Renamed to TVRI11 (Tivio Renda Imobiliária) in Oct/2023 when active management was assumed by Tivio Capital. CNPJ 14.410.722/0001-29.
Segment: Brick / Urban Income + Corporate Offices · Price R$ 96.75 · P/BV 0.9624 · BV/unit R$ 100.53 · Net assets R$ 1,60 Bi · 57,451 unitholders · 58 assets
BBPO11 (BB Progressivo II FII) is a Brazilian REIT in the Brick / Urban Income + Corporate Offices segment. Renamed to TVRI11 (Tivio Renda Imobiliária) in Oct/2023 when active management was assumed by Tivio Capital. CNPJ 14.410.722/0001-29.
Owner of Banco do Brasil branches, office floors, and headquarters spread across 14 states, distributing the rental income from these properties as monthly yield. Be aware: nearly all contracts with Banco do Brasil mature in November 2027, creating uncertainty regarding the fund's future income.
This page gathers the factual snapshot of BBPO11 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: Tivio Capital DTVM S.A..
Tivio Capital is the evolution of BV Asset (formerly Votorantim Asset), which underwent a corporate restructuring in 2023. It took over BBPO11 — an 11-year-old passive fund — and delivered in just over 2 years: 9 sales at ~40% above book value, R$ 2.96+/unit in non-recurring profit, and two strategic acquisitions (Hortifruti Botafogo and Santo André Day Hospital) with cap rates of 10.4-10.6% and long-term leases (2035-2037). Strong technical work. In 2026, it won 3rd place in the InfoMoney Outliers ranking in the Brick-and-Mortar FII category. Risk: the fund needs to deliver a much higher volume of recycling over the next 18 months — approximately 50 Banco do Brasil branches remain in the portfolio.Transitioning portfolio: 56 Banco do Brasil branches/office floors + 2 new properties (Hortifruti, Day Hospital). Active recycling strategy.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Headquarters Building III - Brasília | QD. 1, BL.G, LT. 32 - Brasília/DF | — | — |
| CSL São Paulo (3 addresses) | Av. S. João, 32 / R. Líbero Badaró, 568 / R. S. Bento, 465 - SP | — | — |
| Belo Horizonte Branch | R. Rio de Janeiro, 750 - BH/MG | — | — |
| CSL Curitiba | Pç. Tiradentes, 410 - Curitiba/PR | — | — |
| Tamoios Branch BH | R. Tamoios, 731 - BH/MG | — | — |
| CSL Belo Horizonte | R. da Bahia, 2500 - BH/MG | — | — |
| Belém - Center Branch | Av. Presidente Vargas, 248 - Belém/PA | — | — |
| CSL Brasília (Goiânia) | Av. Goiás, 980 - QD.14 - Goiânia/GO | — | — |
| CACEX Building | R. São Bento, 483 - SP | — | — |
| Ag. Manaus | R. Guilherme Moreira, 315 - Manaus/AM | — | — |
| Ipiranga Branch - SP | R. Bom Pastor, 153/169 - SP | — | — |
| Afonso Pena Branch (Campo Grande) | Av. Afonso Pena, 2202 - Campo Grande/MS | — | — |
| Campos Elíseos Branch | Av. Rio Branco, 1437 - SP | — | — |
| Praça Rui Barbosa Branch - Bauru | Pç. Rui Barbosa, 1-55 - Bauru/SP | — | — |
| Santo André Day Hospital | Av. Dom Pedro II, 655 - Santo André/SP | — | — |
| Hortifruti Botafogo | R. Prof. Álvaro Rodrigues, 355 - RJ | — | — |
| Cinelândia Branch (RJ) | Av. 13 de Maio, 13 - RJ | — | — |
| São José do Rio Preto Branch | R. Voluntários de S.Paulo, 2975 - SJRP/SP | — | — |
| +40 other Banco do Brasil branches/office floors | Various — SP, RJ, RS, SC, PR, MG, GO, DF, CE, AM, MS, MT, PA, SE | — | — |
HHI 0.1156 — Moderate-high concentration. HHI of 0.116 reflects the dominance of Headquarters Building III + 3 CSLs..
| Breakdown | Share |
|---|---|
| By state | SP 53.0% · DF 13.5% · RJ 14.4% · MG 14.0% · PR 6.5% · SC 2.9% |
last close R$ 96.75 · all-time low R$ 78.11 · high R$ 171.60 · book value per unit R$ 100.53.
| Period | What happened |
|---|---|
| 2012 | Fund created by Votorantim Asset with 64 properties acquired from Banco do Brasil. 10-year build-to-suit lease contract (through Nov/2022) with base rent of R$ 144M/year, adjusted by IPCA inflation index. Trading began on Dec 30, 2012. |
| 2013 | Banco do Brasil contributed R$ 130.9M to cover necessary improvements during the 10-year contract term. Initial structure: base rent + property transfer tax (ITBI) + reserve. |
| 2017 | Stable monthly distribution throughout 2017 (average 0.99). 'Certificate of deposit with an address' model: build-to-suit lease = predictable dividend. Attracts conservative unitholders. |
| 2020 | Elevated IPCA inflation indexation during the pandemic drives DPU to a historical high of R$ 1.08. Annualized dividend yield at ~12% maintains attractiveness. |
| 2022 | In Nov/2022 the build-to-suit status expired. The 64 contracts were migrated to standard leases with rents renegotiated downward (average -8% according to history). DPU drops from R$ 0.98 (2020) to R$ 0.89 (2022). Period of maximum uncertainty. |
| 2023 | Unitholders approve shift to active management. Tivio Capital (restructured former BV Asset) assumes the mandate. Portfolio recycling process begins. |
| 2023 | Renamed to Tivio Renda Imobiliária with a new ticker. End of the 'Banco do Brasil fund' era. In Nov/2023, the first sale: Juiz de Fora Branch for R$ 54M (59% above appraisal, profit R$ 1.78/unit). |
| 2024 | In 2024 Tivio executes 5 sales (Brás, Tijuca, Catedral Sorocaba, Ponta Grossa, Maringá) totaling R$ 77.6M. DPU rises gradually: R$ 0.97 → R$ 0.98 — a combination of non-recurring profit + IPCA inflation adjustment of remaining leases. |
| 2025 | Tivio executes the active era's first acquisitions: Hortifruti Botafogo (R$ 25M, standard lease through 2035) and Santo André Day Hospital (R$ 21.6M via FII Bluerock + R$ 35.1M in assumed CRI, build-to-suit lease through 2037). Diversifies sector (healthcare + retail) and extends WAULT. |
| 2026 | Sale of Toledo Branch for R$ 13M (57% above appraisal, cap rate 8.4%). DPU rises to R$ 1.05. TVRI11 wins 3rd place in the 2026 InfoMoney Outliers ranking in the Brick-and-Mortar FII category. External validation of active management's work. |
| 2026 | In Feb/2026: Banco do Brasil notifies early lease termination for SJ Rio Preto, Tamoios, and Cinelândia (4.7% of revenue). In Mar/2026: additional notices for Praça Rui Barbosa-Bauru and Belém-Centro. CACEX Building returned in Jan/26. Projected financial vacancy jumps from 2.7% to 19% in Feb/2027. |
| 2026 | Sale of Florianópolis/SC Branch (Praça XV, 321 — 5,722 sqm) for R$ 37.8M in 5 installments. Lease contract ran through 2032 (77 residual months). Premium of 39.3% over appraisal, cap rate 8.2%, non-recurring earnings of R$ 0.07/unit. Accumulated total of 9 sales: ≈R$ 200.5M since Aug/2023. |