Limited Liability — CNPJ 28.737.771/0001-85, managed by Alianza Gestão de Recursos, administered by BTG Pactual Serviços Financeiros DTVM
Segment: Brick-and-mortar · Multi-category Urban Income (BTS/SLB · atypical leases) · Price R$ 9.97 · P/BV 0.9249 · BV/unit R$ 10.78 · Net assets R$ 1,77 Bi · 206,111 unitholders · 26 assets
ALZR11 (Alianza Trust Renda Imobiliária FII) is a Brazilian REIT in the Brick-and-mortar · Multi-category Urban Income (BTS/SLB · atypical leases) segment. Limited Liability — CNPJ 28.737.771/0001-85, managed by Alianza Gestão de Recursos, administered by BTG Pactual Serviços Financeiros DTVM
Leases various urban properties to large corporations under long-term contracts and distributes rental income monthly
This page gathers the factual snapshot of ALZR11 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: Alianza Gestão de Recursos.
Alianza Gestão de Recursos is an asset manager specialized in institutional real estate, authorized by the CVM since 2015. It has a consistent track record in ALZR11 since its IPO in Jan/2018, focusing on long-term atypical leases (Built-to-Suit and Sale & Leaseback) and tenants with a minimum credit rating of A- or annual revenue above R$ 500 million.
Recent highlights: inclusion of ALZR11 in the FTSE EPRA Nareit Global Real Estate Index Series (Dec/2025), 1:10 unit split (May/2025) which expanded the base by +36k investors, conclusion of the 8th offering (R$ 447M, Apr/2026), entry into data centers (Scala/RS and Sky/SP), and diversification into food retail (Assaí, Oba).
2026 Reservation: the General Unitholders' Meeting on May 12, 2026 suggests flexibility for up to 50% of NAV in group FIIs (vs 20% today) + authorized capital of R$ 10B without a unitholders' meeting + standard Oscar Freire property (mandate breach). The community raises reservations regarding conflicts of interest, comparing it to the VGHF11 case. Rating reduced from 8.5 to 7.5 pending the outcome of the meeting.
Portfolio with 26 multi-category properties (warehouses, office buildings, stores, data centers, laboratories), 93% atypical leases, WAULT 8.9 years, vacancy 0.0%, 12 diversified sectors
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Atento Del Castilho | Av. Dom Helder Câmara, 3,203 — Del Castilho, Rio de Janeiro/RJ | 100.0% | 1.0% |
| Air Liquide Vila Carioca | São Paulo — SP | 100.0% | 1.0% |
| BRF Bauru | Bauru — SP | 100.0% | 1.0% |
| BRF Guarulhos | Guarulhos — SP | 100.0% | 1.0% |
| Editora Santillana — Belenzinho | São Paulo — SP | 100.0% | 1.0% |
| Coca-Cola FEMSA Santo André | Santo André — SP | 100.0% | 1.0% |
| DASA Ascendino Reis | São Paulo — SP | 100.0% | 1.0% |
| DASA Sumaré | São Paulo — SP | 100.0% | 1.0% |
| Decathlon Morumbi | São Paulo — SP | 100.0% | 1.0% |
| Globo Jardim Botânico | Rio de Janeiro — RJ | 100.0% | 1.0% |
| Sky Data Center | Santana de Parnaíba — SP | 100.0% | 1.0% |
| Pandurata (Bauducco) Guarulhos | Guarulhos — SP | 100.0% | 1.0% |
| DuPont Alphaville (via TSER11) | Barueri (Alphaville) — SP | 99.9% | 0.97% |
| Pueri Domus | São Paulo — SP | 100.0% | 1.0% |
| Oba Hortifruti Store SBC | São Bernardo do Campo — SP | 100.0% | 1.0% |
| Oba Hortifruti Store SJRP | São José do Rio Preto — SP | 100.0% | 1.0% |
| Oba Hortifruti Distribution Center Sumaré | Sumaré — SP | 100.0% | 1.0% |
| Mercado Livre Distribution Center Ribeirão Preto | Ribeirão Preto — SP | 100.0% | 1.0% |
| CDB Ana Rosa | São Paulo — SP | 100.0% | 1.0% |
| CDB Morumbi | São Paulo — SP | 100.0% | 1.0% |
| Scala Data Center Porto Alegre | Porto Alegre — RS | 100.0% | 1.0% |
| Assaí Guarujá | Guarujá — SP | 100.0% | 1.0% |
| Assaí Bangu RJ | Rio de Janeiro — RJ | 100.0% | 1.0% |
| Fleury Campinas | Campinas — SP | 100.0% | 1.0% |
| Oscar Freire Office (via TSER11) | São Paulo — SP | 100.0% | 1.0% |
| Shopee Distribution Center Ibitinga | Ibitinga — SP | 100.0% | 1.0% |
HHI 0.058 — low (atomized).
