Former Brazilian REIT-style fund (FII) BTG Pactual Agro Logística — converted into a FIAGRO in Jan/2026 (CNPJ 36.642.244/0001-15)
Segment: Agribusiness Logistics FIAGRO · Price R$ 79.44 · P/BV 0.6916 · BV/unit R$ 114.86 · Net assets R$ 687 Mi · 36,652 unitholders · 9 assets
BTAL11 (BTG Pactual Agro Logística FIAGRO) is a Brazilian REIT in the Agribusiness Logistics FIAGRO segment. Former Brazilian REIT-style fund (FII) BTG Pactual Agro Logística — converted into a FIAGRO in Jan/2026 (CNPJ 36.642.244/0001-15)
Owner of agribusiness warehouses, silos, and terminals leased to sector companies under long-term inflation-linked leases, generating monthly income—converted from a real estate fund (FII) into a FIAGRO in 2026. Watch out: it has been distributing slightly more than its cash generation, backed by a reserve.
This page gathers the factual snapshot of BTAL11 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 Gestora de Recursos.
BTG Pactual is Latin America's largest investment bank. In managing BTAL11, it resolved past credit events (Andali CRI settled in Aug/25 returning R$ 117.7M to cash), raised dividends to a record high of R$ 1.00/unit (Jan/26), and successfully led the conversion to a FIAGRO. Partnerships with Control Union, IHS Markit, and StoneX ensure specialized monitoring of agricultural assets.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Toledo Seed Complex | Toledo/PR | 6.1% | 1.0% |
| Ibema Receiving Center | Ibema/PR | 3.0% | 1.0% |
| Maripá Receiving Center | Maripá/PR | 1.7% | 1.0% |
| Palotina Receiving Center | Palotina/PR | 2.9% | 1.0% |
| Cascavel Receiving Center | Cascavel/PR | 3.9% | 1.0% |
| Iturama Intermodal Terminal | Iturama/MG | 14.3% | 1.0% |
| Vila Velha Port Terminal | Vila Velha/ES | 6.9% | 1.0% |
| Nova Ubiratã Bulk Grain Warehouse | Nova Ubiratã/MT | 10.8% | 1.0% |
| Itumbiara Refrigerated Warehouse | Itumbiara/GO | 7.1% | 1.0% |
| Fazenda Santo Antônio SPE (Muquém/BA) | — | 12.1% | — |
| cri-serpasa | — | 3.6% | — |
| Cash in Fixed Income Funds | — | 19.7% | — |
HHI 0.1041 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 21.2% · Centro-Oeste 17.9% · Sul 17.6% |
| By tenant | I.Riedi Grains and Inputs 17.6% · Coruripe Sugar and Alcohol 14.3% · FS Bioenergia 10.8% · Comfrio Soluções Logísticas 7.1% · TPES — Espírito Santo Port Terminal 6.9% |
| By index | IPCA 100.0% |
last close R$ 79.44 · all-time low R$ 73.05 · high R$ 107.12 · book value per unit R$ 114.86.
Average daily volume (21 sessions) of R$ 700,000 · 12-month average of R$ 591,377.
Very low liquidity. A R$ 1M position takes ~7 business days to liquidate without moving the price. Investors with deployment needs > R$ 100k must stagger entries/exits over weeks.
| Period | What happened |
|---|---|
| IPO | Commencement of operations for BTG Pactual Agro Logística FII following a single offering. |
| CONSOLIDAÇÃO | Building the portfolio with diversified assets across the agribusiness logistics chain. |
| OTIMIZAÇÃO | Active cash management and restructuring of the CRI portfolio. |
| ENCERRAMENTO ANDALI | Early redemption of the Andali CRI brings R$ 117.7M to cash. |
| TRANSIÇÃO FIAGRO | Formal consultation for FIAGRO conversion; unitholders approve. |
| FIAGRO IMPLEMENTADO | Conversion completed, accrual accounting adopted, buyback authorized. |