Formerly TRXL (TRX Logística) — renamed and taken over by BTG Pactual Gestora de Recursos in Jun/2019 (CNPJ 11.839.593/0001-09)
Segment: Brick · Logistics · Price R$ 98.37 · P/BV 0.919 · BV/unit R$ 107.04 · Net assets R$ 7,43 Bi · 505,908 unitholders · 34 assets
BTLG11 (BTG Pactual Logística Fundo de Investimento Imobiliário) is a Brazilian REIT in the Brick · Logistics segment. Formerly TRXL (TRX Logística) — renamed and taken over by BTG Pactual Gestora de Recursos in Jun/2019 (CNPJ 11.839.593/0001-09)
Leases dozens of logistics warehouses in São Paulo to retailers and distributors, distributing rental income on a monthly basis
This page gathers the factual snapshot of BTLG11 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 Gestora de Recursos took over management of the fund in June 2019 (when it was still named TRXL) with net assets of R$ 180 million, 6 single-tenant assets, and 15k unitholders. Since then, the fund has been transformed into one of the country's largest logistics FIIs, with R$ 5.46 billion in net assets, 34 AAA properties, and 469k unitholders — a 30x multiplier in NAV over 7 years.
The track record includes incorporating 4 FIIs (Bluecap 2022, V2 Properties 2022, SARE11 2025), R$ 1.3 billion in divestments over the past 4 years at 27% above appraisal value, and a 16% p.a. dividend CAGR. Annual recycling of 12–15% of the portfolio is part of stated strategy. The administrator is BTG Pactual Serviços Financeiros S.A. DTVM, with custody by Banco BTG Pactual and auditing by PwC.
AAA portfolio with 34 logistics properties, 92% in São Paulo, 1.44M sqm GLA, 5-year WAULT, financial vacancy 2.1%
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| BTLG Louveira I | Louveira — SP | 100.0% | 1.0% |
| BTLG Itapevi I | Itapevi — SP | 100.0% | 1.0% |
| BTLG Mauá I | Mauá — SP | 100.0% | 1.0% |
| BTLG Jundiaí | Jundiaí — SP | 100.0% | 1.0% |
| BTLG Cajamar II | Cajamar — SP | 100.0% | 1.0% |
| BTLG Campinas II | Campinas — SP | 100.0% | 1.0% |
| BTLG Louveira V, VI & VII | Louveira — SP | 100.0% | 1.0% |
| BTLG Louveira VIII | Louveira — SP | 100.0% | 1.0% |
| BTLG Cajamar I | Cajamar — SP | 100.0% | 1.0% |
| BTLG SBC I | São Bernardo do Campo — SP | 100.0% | 1.0% |
| BTLG Mauá II | Mauá — SP | 100.0% | 1.0% |
| BTLG Ribeirão Preto | Ribeirão Preto — SP | 100.0% | 1.0% |
| BTLG Extrema | Extrema — MG | 100.0% | 1.0% |
| BRF Fortaleza | Fortaleza — CE | 100.0% | 1.0% |
| BTLG Embu | Embu — SP | 100.0% | 0.68% |
| BTLG Santo André | Santo André — SP | 100.0% | 0.56% |
| BTLG Cabreúva | Cabreúva — SP | 100.0% | 0.94% |
| Iridium (units held) | — | 6.6% | — |
HHI 0.038 — baixa.
| Breakdown | Share |
|---|---|
| By state | SP 30 km radius 38.0% · SP 60 km radius 38.0% · SP +100 km 15.0% · Other regions 9.0% |
| By tenant | Assaí 8.0% · DHL 6.0% · Unilever 6.0% · Ceva 6.0% · Amazon 4.0% · Luft 4.0% |
| By index | IPCA 97.0% · IGPM 3.0% |
| By contract type | Típico 66.0% · Atípico 34.0% |
Book value per unit of R$ 102.51 versus market price of R$ 102.80. Trading at book parity with no significant discount — the market correctly prices the quality + liquidity + growth triad. A history of positive revaluations (~3–5% p.a.) supports a gradually rising book value.
last close R$ 98.37 · all-time low R$ 47.17 · high R$ 132.71 · book value per unit R$ 107.04.
Average daily volume (21 sessions) of R$ 17,800,000 · 12-month average of R$ 16,400,000.
Exceptional liquidity. A R$ 1M position trades out on the same business day; R$ 10M takes ~3 days. Among the 5 most liquid FIIs on the B3, compatible with any portfolio size.
In less than 7 years under BTG management, the fund has grown from 6 single-tenant assets to 34 AAA-grade properties, multiplying its net assets by more than 30x. The strategy combined mergers of 4 FIIs (Bluecap, V2 Properties, SARE11), continuous portfolio recycling (12-15% per year), and strategic concentration along São Paulo’s logistics corridor. Since Jun/2019, BTLG11 has delivered a total return of 94.58%, outperforming the IFIX (71.41%) and the CDI (69.91%) — a 23 percentage point outperformance over 7 years.
| Period | What happened |
|---|---|
| IPO TRXL | IPO as TRXL11 under TRX Investimentos management, with 6 single-tenant assets and ~R$ 180 million in net assets. |
| GESTÃO BTG | BTG Pactual takes over management. Initiation of an aggressive portfolio recycling program and strategic expansion into the São Paulo logistics axis. |
| EMISSÕES E IFIX | Multiple offerings to support acquisitions. Inclusion in IFIX. Net assets jump to R$ 1.4B. |
| INCORPORAÇÕES BLUECAP+V2 | Incorporation of Bluecap and V2 Properties FIIs — pioneering FII M&A in Brazil. |
| EXPANSÃO 13 ATIVOS | Acquisition of a portfolio of 13 logistics assets via the 13th offering. GLA to 1.3M sqm. 365k unitholders. |
| INCORPORAÇÃO SARE11 | Incorporação do SARE11 (Santander Renda de Aluguéis FII). 14ª e 15ª emissões somam R$ 1,05 bi captados. Venda dos ativos corporativos herdados por R$ 560 mm. |
| ATUAL | 34 properties, 1.44M sqm of GLA, 2.9% vacancy, 469k unitholders, and a 9.4% DY with a distribution of R$ 0.80/unit. |
| 16ª EMISSÃO CONCLUÍDA | 16th offering closed on Jul 16, 2026. R$ 1.807B raised (17,629,909 units at R$ 102.51/unit). Majority retail — no unit swaps. 16M+ units released for trading on Jul 22, 2026. |