| Breakdown | Share |
|---|---|
| By state | State of São Paulo (Greater SP + countryside) 62.0% · Rio de Janeiro 21.0% · Rio Grande do Sul 7.0% · Outros 10.0% |
| By tenant | DuPont (via TSER11) 13.0% · Oba Hortifruti (3 properties) 10.0% · Mercado Livre 9.0% · Coca-Cola FEMSA 9.0% · Shopee 7.0% · Assaí (2 properties) 8.0% |
| By index | IPCA 100.0% |
| By contract type | Atípico (BTS / SLB) 93.0% · Típico (Oscar Freire + Atento pós jul/26) 7.0% |
last close R$ 9.97 · all-time low R$ 7.92 · high R$ 14.13 · book value per unit R$ 10.78.
Average daily volume (21 sessions) of R$ 2,223,669 · 12-month average of R$ 1,406,975.
Moderate-high liquidity. A R$ 100k position exits in hours, R$ 1M in ~2 business days without moving the price. Compatible with a core portfolio position
Over 8 years since its IPO, ALZR11 has established itself as a benchmark in build-to-suit (atypical) lease FIIs. It evolved from an initial logistics-concentrated portfolio into a multicategory portfolio with 26 properties across 12 operational sectors. In more than 76% of trading sessions since the IPO, the unit traded above book value — an atypical level for Brazilian FIIs, sustained by the predictability of build-to-suit leases and tenant quality. 2026 marks a transition: a standard property acquisition (Oscar Freire) + General Unitholders' Meeting with flexibilities questioned by the community. The manager rating drops from 8.5 to 7.5 pending the meeting's outcome, but the operational asset quality remains top-tier.
| Period | What happened |
|---|---|
| IPO | Trading commenced on B3 at R$ 100/unit with an initial portfolio focused on logistics and refrigerated warehouses. |
| EXPANSÃO | Additions of Decathlon, Bauducco, Globo, Pueri Domus, Coca-Cola FEMSA, DASA, Sky Data Center. |
| CRESCIMENTO | Acquisition of Mercado Livre Ribeirão, Scala/RS, Assaí RJ, Oba stores, and CDBs. |
| DESDOBRAMENTO | 1:10 unit split expands investor base to over 36 thousand unitholders in 12 months. |
| ÍNDICE GLOBAL | Inclusion in the FTSE EPRA Nareit Global Real Estate Index Series as a Rental REIT. |
| TRANSIÇÃO | Partial mandate breach with Oscar Freire (standard lease) + General Unitholders' Meeting (AGE) on May 12 featuring a 50% conflict of interest provision. |
| ENCERRAMENTO 8ª EMISSÃO | 26 properties, 196,632 unitholders, 0.0% vacancy, and a WAULT of 8.9 years — a historical record. |
| ATUAL | 26 properties, 200,008 unitholders, 0.0% vacancy, WAULT of 9.1 years (historical record renewed), and CDB delinquency resolved upfront. |