Former Bluemacaw Logística FII — renamed in Jan/2026 following strategic repositioning (CNPJ 34.081.637/0001-71)
Segment: Hybrid / Multi-strategy (in transition) · Price R$ 30.69 · P/BV 0.6717 · BV/unit R$ 45.69 · Net assets R$ 213 Mi · 12,455 unitholders · 1 assets
BLMG11 (Bluemacaw FII) is a Brazilian REIT in the Hybrid / Multi-strategy (in transition) segment. Former Bluemacaw Logística FII — renamed in Jan/2026 following strategic repositioning (CNPJ 34.081.637/0001-71)
A Brazilian REIT-style fund (FII) that distributes monthly income by investing in units of other real-estate funds—primarily logistics warehouses via Zagros—and an office building in Salvador leased to a call-center operation. Heads up: in October 2027, an income supplement that currently supports part of the dividend expires.
This page gathers the factual snapshot of BLMG11 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: BlueMacaw Gestora de Recursos.
BlueMacaw was founded in 2019 as a spin-off from Blackstone, established by Marcelo Fedak (former head of Real Estate for Latin America at Blackstone). In 2020, it formed a strategic partnership with XP. Despite an experienced senior team, BLMG11 management faced consecutive negative events: Baker Hughes' lease termination in Jandira (2023), dissolution of the partnership with Oaktree (2024–2025), and asset sales below potential value. Portfolio recycling to GGRC11 in Sep/2025 finally stopped the bleeding, but the IRR since the IPO stands at -8.4% p.a. compared to +8.7% if held in the theoretical portfolio.Audited portfolio as of Dec 31, 2025 (net assets of R$ 218.6M): 80.5% of net assets in units of other FIIs — held directly and through the Bluemacaw Portfólio SPV, whose assets are 99.65% FII units — and 17.4% in its sole proprietary property, BM Salvador. Percentages are based on net assets as of the record date.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Zagros Renda Imobiliária FII | — | 43.6% | — |
| SPE Bluemacaw Portfólio Ltda | — | 33.5% | — |
| BM Salvador Warehouse (Edifício Atento) | Rua do Uruguai, nº 43, Bairro do Uruguai, Salvador/BA | 17.4% | 1.0% |
| Onda Invest Multiestratégia FII | — | 3.5% | — |
| Cash and liquidity investments | — | 1.8% | — |
| Receivables | — | 0.4% | — |
HHI 0.334 — alta.
| Breakdown | Share |
|---|---|
| By state | Northeast (Salvador/BA) 100.0% |
| By tenant | Atento Brasil S/A (Itaú Unibanco operation) 100.0% |
| By index | Not disclosed (commercial confidentiality) 100.0% |
| By asset class | Cotas de FII (diretas e via SPE) 80.5% · Imóvel próprio 17.4% · Caixa, renda fixa e recebíveis 2.2% |
last close R$ 30.69 · all-time low R$ 25.48 · high R$ 109.99 · book value per unit R$ 45.69.
Average daily volume (21 sessions) of R$ 251,841 · 12-month average of R$ 382,592.
Low liquidity. A R$ 100k position takes ~2 business days to exit without moving the price; R$ 1M takes ~20 days. Incompatible with any strategy requiring quick exits
| Period | What happened |
|---|---|
| IPO | Launch as a logistics FII raising R$ 190M at R$ 100/unit. |
| EXPANSÃO | Portfolio growth with new offerings and logistics acquisitions. |
| PARCERIA OAKTREE | Strategic partnership with Oaktree across 3 main assets. |
| CHOQUE BAKER HUGHES | Jandira tenant announces early lease termination. |
| REESTRUTURAÇÃO | Asset sales, extraordinary principal repayments, and DPU drop. |
| DESINVESTIMENTOS | End of logistics cycle: CRI payoff and sale of remaining assets. |
| REPOSICIONAMENTO | Renaming, new multi-strategy mandate, and buyback program. |