Liquidated on Sept 9, 2025 — assets transferred to CVBI11 (now PCIP11). CNPJ 29.267.567/0001-00 cancelled.
Segment: Paper — Active Management Hybrid CRI (LIQUIDATED) · Price R$ 79.2 · P/BV 0.9277 · BV/unit R$ 85.37 · Net assets R$ 410M (Jul/2025, last Monthly Report) · 31,744 unitholders
BARI11 (FII VBI Rendimentos Imobiliários I (formerly Barigui Recebíveis)) is a Brazilian REIT in the Paper — Active Management Hybrid CRI (LIQUIDATED) segment. Liquidated on Sept 9, 2025 — assets transferred to CVBI11 (now PCIP11). CNPJ 29.267.567/0001-00 cancelled.
Fund wound up in September 2025 — for seven years it lent money to the real estate sector via dozens of inflation-adjusted contracts, passing on the interest as monthly income exempt from income tax. Unitholders were migrated to the successor fund PCIP11, managed by the same Pátria-VBI team.
This page gathers the factual snapshot of BARI11 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: Pátria - VBI Securities Ltda..
BARI11's management originated with Barigui in Dec/2018 (hence the ticker), migrated to VBI Real Estate in 2020, and was consolidated into Pátria Investimentos following the group's acquisition of VBI. In Dec/2024, VBI Securities was formally renamed to Pátria - VBI Securities Ltda. (CNPJ 17.054.901/0001-69). Today it is one of Brazil's largest Brazilian REIT platforms. The decision to liquidate BARI and consolidate it into CVBI (later PCIP) was announced in June/2025 as part of a broader strategy to consolidate the firm's paper real estate funds — the same move absorbed PLCR11 into CVBI/PCIP11 and RVBI11/HGFF11/BPFF11 into PSEC11.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-bari-ix-tecnisa-88a | — | 7.8% | — |
| cri-rosewood-ii | — | 4.8% | — |
| cri-visconde-icarai-b | — | 4.3% | — |
| cri-bari-ix-tecnisa-114a | — | 4.1% | — |
| cri-visconde-icarai-a | — | 3.9% | — |
| cri-bari-xviii-111a | — | 3.8% | — |
| cri-bari-vii-80a | — | 3.8% | — |
| cri-bari-xvii-109a | — | 3.0% | — |
| cri-buriti | — | 2.9% | — |
| cri-bari-xv-senior-12a | — | 2.8% | — |
| cri-bari-xx-112a | — | 2.7% | — |
| cri-bari-xxi-senior-10a | — | 2.6% | — |
| cri-bari-xiii-ipca-95a | — | 2.6% | — |
| cri-fgr | — | 2.5% | — |
| cri-assai-cbd | — | 2.4% | — |
| cri-swiss-park-perform | — | 2.2% | — |
| cri-evolution | — | 2.2% | — |
| cri-braspark | — | 2.2% | — |
| cri-bari-xii-igpm-94a | — | 2.2% | — |
| cri-vca-iii | — | 2.2% | — |
| cri-mateus | — | 2.2% | — |
| cri-brdu | — | 2.0% | — |
| cri-copagril | — | 1.6% | — |
| cri-keycash-sr | — | 1.5% | — |
| cri-blue-asset | — | 1.5% | — |
| cri-bari-senior-91 | — | 1.4% | — |
| cri-bari-x-senior-89a | — | 1.4% | — |
| cri-bari-xiv-senior-103a | — | 1.2% | — |
| cri-minas-brisa | — | 1.1% | — |
| cri-socicam | — | 1.1% | — |
| cri-ceratti-magni | — | 1.0% | — |
| cri-bari-xix-113a | — | 0.9% | — |
| cri-helbor-multi-renda-ii | — | 0.9% | — |
| cri-bari-iv-71a | — | 0.8% | — |
| cri-bari-xvi-110a | — | 0.8% | — |
| cri-lote-5-serena | — | 0.6% | — |
| cri-prevent-senior | — | 0.6% | — |
| cri-bari-xi-junior-92a | — | 0.4% | — |
| cri-bari-x-junior-90a | — | 0.3% | — |
| cri-vitacon-ii-sr | — | 0.2% | — |
HHI 0.0264 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 61.2% · Sul 19.2% · Centro-Oeste 26.5% · Nordeste 1.3% · Norte 0.1% |
| By index | IPCA+ 80.0% · IGPM+ 17.0% · CDI+ 3.0% |
last close R$ 79.2 · all-time low R$ 57.74 · high R$ 116.29 · book value per unit R$ 85.37.
Average daily volume (21 sessions) of R$ 600,000 · 12-month average of R$ 700,000.
BARI11's 12-month average daily trading volume (ADTV) stood at R$ 0.6M–0.7M/day (July 2025 management report, ID 977579). BARI11's trading liquidity is now ZERO, as its units have been extinguished. For the successor's liquidity, refer to PCIP11 (ADTV of R$ 4.3M/day).
| Period | What happened |
|---|---|
| IPO Barigui | Start of operations as Barigui Recebíveis Imobiliários FII — IPO in December/2018 with a thesis of pulverized CRIs originated by the Bari securitizer. |
| Pivôt VBI | Manager changed to VBI Real Estate. Beginning of opportunistic allocation in credit Brazilian REIT-style funds (Apr/2020). Net assets expansion via offerings. |
| Era Pátria | Pátria Investimentos acquires VBI Real Estate. In Dec/2024, VBI Securities is formally renamed to Pátria - VBI Securities Ltda. Portfolio matures to ~40 CRIs. |
| Liquidation General Unitholder Meeting | Call notice published on June 12, 2025. Results disclosed on July 15, 2025: liquidation approved with 33.12% of votes in favor. Administration transferred from Oliveira Trust to BRL Trust on July 22, 2025. |
| Liquidação | Process completed. Assets assigned to CVBI11 (same manager) on August 29, 2025. Unitholders received CVBI unit receipts + cash by September 9, 2025. On September 24, 2025, CVBI11 was renamed to PCIP11. |