(Bresco Investimentos e Gestão Ltda. — CNPJ 20.748.515/0001-81)
Segment: Logistics (Brick High-Grade — 71% last mile / 13 out of 14 A+ properties) · Price R$ 111.84 · P/BV 0.9736 · BV/unit R$ 114.87 · Net assets R$ 2,07 Bi · 138,623 unitholders · 14 assets
BRCO11 (Bresco Logística FII) is a Brazilian REIT in the Logistics (Brick High-Grade — 71% last mile / 13 out of 14 A+ properties) segment. (Bresco Investimentos e Gestão Ltda. — CNPJ 20.748.515/0001-81)
Owns 14 high-end logistics warehouses across seven states, many near São Paulo, leased to major companies like Mercado Livre, Natura, and Heineken, which pay rent distributed as tax-exempt income. Note: the lease for the largest tenant, located in Bahia, is currently under open renewal negotiations.
This page gathers the factual snapshot of BRCO11 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: Bresco Investimentos e Gestão Ltda..
Bresco Investimentos e Gestão is an independent manager specializing exclusively in the logistics/industrial segment, with active and integrated operations spanning leasing, development, and asset management. The fund holds a 100% ownership stake in all properties — indicating strong alignment with unitholders and operational maturity.
Post-IPO track record includes a total return of 104.1% vs. 34.1% for the IFIX, the profitable divestment of the Bresco São Paulo property (GPA CD06) for R$ 325M in 2023, and the recent acquisition of Bresco Viracopos (7 stabilized assets) and Bresco Simões Filho via the 6th offering. Hiring S&P Ratings (brAA+) to rate the fund and its CRIs reinforces institutional governance.
Premium logistics portfolio across 7 states, 71% last mile, 13 out of 14 A+ properties (SiiLA), 76% Investment Grade. Vacancy at 5.9% (Canoas ~27% + Resende 100% + Mall Viracopos 14.4%) in Aug/26. G1 Viracopos with 1.0 year remaining (expires ~Jun/2027).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Bresco Osasco | Rua Henry Ford, 803 — Osasco/SP | 100.0% | 1.0% |
| GPA CD04 São Paulo | Estrada Turística do Jaraguá, 50 — São Paulo/SP | 100.0% | 1.0% |
| Whirlpool São Paulo | Rua Olympia Semeraro, 381 — São Paulo/SP | 100.0% | 1.0% |
| Bresco Embu | Av. Helio Ossamu Daikuara, 1135 — Embu das Artes/SP | 100.0% | 1.0% |
| Bresco Itupeva | Rod. D. Gabriel Paulino B. C., 1606 — Itupeva/SP | 100.0% | 1.0% |
| HUB Natura Itupeva | Rod. D. Gabriel Paulino B. C., 1606 — Itupeva/SP | 100.0% | 1.0% |
| Bresco Contagem | Av. Wilson Tavares Ribeiro, 1651 — Contagem/MG | 100.0% | 1.0% |
| Bresco Resende | Acesso Rod. Pres. Dutra, km 298 — Resende/RJ | 100.0% | 0.0% |
| BRF Londrina | R. Eugênia S. Rosário, 2800 — Londrina/PR | 100.0% | 1.0% |
| Bresco Canoas | Avenida Tabai (BR 386), 1200 — Canoas/RS | 100.0% | 0.728% |
| Bresco Bahia | Estrada da Telha, 483 — Lauro de Freitas/BA | 100.0% | 1.0% |
| Bresco Simões Filho | Via de Acesso II da BR 324 — Simões Filho/BA | 100.0% | 1.0% |
| Natura Murici | Acesso BR-104 — Murici/AL | 100.0% | 1.0% |
| Bresco Viracopos (complex with 7 properties: G1, Flex, Azul, E1, E2, Ramada Hotel, Mall) | Rua Sergio Fernandes Borges Soares, 1,000 — Campinas/SP | 100.0% | 0.978% |
HHI 0.082 — moderada.
| Breakdown | Share |
|---|---|
| By state | Sudeste 77.0% · Nordeste 14.0% · Sul 10.0% |
| By tenant | Natura (Murici + HUB Itupeva) 14.0% · Whirlpool 11.0% · BRF (Londrina) 9.0% · GPA (CD04 + Mall Viracopos) 7.0% · Mercado Livre (Bahia) 7.0% · Magazine Luiza 6.0% |
| By index | IPCA 98.0% · IGPM 2.0% |
Quote at a mild discount to book value (R$ 113.13 vs. R$ 115.70). Reasonable margin of safety for an A+ logistics fund. Book value per unit declined to R$ 115.7 in May/26 (from R$ 116.02 in Apr/26).
last close R$ 111.84 · all-time low R$ 81.0 · high R$ 122.0 · book value per unit R$ 114.87.
