(formerly Apex Malls FII)
Segment: Shoppings · Price R$ 39.5 · P/BV 0.3148 · BV/unit R$ 125.46 · Net assets R$ 355 Mi · 703 unitholders · 2 assets
APXM11 (Apex Malls Fundo de Investimento Imobiliário Responsabilidade Limitada) is a Brazilian REIT in the Shoppings segment. (formerly Apex Malls FII)
Stable Shopping Vitória fraction + 16% minority stake in Catuaí Cascavel written down — 28% discount in exchange for low liquidity
This page gathers the factual snapshot of APXM11 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: BRM Carbyne Gestão de Recursos S.A..
BRM Carbyne Gestão de Recursos S.A. (CNPJ 38.318.963/0001-00), currently headquartered in Vitória/ES, serves as the fund manager (having converted from Carbyne Gestão de Recursos Ltda. during 2025). Specialized real estate consulting is provided by Apex Nazca Investimentos e Participações (CNPJ 50.732.938/0001-74), a boutique firm that lends its name to the fund and operates from the same address as BRM Carbyne. Fiduciary administration is handled by BTG Pactual Serviços Financeiros — an institution with scale and established governance in the FII market.
The executive responsible for the fund at BTG is Gustavo Cotta Piersanti, MD Partner and Head of Fund Services. Independent auditing is conducted by PwC. Because Apex Nazca is a boutique manager with a relatively short track record and a narrow focus on malls, the combined manager-consultant team has a smaller market footprint than peers like XP, Kinea, Hedge, or Vinci in the same asset class.
2-asset FII: 15.82% of Shopping Vitória (ES, undivided co-ownership) + 16% indirect stake in Catuaí Cascavel (PR, via APXM Cascavel SPV)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Shopping Vitória | Avenida Américo Buaiz, 200, Gleba A — Enseada do Suá, Vitória/ES — ZIP 29050-902 | 15.8% | 0.9266% |
| APXM Cascavel Investimentos Ltda. (SPV) | — | — | — |
last close R$ 39.5 · all-time low R$ 74.05 · high R$ 118.75 · book value per unit R$ 125.46.
Average daily volume (21 sessions) of R$ 266,000 · 12-month average of R$ 280,000.
Very low liquidity for a shopping-mall FII. A R$ 500k position requires ~9 business days to liquidate at 20% of the daily volume; R$ 1M requires ~19 business days.
In 2024, Apex Malls executed its growth thesis through a 2nd public offering (raising R$ 108.6M) and allocation into a second market (Catuaí Cascavel, PR). However, the fair value of the investment was marked down significantly in 2025 (capitalization rate rose from 7.75% to 8.49% p.a.), resulting in an accounting loss and a unit price correction of roughly -26% at its worst point in the year. Operating cash revenue continued to grow — Shopping Vitória reduced vacancy from 9.30% to 7.34% — but price recovery through May/2026 remains partial: units trade at R$ 75.98 against a book value of R$ 105.52.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on 02/22/2018 as a closed-end fund (CVM registration on 03/07/2018). |
| INÍCIO DAS OPERAÇÕES | Fund effectively commenced operations on 11/30/2022 — 1st offering fully subscribed (16,400 units at R$ 100.00 = R$ 1.64M). Initial net assets as of 11/2022 = R$ 1.6M. |
| AQUISIÇÃO SHOPPING VITÓRIA | On 06/19/2023, the fund acquired a 15.8169% fractional stake in Shopping Vitória (ES) for R$ 139.1M via a Deed of Assignment of Acquisition Rights. |
| EXPANSÃO E CASCAVEL | Asset expansion year: 2nd offering fully subscribed and acquisition of indirect stake in Catuaí Cascavel via SPV. |
| AJUSTE PATRIMONIAL | Challenging year: negative appraisal write-down on Cascavel and significant unit price decline. |
| AGO 2025 | Annual General Meeting approves the Audited Financial Statements for the fiscal year ended 12/31/2025. Voting conducted via written consent (chaired by Carolina Cury). |
| ATUAL | Units trading around R$ 74 with a P/BV of 0.70, BV per unit of R$ 105.52, and 690 active unitholders. The 2025 AGM approved the annual accounts without qualifications on 05/08/2026. |