(Hybrid brick-and-mortar + credit real estate fund)
Segment: Logistics / Hybrid (Brick-and-Mortar + CRI) · Price R$ 7.35 · P/BV 0.8537 · BV/unit R$ 8.61 · Net assets R$ 361 Mi · 5,796 unitholders · 2 assets
AZPL11 (AZ Quest Panorama Logística FII) is a Brazilian REIT in the Logistics / Hybrid (Brick-and-Mortar + CRI) segment. (Hybrid brick-and-mortar + credit real estate fund)
Owner of two logistics warehouses in Greater São Paulo leased to Mercado Livre and Iron Mountain, alongside a real estate credit portfolio — distributing tax-free monthly income. Please note: the fund has less than two years of operations and low daily liquidity, which makes trading larger positions difficult.
This page gathers the factual snapshot of AZPL11 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: AZ Quest Panorama.
AZ Quest Panorama Ltda (CNPJ 37.783.771/0001-02) is the real estate arm of AZ Quest, a traditional asset management firm in the Brazilian market recognized for its multi-market funds. The Panorama line also manages AZPE11 (structured credit) and AZPR11 (diversified hybrid), with AZPL11 representing the firm's logistics/brick-and-mortar pillar.
Fiduciary administration is handled by Banco Daycoval S.A. Management has demonstrated allocation discipline (credit portfolio predominantly in São Paulo, 80% AAA in warehouses) and high transparency in monthly reports. Point of note: its specific track record in real estate funds is recent.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Cajamar Logistics Warehouse | Cajamar — SP | 27.6% | 1.0% |
| AZ Quest Panorama Equity FII | — | 34.7% | — |
| Urdi Jandira Real Estate Fund (vehicle for the Jandira warehouse) | — | 14.0% | — |
| Direct CRI portfolio (~18 operations) | — | 23.1% | — |
| Cash and Fixed Income Funds | — | 0.8% | — |
HHI 0.27 — moderada.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By tenant | AZPE Real Estate Fund (diversified credit portfolio) 34.7% · Mercado Livre 21.8% · Iron Mountain 6.9% · CAOA 5.8% · Premix / World Mix / LogCare (Jandira) 6.9% |
Market price of R$ 7.62 (June 1, 2026) compared to the book value per unit of R$ 8.58 (financial statements as of Dec 31, 2025) — an 11% discount to book value. The real estate asset reappraisal in Feb/2026 added +1.25%, and recent leasing spreads (+22.4% in Jandira, +20.8% in Cajamar) suggest that the properties may be undervalued in the appraisal report.
last close R$ 7.35 · all-time low R$ 6.27 · high R$ 9.85 · book value per unit R$ 8.61.
Average daily volume (21 sessions) of R$ 589,000.
Liquidity is the primary constraint on the thesis. A daily volume of R$ 589k supports retail investors with tickets up to ~R$ 100k without moving the price. Institutional funds and family offices must build positions via VWAP over strategic windows.
In less than 2 years, AZPL11 grew its net assets from R$ 116M to R$ 359M, tripling in size through 3 offerings and consolidating a hybrid structure (warehouses + credit portfolio). The monthly distribution converged to R$ 0.075/unit following the 3rd offering, reflecting the expanded unit base. The market unit price fell from R$ 10.00 at the IPO to R$ 7.70 (-23%), while the book value remains at R$ 8.58 — creating a P/BV discount of 0.90 that presents an attractive entry window.
| Period | What happened |
|---|---|
| IPO | Fund liquidation on June 5, 2024, with initial net assets of R$ 116.4M. Initial allocation focused on warehouses (R$ 43.8M) and building the credit portfolio. |
| AQUISIÇÃO CAJAMAR | The fund structures the acquisition of the Cajamar Warehouse (22.5% stake) using seller financing, allowing it to allocate a portion of resources to CRIs and optimize initial distributions. |
| ENCERRAMENTO DO 1º EXERCÍCIO | The fund closed 2024 with net assets of R$ 177.8M, stable distributions at R$ 0.09/unit (~11% yield on the IPO price), and a 100% occupied portfolio. |
| 3ª EMISSÃO | The 3rd offering raises R$ 177.8M (23.7M units), lifting net assets to ~R$ 352M. Part is paid up via the contribution of AZPE fund units (R$ 125M), consolidating the hybrid structure. |
| CONSOLIDAÇÃO | The fund closed 2025 with 100% warehouse occupancy, an annual result of R$ 30.97M, and net assets of R$ 359.9M. Commercialization of the remaining Jandira area was executed at prices 20.8% above the previous contract. |
| ATUAL | April 2026 results exceeded distributions with the highest positive payout in 6 months (R$ 3.78M generated vs R$ 3.14M distributed). Cash doubled to R$ 6.3M. The credit portfolio grew to R$ 233.7M via new repo operations, yielding CDI+3.10%/IPCA+11.10% — a meaningful improvement over the previous CDI+2.88%/IPCA+10.87%. |