(formerly Autonomy Edifícios Corporativos)
Segment: Offices (Corporate Slabs) · Price R$ 64.6 · P/BV 0.8524 · BV/unit R$ 75.79 · Net assets R$ 366 Mi · 10,989 unitholders · 2 assets
AIEC11 (Arch Edifícios Corporativos FII) is a Brazilian REIT in the Offices (Corporate Slabs) segment. (formerly Autonomy Edifícios Corporativos)
Corporate office fund with two Triple-A properties: Rochaverá Diamond (SP) and Standard Building (RJ), 92% occupied with tenants such as Rede D'Or and Smurfit. Note: dividend rose to R$0.38/unit in June, but cash earnings remain negative — distributions utilize reserves while grace periods on new leases expire in 2026-2027.
This page gathers the factual snapshot of AIEC11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Arch Capital (formerly Autonomy Investimentos).
Arch Capital, rebranded in 2025 (formerly Autonomy Investimentos), is a real estate manager founded in 2007 with R$ 6.3 billion under management and operations 100% dedicated to the Brazilian market. It operates in logistics (in partnership with OTPP - Ontario Teachers' Pension Plan at Golgi), affordable residential real estate (AVUR11 FII in partnership with MRV), data centers, and corporate office slabs (AIEC11).
In AIEC11, management demonstrated active execution during the departures of Dow (2025), Seven (Aug/2025, penalty of R$ 3.80/unit), and IBMEC (Dec/2025, penalty of R$ 2.62/unit), recovering settlements and restoring occupancy in record time. The leasing of Standard to Rede D'Or in Feb/2026, completed the same month the property was vacated, is a benchmark of active management in post-pandemic offices. The 0.75% management fee is competitive.
See our analysis of Arch Capital (formerly Autonomy Investimentos) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Rochaverá Diamond Tower (Tower D) | Avenida das Nações Unidas, 14.171 — Chucri Zaidan, São Paulo/SP | 100.0% | 0.874% |
| Standard Building | Avenida Presidente Wilson, 118 — Centro, Rio de Janeiro/RJ | 100.0% | 1.0% |
HHI 0.62 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By tenant | Rede D'Or 16.0% · Smurfit Westrock 24.3% · TWBR/Drinstats 19.8% · Rochaverá Vacancy 29.1% · Sterna Café 0.8% |
Market units trade at a 19% discount to book value. The discount reflects the ramp-up period for new leases and the exit from IFIX, but opens up significant room for repricing if operational recovery materializes.
last close R$ 64.6 · all-time low R$ 41.0 · high R$ 99.5 · book value per unit R$ 75.79.
Average daily volume (21 sessions) of R$ 700,000 · 12-month average of R$ 600,000.
Exceptional recent liquidity (R$ 2.9M/day in Mar/2026, 425% above historical average) driven by the Rede D'Or lease — a R$ 1M position exits in 7 business days. Historical average of R$ 556k/day (over a long window, R$ 1M takes 9 days). Departure from the IFIX is a risk to this flow in the absence of new positive news.
AIEC11 underwent a profound transformation between 2024 and 2026: transitioning from its initial configuration with two single tenants (Dow and IBMEC) to a multi-tenant portfolio in both properties. The process was traumatic — with a 55% drop in distributions in 2025 and significant unit depreciation — but recovery is already materializing with Rede D'Or at Standard and a concrete pipeline at Rochaverá. Since the IPO, the market price has fallen -39%, while the book value per unit has appreciated +30.19%, widening the discount to 19%.
| Period | What happened |
|---|---|
| IPO | Trading commenced at R$ 100/unit, with the acquisition of Rochaverá Tower D and Standard Building for R$ 454.7M. |
| MATURIDADE | Period of full operation with Dow and IBMEC. Annual DPS rose from R$ 7.07 (2021) to R$ 9.83 (2022) and R$ 9.17 (2023). |
| RUPTURA | IBMEC notifies early termination of Standard lease (penalty of R$ 2.62/unit). Beginning of the repositioning cycle. |
| DISTRATOS EM CASCATA | Dow departure from Rochaverá (Jan/2025); Seven lease termination (Aug/2025) with penalty of R$ 18.3M (R$ 3.80/unit). Vacancy rises to 49%. |
| REAVALIAÇÃO PATRIMONIAL | Negative property revaluation at year-end 2025 and effective departure of IBMEC from Standard. NAV drops to R$ 369.5M. |
| INFLEXÃO 1 | New TWBR/Drinstats lease at Rochaverá (3,804 sqm, 26%) raises occupancy to 62%. Departure from IFIX in the same month. |
| LOCAÇÃO REDE D'OR | Standard Building is 100% leased to Rede D'Or (AAA) for 60 months, with a cap rate of 13.3% over book value. |
| ATUAL | Fund at R$ 61.78 with P/BV of 0.81. Pipeline of 126k sqm under prospecting for 5,605 sqm of vacant space at Rochaverá. |