BC Fund — one of the first and largest institutional corporate office FIIs in Brazil (CNPJ 08.924.783/0001-01)
Segment: Offices (Corporate Towers) · Price R$ 39.19 · P/BV 0.4838 · BV/unit R$ 81.01 · Net assets R$ 2,16 Bi · 110,207 unitholders · 9 assets
BRCR11 (BTG Pactual Corporate Office Fund) is a Brazilian REIT in the Offices (Corporate Towers) segment. BC Fund — one of the first and largest institutional corporate office FIIs in Brazil (CNPJ 08.924.783/0001-01)
Owner of nine high-end buildings in São Paulo and Rio de Janeiro, leased to major corporations such as Samsung, Petrobras, and Sanofi, this BTG Pactual fund distributes rental income monthly as income-tax-exempt returns. Note: Petrobras may vacate one of the buildings in 2027-2028, reducing a portion of the income.
This page gathers the factual snapshot of BRCR11 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: BTG Pactual Asset Management.
The BC Fund is administered by BTG Pactual Serviços Financeiros S.A. DTVM and managed by BTG Pactual Gestora de Recursos, the asset management arm of Latin America's largest investment bank. Established in June 2007, it is one of the country's oldest and largest FIIs, boasting a track record of active management, disciplined portfolio recycling, and competitive cost structure.
Recent performance: net leasing of 15+ thousand sqm in 2025; debt spread reduction of 160 bps in 2025; negotiated grace period at Torre Almirante (Apr/2026); portfolio recycling with CENESP amortization (Apr/2024); rollover of Diamond debt for an additional 24 months. The management fee carries a 27% discount off the 1.50% nominal rate since Feb/2016 — resulting in an effective rate of 1.10%, low for an institutional fund of this size.
9 AAA corporate towers in SP/RJ, 144.7k sqm GLA, financial vacancy 8.8% / physical vacancy 11.1% (Apr/2026)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CEO Office Building | Av. Pres. Vargas, 4001 — Cidade Nova, Rio de Janeiro/RJ | 27.0% | 1.0% |
| Diamond Tower | Av. Chucri Zaidan — Vila Cordeiro, São Paulo/SP | 100.0% | 1.0% |
| Eldorado Business Tower | Av. Pres. Juscelino Kubitschek — Pinheiros, São Paulo/SP | 34.0% | 0.954% |
| EZ Towers - Tower B | Av. Magalhães de Castro — Vila São Francisco, São Paulo/SP | 16.0% | 0.818% |
| Montreal Building | Downtown Rio, Rio de Janeiro/RJ | 100.0% | 1.0% |
| MV9 Building | Av. Marechal Câmara — Centro, Rio de Janeiro/RJ | 100.0% | 0.818% |
| Senado Building | Av. Pres. Vargas — Centro, Rio de Janeiro/RJ | 20.0% | 1.0% |
| Sucupira Building | São Paulo/SP | 21.0% | 0.9% |
| Torre Almirante | Centro, Rio de Janeiro/RJ | 60.0% | 0.562% |
HHI 0.1824 — moderada.
| Breakdown | Share |
|---|---|
| By state | Sudeste-SP 41.0% · Sudeste-RJ 59.0% |
| By tenant | Petrobras 18.0% · Samsung 8.0% · Amil/UnitedHealth 6.0% · Cargill 5.0% · INPI 5.0% · Sanofi 3.0% |
| By index | IPCA 84.0% · IGP-M 16.0% |
BRCR11 trades at a 45% discount to its book value following the semiannual appraisal in May/2026: BV per unit dropped from R$ 85.65 to R$ 79.15 (-7.6%). The May appraisals revised portfolio properties downward, reflecting adjustments in the office market. The market price implies R$ 9,234/sqm compared to the revised appraisal of ~R$ 14,600/sqm.
last close R$ 39.19 · book value per unit R$ 81.01.
Average daily volume (21 sessions) of R$ 2,333,704 · 12-month average of R$ 1,832,166.
High liquidity — ADTV of R$ 2,334k/day. A R$ 1M position takes ~2.1 business days to liquidate without moving the price. Excellent for an institutional brick-and-mortar FII
Nearly 19 years under BTG Pactual management. BC Fund was born as an institutional vehicle for corporate office buildings and navigated expansion cycles (2019-2021, with the acquisitions of Diamond and Torre Almirante), pulled back during the COVID shock and interest rate hikes (2021-2022), recycled via CENESP in 2024, and lowered debt costs and absorbed vacancy in 2025-26. The current combination of deep value unit pricing, a Selic rate-cut cycle, and an institutional AAA portfolio represents the most favorable entry window in the last 5 years — albeit with residual risk from Torre Almirante.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Formed by BTG Pactual as one of Brazil's first institutional corporate-office Brazilian REIT-style funds (FIIs). |
| IPO NA B3 | Listing of units on the exchange marks the beginning of the institutional era — the first liquid option for individual investors to access AAA corporate office buildings. |
| CONSOLIDAÇÃO | Acquisitions of CEO Office, MV9, and Senado (Feb/2019). Incorporation of FII Prime Portfolio with Petrobras as anchor tenant. |
| EXPANSÃO PORTFÓLIO | Acquisitions of Sucupira (Nov/2019), Diamond Tower (Jul/2020), EZ Towers-B (Oct/2020), and Torre Almirante (Dec/2021). Portfolio GLA reaches 144.7k sqm. |
| CHOQUE COVID + JUROS ALTOS | The pandemic compresses demand for office space; the Selic rate rises aggressively in 2022, depressing brick-and-mortar funds. Book value per unit holds above R$ 100, but trading price decouples. |
| RECICLAGEM CENESP | Partial amortization of BRCR11 via the delivery of FII CENESP units to unitholders. Meaningful portfolio recycling. |
| REDUÇÃO DE SPREAD DA DÍVIDA | Diamond Tower debt rolled over for another 24 months with a SPREAD REDUCTION from CDI+3.50% to CDI+1.90% — 160 bps savings. |
| ABSORÇÃO + CICLO DE CORTES | Significant leasing activity (Wilson Sons at Torre Almirante; Eldorado above R$ 220/sqm; EZ Towers); beginning of the Selic rate-cut cycle in Mar/2026 (14.75% → 14.50%). |
| ATUAL | Fund trades at R$ 45.20 (P/BV 0.53) with a 10.9% dividend yield and stable distribution of R$ 0.41/unit. Catalysts: falling Selic + continued absorption + discounted AAA portfolio. |