(formerly Bluemacaw Office Fund II — VBI Office Fund II FII)
Segment: Brick · Offices · Low quality · Price R$ 92.63 · P/BV 0.9416 · BV/unit R$ 98.37 · Net assets R$ 97,9 Mi · 269 unitholders · 1 assets
BLMO11 (VBI Office Fund II FII) is a Brazilian REIT in the Brick · Offices · Low quality segment. (formerly Bluemacaw Office Fund II — VBI Office Fund II FII)
Fund with 13 suites in CENU West Tower (Berrini/SP) and scheduled winding down in Dec/2027 — the entire thesis depends on selling the property within the deadline. Note: distribution cut to R$ 0.35/unit in Jul/26 (~4.7% DY) — below the pessimistic floor; recurring earnings do not support the previous level.
This page gathers the factual snapshot of BLMO11 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 Investimentos (VBI Real Estate).
Pátria Investimentos is Brazil's largest independent FII manager following the completion of its acquisition of VBI Real Estate (finalized in 2024). The Real Estate platform, led by Rodrigo Abbud, manages approximately 1 million unitholders and over R$ 38 billion in real estate assets, featuring benchmark products such as HGLG11, HGRU11, and PVBI11. Management (Pátria – VBI Asset Management Ltda.) is technically competent, with transparent communication and disclosures of non-recurring revaluations.
The point of attention is not management quality, but rather the fund's size and mandate: with net assets of R$ 98 million, BLMO11 is a small asset within the group's portfolio, which may imply lower strategic priority relative to the firm's flagship funds. Administration and bookkeeping are handled by BRL Trust DTVM (Apex Group), with Grant Thornton serving as independent auditor. The fund has a defined mandate (no asset recycling), and its stated objective is to sell its sole property within its established term.
See our analysis of Pátria Investimentos (VBI Real Estate) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CENU West Tower — Centro Empresarial Nações Unidas | Av. das Nações Unidas, Berrini region, São Paulo/SP | — | 0.923% |
HHI 1.0 — maximum (single-asset).
| Breakdown | Share |
|---|---|
| By tenant | Petlove 48.0% · Orizon 18.0% · Care Plus 18.0% · Cavaletti 9.0% · Best Life (EP&A) 8.0% |
Quote of R$ 83.54 (06/01/2026) vs book value per unit of R$ 98.84 (Mar/2026). Discount of ~15%—in line with the corporate office segment, slightly above IFIX-Office (0.80x). The discount reflects: (i) single-asset concentration; (ii) fixed timeline ending Dec/2027; (iii) 7.7% vacancy; (iv) near-zero liquidity; (v) recent negative appraisal.
last close R$ 92.63 · all-time low R$ 66.09 · high R$ 95.00 · book value per unit R$ 98.37.
With an ADTV of only R$ 0.8 thousand/day, liquidating a R$ 100 thousand position without moving the price (capping at 20% of ADTV/day) would take hundreds of trading sessions—making it practically unviable. Even R$ 10k–20k positions demand patience and likely price concessions. The fund suits only very small ticket sizes or investors willing to remain locked in until liquidation.
The BLMO11 was launched in Dec/2019 under Bluemacaw management as a fixed-term fund to acquire corporate offices, and subsequently passed through VBI Real Estate (2023) and Pátria (2024). After concentrating 100% of its assets in a single property (CENU West Tower), the fund extended its term from 4 to 8 years in Dec/2023 and executed a 1:262 split to improve liquidity. Since the IPO, the total return on the unit price adjusted for distributions has been only +11.3% (≈1.8% p.a.), far trailing the IFIX (+62.5%, 8.4% p.a.) and the gross CDI rate (+78.8%).
Recent conditions are challenging: a negative 5.8% revaluation in Dec/25 that generated a fiscal loss, 7.7% vacancy opened in Mar/26, and near-zero liquidity. The thesis comes down to a single outcome: management selling the property prior to Dec/2027 at a price that justifies the current book discount.
| Period | What happened |
|---|---|
| IPO | Fund established on 12/27/2019 under Bluemacaw management as a fixed-term office FII. The 1st offering raised ~R$ 67.0M and acquired suites in the CENU West Tower. |
| EXPANSÃO | 2nd offering of ~R$ 67.0M in additional capital. New acquisitions in the same West Tower consolidate the portfolio into 13 suites with a total GLA of 7,983 sqm. |
| MANAGEMENT TRANSITION (Bluemacaw → VBI) | VBI Real Estate assumes management of the fund (formerly Bluemacaw). Name changes to VBI Office Fund II FII. Ticker BLMO11 maintained. Management fee reduced from 1.25% to 1.00% p.a. |
| PRORROGAÇÃO + DESDOBRAMENTO | Bylaw amendment extends term from 4 to 8 years (new maturity Dec/2027) and approves a 1:262 unit split on 12/22/23 to improve liquidity. |
| INTEGRAÇÃO PÁTRIA | Pátria completes the acquisition of 100% of VBI Real Estate, creating Brazil's largest independent FII manager. BLMO11 is brought under Pátria – VBI Asset Management. |
| REAVALIAÇÃO -5,8% | Binswanger revalues the West Tower with a 5.8% markdown, from R$ 99.9M to R$ 94.1M. The fair value adjustment of -R$ 5.98M leads the fund to a net loss of R$ 272 thousand in the 2025 fiscal year (loss per unit of -R$ 0.27, vs +R$ 5.78 in 2024). |
| VACANCY (Nelson Wilians departure) | Tenant Nelson Wilians, who had given notice of termination in Dec/25, vacates the suite. Physical vacancy moves from 0.0% to 7.7% (financial vacancy at 9.0%). Monthly cash flow was unaffected — the tenant paid rent and the termination penalty (non-recurring revenue of R$ 0.04/unit). |
| ATUAL (DATA ANÁLISE) | Fund operates at 92.3% occupancy. Unit price at R$ 83.54 (06/01/2026), P/BV 0.85, distribution maintained at R$ 0.53/unit (payment on 06/15/2026). Management focus: lease the vacant suite and identify an asset sale window within the ~19 remaining months. |