Average daily volume (21 sessions) of R$ 6,200,000 · 12-month average of R$ 7,000,000.
Good liquidity for the logistics segment — average of R$ 6.2M/day in May/26 (down from R$ 8.9M/day in Apr/26). 100% presence in trading sessions. A R$ 1M position can be exited in ~2 hours of trading without moving the price. Suitable for medium to long-term strategies.
In just over 6 years as a publicly traded vehicle (and 10 years since inception), BRCO11 has established itself as a benchmark in B3's logistics segment. From its IPO at R$ 100/unit in Dec/2019 to its current quote of R$ 116.18, total return (price appreciation plus distributions) reached +104.1%, more than triple the IFIX's +34.1% over the same period. The unitholder base grew 18x (from ~7k to 133k) and net assets climbed from R$ 1.20B to R$ 2.10B. The 2024-2025 cycle was marked by intense tenant portfolio recycling, culminating in the 6th share offering that incorporated the Bresco Viracopos complex — a growth catalyst for the coming years.
| Period | What happened |
|---|---|
| PRÉ-IPO | Fund established on July 13, 2016, as a private vehicle for Original Investors (currently 11% of the base). Initial portfolio construction: Bresco Bahia, Whirlpool, Natura Itupeva, BRF Londrina. Net assets grew from R$ 256M (Dec/2016) to R$ 1.20B (Dec/2019, pre-IPO). |
| IPO | IPO at R$ 100/unit amid the post-pandemic logistics boom (Jan/2020 onwards). The fund entered B3 with a mature Bresco portfolio, 100% direct ownership, and no rent guarantee (RMG). |
| EXPANSÃO E PRIMEIRO CICLO | Acquisition of Bresco Bahia (Lauro de Freitas, Mercado Livre) and start of stabilized operations in Londrina (built-to-suit BRF). DPU rose from R$ 0.55 (2020) to R$ 0.65-0.70 (2022). Net assets reached R$ 1.80B. |
| DESINVESTIMENTO RECORD | Sale of the Bresco São Paulo property (GPA CD06) to JBS for R$ 325M, payable in 48 monthly installments adjusted by the CDI, Brazil's interbank reference rate. Assignment of 37% of receivables via CRI in Oct/2023. Real estate revenue positively impacted since Jul/2023 with R$ 2.5M/month installments. |
| AQUISIÇÕES BTS | Incorporation of Bresco Osasco and Natura Murici properties via the dissolution of SPEs (Bres Henry Ford and Bresco Murici). Atypical lease with Natura extended until 2039 in Apr/25 — now with 13.3 remaining years. |
| RECICLAGEM ATIVA | An intense cycle of early lease terminations (Americanas in Contagem, FM Logistic in Canoas, MRO in Embu, WestRock in Itupeva, Cainiao in Osasco). Replacement with Correios (Contagem Jul/25), M. Dias Branco (Canoas Sep/25), Reckitt (Itupeva May+Nov/25), and Nubank (Flex Viracopos Dec/25). Physical vacancy fluctuated between 3.8% and 8.3% over the year. Hiring of S&P Ratings (brAA+) in Oct/25. |
| 6ª EMISSÃO TRANSFORMACIONAL | Acquisition of Bresco Viracopos (7 stabilized properties, 88.4k sqm) and Bresco Simões Filho (26.5k sqm) via a single administrator resolution. Total GLA rises to 591k sqm (+25%). A R$ 247M CRI (IPCA+8.1%, 60 months) financed the transaction. Net assets increased to R$ 2.10B. |
| ATUAL | Quote at R$ 116.55 (P/BV 1.00), annualized dividend yield of 9.3%, 137k unitholders. June/26 DPU: R$ 0.95 (payment on June 12, 2026). Embu fully leased to Expresso 3300 (Material Fact Notice May 26, 2026, 3 years) — physical vacancy dropped from 11% to 6.2% (Canoas 53% + Resende 100% remaining). Suno hired as new Market Maker (Material Fact Notice May 28, 2026). |