ADSH11 — AD Shopping FII

AD Shopping Fundo de Investimento Imobiliário Responsabilidade Limitada — CNPJ 63.375.304/0001-53, managed by Capitânia Capital + administered by Oliveira Trust

Segment: Brick · Malls · low quality · Price R$ 10.84 · P/BV 1.0775 · BV/unit R$ 10.06 · Net assets R$ 465 Mi · 170 unitholders · 2 assets

What is ADSH11

ADSH11 (AD Shopping FII) is a Brazilian REIT in the Brick · Malls · low quality segment. AD Shopping Fundo de Investimento Imobiliário Responsabilidade Limitada — CNPJ 63.375.304/0001-53, managed by Capitânia Capital + administered by Oliveira Trust

Structural bet on the regional shopping mall segment via a marriage of financial manager and specialized administrator — insufficient track record warrants caution

This page gathers the factual snapshot of ADSH11 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.

ADSH11 numbers in 2026

  • Net assets: R$ 465 Mi
  • Book value per share: R$ 10.06
  • Number of shareholders: 170
  • Assets in portfolio: 2
  • Gross leasable area: ~119,460 sqm of total GLA (Barreiro 50,000 sqm / 172 stores + São Gonçalo 69,460 sqm / 180 stores); the fund holds a 50% stake in each = ~59,730 sqm
  • Occupancy: 83.7%

Fees

  • Administration Fee (administration + custody + bookkeeping): 0,10% a.a.
  • Management Fee: 0,60% a.a.
  • Total Effective Fee: ~0,70% a.a.
  • Performance Fee: N/D

Manager

Management: Capitânia Capital S.A..

Capitânia Capital is one of the most established independent asset managers in the Brazilian FII market (R$ 11B in AuM). It manages CPTS11 (R$ 3.3B in net assets), one of the largest paper-focused Brazilian REIT-style funds (FIIs) on the B3. ADSH11 represents a move into brick-and-mortar (malls) via a partnership with AD Shopping — the largest independent administrator in the segment (30+ malls under management). The combination of...
  • Fundada em: 2003
  • AuM Total: R$ 11+ bi
  • PL ADSH11: R$ 467 Mi
  • Outros FIIs: CPTS11, AJFI11

See our analysis of Capitânia Capital S.A. →

ADSH11 portfolio: what the fund invests in

Portfolio comprising a 50% stake in 2 malls — Barreiro (Belo Horizonte/MG) fully operational + São Gonçalo (RJ) in ramp-up (27% vacancy)

AssetLocation% of NAVOccupancy
ViaShopping BarreiroAvenida Afonso Vaz de Melo, No. 640 — Barreiro, Belo Horizonte/MG50.0%0.986%
São Gonçalo ShoppingSão Gonçalo/RJ — Rio de Janeiro Metropolitan Area50.0%0.73%
Adjacent land plots at São Gonçalo (4 lots)—6.6%—
Legatus Shopping FII—1.3%—
Patria Malls FII—0.0%—
HSI Malls FII—0.3%—
Valora RE 25 FII—0.9%—
Cash + Government Bonds—0.2%—

Concentration and diversification

HHI 0.366 — alta.

BreakdownShare
By stateSoutheast Region (RJ + MG) 100.0%
By tenantUndisclosed (mix of >300 stores combined across the 2 malls)
By indexMultiple indexes (IGP-M / IPCA / INPC / INCC — not disclosed in detail in the Monthly Reports) 100.0%

Price, P/BV and book value

last close R$ 10.84 · all-time low R$ 9.91 · high R$ 10.85 · book value per unit R$ 10.06.

Liquidity and trading

Average daily volume (21 sessions) of R$ 6,990,000.

Reasonable liquidity for a new fund (R$ 7M/day according to AUVP; other sources cite up to R$ 26M). Positions up to R$ 100k can be sold within hours; R$ 1M in 1 business day. Attention: apparent liquidity may be concentrated in 1-2 professional unitholders...

ADSH11 track record

ADSH11 was launched in October 2025 through a partnership between Capitânia (senior financial manager, the same team behind CPTS11) and AD Shopping (Brazil's largest independent shopping mall administrator). Within 6 months, it acquired a 50% stake in 2 established malls — ViaShopping Barreiro (Belo Horizonte, Minas Gerais) and São Gonçalo Shopping (Rio de Janeiro). The offering was upsized from R$ 200M to R$ 500M, and net assets currently stand at R$ 467M. Signs of the integration phase remain: only 11 unitholders, R$ 162M in liabilities under 'Other accounts payable' (pending acquisition obligations), and São Gonçalo classified as 'under construction' for accounting purposes. The first distribution in March 2026 (R$ 0.04/unit) marks the beginning of the operational regime — but there is not yet a sufficient historical track record to project a sustainable dividend yield.
PeriodWhat happened
CONSTITUIÇÃOCapitânia Capital + Oliveira Trust approve fund incorporation.
AMPLIAÇÃO + IPOOffering expanded and effective commencement of operations.
1ª AQUISIÇÃOFormalized acquisition of ViaShopping Barreiro.
INTEGRALIZAÇÃO 2Second tranche of the offering paid in, paving the way for São Gonçalo.
1ª DISTRIBUIÇÃOFirst income distribution in the fund's history.
RAMP-UPSecond distribution and beginning of the stabilization phase.
2ª EMISSÃOOperational formalization via consortia and R$ 100M capital raise for growth.

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