(MERGED into FEXC11 on November 28, 2022 — the combined fund began trading as BTCI11. BTCR11 is no longer traded on B3.)
Segment: Paper — CRIs (Real Estate Receivables Certificates) · Price R$ 91.69 · P/BV 0.96 · BV/unit R$ 95.27 · Net assets R$ 458,3 Mi · 18,170 unitholders · 25 assets
BTCR11 (BTG Pactual Crédito Imobiliário Real Estate Fund (FII)) is a Brazilian REIT in the Paper — CRIs (Real Estate Receivables Certificates) segment. (MERGED into FEXC11 on November 28, 2022 — the combined fund began trading as BTCI11. BTCR11 is no longer traded on B3.)
Fund wound down in Nov/2022, merged into BTCI11 — lent money to large corporations backed by real estate collateral (logistics, residential, retail, and shopping malls). Investors seeking exposure to the same type of real estate credit today should evaluate BTCI11.
This page gathers the factual snapshot of BTCR11 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 Ltda..
BTG Pactual is the largest real estate fund manager in Brazil, with over R$ 30 billion under management. In BTCR11, the management demonstrated discipline in credit selection and monitoring, maintaining a high-profile CRI portfolio (consolidated developers such as Helbor, Vitacon, Nortis; logistics with Emergent Cold/Lineage and JSL; retail with GPA; shopping malls with BR Malls/Iguatemi).
Administration and custody were provided by BTG Pactual Serviços Financeiros S.A. DTVM (CNPJ 59.281.253/0001-23). The decision to merge BTCR11 into FEXC11 (giving rise to BTCI11) was a strategic consolidation by the firm, combining two real estate credit funds into a larger, more liquid vehicle under the same brand.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-vitacon-brooklyn | — | 9.5% | — |
| cri-hbr-helbor | — | 8.7% | — |
| cri-btg-shoppings | — | 8.3% | — |
| cri-emergent-cold | — | 6.7% | — |
| cri-nortis | — | 6.0% | — |
| cri-bossa-nova-mall | — | 5.2% | — |
| cri-jsl-1 | — | 5.0% | — |
| cri-jsl-2 | — | 5.0% | — |
| cri-gpa-2 | — | 5.0% | — |
| cri-airport-town | — | 4.9% | — |
| cri-gpa-1 | — | 4.8% | — |
| cri-you-maceio | — | 4.8% | — |
| cri-jereissati | — | 4.5% | — |
| cri-vitacon-chez-ueno | — | 4.3% | — |
| cri-superfrio | — | 3.9% | — |
| cri-gafisa | — | 2.6% | — |
| cri-you | — | 2.1% | — |
| cri-bb-mapfre | — | 1.3% | — |
HHI 0.045 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP/MG/RJ) 89.0% · South (PR/SC/RS) 7.0% · Northeast (CE/BA) 4.0% |
| By index | IPCA 54.0% · CDI 41.0% · IGP-M 5.0% |
At the close (Oct/2022), the market price of R$ 91.69 versus the book value per unit of R$ 95.27 resulted in a P/BV of 0.96 — a slight discount of ~4%, typical for a high-grade paper REIT in a high Selic cycle. Historical indicator; the fund is no longer traded.
book value per unit R$ 95.27.
BTCR11 is no longer traded. At the time of the merger, the monthly trading volume was ~R$ 609k (Oct/2022). For current liquidity, evaluate BTCI11.
BTCR11 was launched in 2018 as a high-grade paper real estate fund by BTG Pactual, focusing on CRIs from developers, logistics, retail, and shopping malls. It grew consistently through 2022, with annual distributions ranging between R$ 7.10 and R$ 8.75 and a consistent DY around 100-135% of the CDI.
In 2022, the firm decided to consolidate its real estate credit platform: the 5th offering was revoked in October, and on November 28, 2022, BTCR11 was merged into FEXC11, creating BTCI11 — a larger and more liquid combined fund under the same brand. Consequently, BTCR11 no longer exists as a tradable vehicle; its history continues within BTCI11.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on February 21, 2018, as BTG Pactual Crédito Imobiliário Real Estate Fund (CNPJ 29.787.928/0001-40), with administration and custody provided by BTG Pactual Serviços Financeiros DTVM. |
| INÍCIO DE NEGOCIAÇÃO | Trading commenced on March 21, 2018, under the ticker BTCR11. First dividends paid starting in July 2018. |
| CRESCIMENTO E EMISSÕES | Successive offerings expanded net assets and unitholder base. Annual distributions of R$ 7.70 (2019), R$ 7.10 (2020), and R$ 8.75 (2021). CRI portfolio diversified into logistics, residential, retail, and shopping malls. |
| 5ª EMISSÃO (PROSPECTO) | Launched the 5th offering (Definitive Prospectus dated June 23, 2022), totaling up to R$ 257.7 million, at an offering price of R$ 95.86/unit (R$ 98.83 including unit distribution costs), CVM/SRE/RFI/2022/023 registration. |
| REVOGAÇÃO DA OFERTA | On October 25, 2022, the administrator published a Material Fact Notice revoking the 5th offering — foreshadowing the reorganization that would culminate in the merger into FEXC11. |
| INCORPORAÇÃO AO FEXC11 → BTCI11 | The October 2022 Management Report was the LAST one for BTCR11. Beginning at the opening of trading on November 28, 2022, BTCR11 was merged into FEXC11, and the two funds began operating combined under the BTG Pactual Crédito Imobiliário brand, with the ticker BTCI11. |
| ATUAL (DATA ANÁLISE) | BTCR11 remains inactive/merged. All current exposure to BTG's real estate credit strategy in this line is in the successor fund, BTCI11. |