Single-asset brick-and-mortar fund focused on Atrium Shopping in Santo André, São Paulo — CNPJ 12.809.972/0001-00
Segment: Shopping Center / Retail (Brick-and-mortar Fund) · Price R$ 56.01 · P/BV 0.7585 · BV/unit R$ 73.84 · Net assets R$ 129 Mi · 304 unitholders · 1 assets
ATSA11 (Hedge Atrium Shopping Santo André FII) is a Brazilian REIT in the Shopping Center / Retail (Brick-and-mortar Fund) segment. Single-asset brick-and-mortar fund focused on Atrium Shopping in Santo André, São Paulo — CNPJ 12.809.972/0001-00
Book value discount with no clear catalyst — insufficient recurring dividend yield vs risk-free rate
This page gathers the factual snapshot of ATSA11 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: Hedge Investments Distribuidora de Títulos e Valores Mobiliários Ltda..
Hedge Investments acts as both manager and administrator for ATSA11 (administrator's CNPJ: 07.253.654/0001-76). The fund features passive management, which limits strategic turnaround capabilities — the manager cannot sell the shopping center and reallocate capital into more profitable assets. The fund's historical performance is negative (-41.33% over 5 years), reflecting post-pandemic physical retail headwinds and the asset's structural vacancy.See our analysis of Hedge Investments Distribuidora de Títulos e Valores Mobiliários Ltda. →
Single-asset: 100% in Atrium Shopping, Santo André, São Paulo
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Atrium Shopping Santo André | Santo André, São Paulo | 100.0% | 0.844% |
HHI 1.0 — maxima.
| Breakdown | Share |
|---|---|
| By state | Santo André, São Paulo (ABC Paulista) 100.0% |
last close R$ 56.01 · all-time low R$ 46.80 · high R$ 1200.00 · book value per unit R$ 73.84.
Liquidity estimated as very low given the count of only 304 unitholders and market value of R$ 99.85M. Daily volume data not available in this lite analysis.
| Period | What happened |
|---|---|
| LANÇAMENTO | Creation of Hedge Atrium Shopping Santo André FII. |
| OPERAÇÃO ESTÁVEL | Regular operating period prior to the pandemic. |
| PANDEMIA | COVID-19 impacts shopping centers with mandatory closures and revenue drops. |
| RECUPERAÇÃO LENTA | Partial recovery, but failing to return to pre-pandemic levels. |
| DISTRIBUIÇÃO EXTRA | Extraordinary distribution of R$ 0.77/unit. |
| CENÁRIO ATUAL | Vacancy at 15.6%, low recurring dividend yield, stable fund with no catalysts. |