Recommendation: HOLD · Rating 5.9/10
The TVRI11 is in a race against the clock: it has ~4 years to recycle 50+ Banco do Brasil branches before the concentrated maturity in Nov/2027 becomes an acute issue. Tivio Capital proved with its first 9 sales (≈R$ 200.5M at ~40% above appraisal) that it possesses technical capability. However, the pace must double: it has sold 14% of the portfolio in 2 years; over 80% remains to be allocated before Banco do Brasil returns whatever space it plans to close.
The P/BV of 0.91 reflects this tension. The unitholder pays 9% below book value but receives a portfolio in metamorphosis. The early positive signals are real (Hortifruti and Day Hospital extend leases to 2035-2037, 2026 InfoMoney Outliers 3rd place), but the Headquarters Building III alone concentrates 21% of revenue — if Banco do Brasil returns this single property, the impact is catastrophic.
For investors: it is a trade-off between book value discount + dividend yield 13.3% + execution quality versus concentration risk + race against Nov/2027. It fits portfolios of investors who accept limited visibility and have a 4-6 year horizon to follow the transformation.
Our current reading of BBPO11 is HOLD, with a score of 5.9/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
8th out of 11: Banco do Brasil branches and headquarters, dividend yield of 13.3%, but a P/BV of 0.96 offers little margin of safety. Same Nov/2027 cliff as TVRI11, yet without tenant replacement management and with 7 branches already notified of lease termination. HOLD.R$ 0.67/unit retained (~4.5 months of DPU) + R$ 0.76/unit in sales receivable. This cushion allows the fund to maintain a stable DPU through late 2027 even with rising vacancy. However, it is a finite cushion — it depletes in 2028 if the gap is not closed by new leases.
The R$ 35.1M CRI at IPCA + 8.75% assumed along with FII Bluerock is debt of the Bluerock vehicle — if the UNIMED rent fails to pay, the CRI executes the asset via Bluerock. TVRI11 would lose the R$ 21.6M invested in the units. It is not debt on TVRI11's balance sheet, but it is real economic exposure.
The buyer of the Brás Branch is behind on 3 installments in 2026 (R$ 13.5M receivable). If Tivio sells more properties with installment payments and experiences further delinquencies, projected capital gains (R$ 0.76/unit receivable) may not materialize on schedule.
Even if Banco do Brasil renews 100% of standard leases in Nov/2027, the renewal will be at market rent — historically 10-20% below current values (residual of the original build-to-suit contract). Direct impact on post-2027 DPU.
| Scenario | Description |
|---|---|
| Banco do Brasil renews 70%+ of contracts in Nov/2027 | Maintains majority of cash flow, complemented by Hortifruti + Day Hospital + ongoing recycling. |
| Tivio executes 5+ sales/year through 2027 | Continuity of current pace: 4 sales/year with an average premium of 42% over appraisal. |
| P/BV convergence to 1.00 | Reconvergence to 1.00 (already occurred in Jan/26). Total return of 21% in 12-18 months. |
| Banco do Brasil returns 30%+ of properties in Nov/2027 | Vacancy jumps to 30%+. Retained earnings reserves plus rapid recycling absorb only a part. DPU may drop to R$ 0.75-0.80. |
| Headquarters Building III returned independently | 21% of revenue. DPU drops 21% without immediate replacement. Recycling an asset of this size requires 6-18 months. |
| Delinquency spreads (installment sales) | If another 2-3 installment sales fail, the R$ 0.76/unit receivable turns into court-supervised reorganization — taking years to recover. |
TVRI11 is a rare case of a Brazilian REIT-style fund (FII) undergoing an explicit metamorphosis: it started in 2012 as a passive vehicle designed for a single client (BB) with a set maturity date, and since 2023 it has been recreated by Tivio Capital in plain view of the market. Early results are consistent — 8 sales at 42% above appraisal, R$ 162.7M unlocked, 2 strategic acquisitions (Hortifruti, Day Hospital) that extend WAULT to 2035-2037 and diversify into retail and healthcare. Its 3rd place finish in the 2026 InfoMoney Outliers Award in the Brick-and-Mortar FII category recognizes this work.
However, the investment thesis carries a red-letter expiration date: Nov/2027. In that month, ~90% of BB's lease agreements expire. Headquarters Building III alone concentrates 21% of revenue. If BB renews everything, great — sustainable DPU. If BB returns 30%, even with retained earnings reserves plus receivables, the DPU may drop from R$ 1.05 to R$ 0.80 or lower. The 7 early termination notices already received (CACEX Building, SJ Rio Preto, Tamoios, Cinelândia, Bauru, Belém, +1) are a clear sign that BB is reducing its physical footprint — and this is likely to intensify.
The P/BV of 0.91 adequately reflects this risk. It is not a bargain (P/BV of similar peers like TRXF11 and ALZR11 sits at 0.96-0.98), but it is not expensive either. The 13.3% dividend yield is the second highest among comparable brick-and-mortar funds and includes ~10% in capital gains (sales) that will diminish as the portfolio recycles. For investors willing to follow the active transformation for 4-6 years, there is value. For those who need predictability, better funds exist.
Current recommendation: HOLD. Rating 5.9/10. BBPO11 (now traded as TVRI11 ) acquired properties from Banco do Brasil and leases them back to the bank — bank branches, office floors, and headquarters spread across 14 states. Every month the fund distributes this rent to you, exempt from income tax. Tivio Capital assumed…
Our current read on BBPO11 is “HOLD”. Rating 5.9/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for BB Progressivo II FII include: 90% of contracts mature in Nov/2027; Banco do Brasil has already notified early lease termination for 7 branches; Critical concentration in 1 property: Headquarters Building III Brasília = 21% of revenue; Delinquency at Brás Branch (R$ 13.49M receivable).
BBPO11 is suitable for: Investors who understand they are paying R$ 0.91 for R$ 1.00 of book value in exchange for 4 years of high uncertainty Those seeking a dividend yield of 13%+ and accepting that part of it stems from capital gains (sales) that will diminish Patient unitholders willing to wait for the metamorphosis to complete — 4-6 year horizon