A R$ 500k position requires ~2 business days to liquidate at 20% of daily volume; R$ 1M requires ~4 business days.

ABCP11 track record

ABCP11 is one of Brazil's oldest FIIs (3 decades) and has retained the same manager (Rio Bravo) since 1996. Its history is marked by consistent operational execution of the shopping center, interspersed with significant legal events—notably the 2020 Tax Assessment Notice that remains ongoing, and the 2022 spin-off that removed unitholder SYN and democratized the fund. In 2025, operations reached their best historical point (1.5% vacancy, NOI +4%) and the tax contingency secured a major win at CARF (unanimous annulment in Feb/2025).

Period	What happened
FUNDAÇÃO	Inception of Grand Plaza Shopping Real Estate Investment Fund (CVM registration on 02/27/1996, operations began on 05/17/1996), managed by Rio Bravo Investimentos. Structured to fund the construction of the shopping center in Santo André, SP.
INAUGURAÇÃO	Grand Plaza Shopping inaugurated on 09/23/1997 — the premier shopping destination in Greater ABC, with 63,768 sqm of GLA.
AUTO DE INFRAÇÃO	RFB issues three Tax Assessment Notices (Tax Proceeding 0816600.2019.00208) collecting IRPJ, CSLL, PIS, and COFINS for the 2016-2018 fiscal years, claiming the fund should be taxed as a corporate entity because a unitholder (SYN) held >25% of the units. Initial amount: R$ 182.7M.
CISÃO	Partial spin-off: SYN exited with 61.42% of assets, creating Grand Plaza II FII (separate, autonomous). ABCP11 retained 38.58% of the property, and remaining unitholders came to own 100% of the fund.
CARF ANULA	On 02/18/2025, CARF (Tax Appeals Council) unanimously annulled the DRJ ruling that had upheld the Tax Assessment Notice. Proceedings returned to 1st instance (DRJ) for re-examination. Updated amount: R$ 217-221M total; R$ 90M for the FII post-spin-off.
RCVM 175	Adaptation of bylaws to CVM Resolution 175/2022. Formal change only: fund name updated to 'Grand Plaza Shopping FII — Responsabilidade Limitada' (Limited Liability); strategy, management, investment policy, and CNPJ remain unchanged.
OPERAÇÃO PLENA	Strong year for the mall: sales of R$ 990M (+5.7%), NOI of R$ 97M (+4%), minimum rent up +12% YoY, vacancy at historical lows (1.3-1.5%). Property reappraisal by Cushman & Wakefield using an 8.25% cap rate (+25 bps vs 2024) and a 9.25% discount rate — property value appreciated +3.25% (R$ 492 to 508M).
INÍCIO DE ANO	Solid quarter: sales up 4% YTD, NOI up 5.9% YTD, vacancy at 1.5%, new leases signed with Montana and Griletto (Feb/2026). Q1 financial earnings: R$ 11.5M; distributed R$ 9.2M (80% of earnings). DPU maintained at R$ 0.65/month.