(Capitânia Shoppings)
Segment: Shoppings · Price R$ 9.61 · P/BV 0.8165 · BV/unit R$ 11.77 · Net assets R$ 1,45 Bi · 38,997 unitholders · 7 assets
CPSH11 (Capitânia Shoppings Brazilian REIT-style fund (FII)) is a Brazilian REIT in the Shoppings segment. (Capitânia Shoppings)
Owner of stakes in eight dominant shopping malls across Brazil, such as Midway Mall (Natal) and Pátio Paulista (SP), which monthly passes through store rents as income. Note: carries debt adjusted by interest rates, which weighs while the Selic rate remains high.
This page gathers the factual snapshot of CPSH11 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: Capitânia Investimentos.
Capitânia Investimentos is an independent asset manager headquartered on Faria Lima Avenue in São Paulo, with over two decades of market experience and a diversified platform of FIIs (credit, brick-and-mortar, funds of funds, agribusiness). In CPSH11, it demonstrated skill by building an initial portfolio between 2023 and 2024, executing a block divestment to XP Malls in Oct/2025, and crystallizing a consolidated IRR of 22.5% p.a., outperforming the IFIX (6.21% p.a.) and the CDI (13.45% p.a.) over the same period.
Alignment between the manager and unitholders is reinforced by a competitive management fee (0.92% p.a. of NAV) and public distribution guidance. The team shows discipline in allocating capital to super-dominant assets — Iguatemi Alphaville, Midway Mall, Internacional Guarulhos, Parque Dom Pedro — in partnership with top-tier administrators (Iguatemi, Allos, Gazit, Ancar). However, the performance fee of 10% over IPCA+6% is aggressive in a high-Selic environment.
Diversified portfolio of 7 dominant malls across 5 cities, with 96.89% consolidated occupancy and 41,991 sqm of proprietary GLA
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Midway Mall | Av. Bernardo Vieira, 3775 — Natal/RN | 18.1% | 0.986% |
| Parque Shopping Dom Pedro | Av. Guilherme Campos, 500 — Campinas/SP | 6.3% | 0.985% |
| Iguatemi Alphaville | Av. Yojiro Takaoka, 4221 — Santana de Parnaíba/SP (Alphaville) | 21.0% | 0.9449% |
| I Fashion Outlet Novo Hamburgo | Rua Nelson Wladimir Maluf — Novo Hamburgo/RS | 39.0% | 0.9633% |
| Iguatemi Bosque Fortaleza | Av. Washington Soares, 85 — Fortaleza/CE | 3.5% | 0.8968% |
| Internacional Shopping Guarulhos | Rod. Pres. Dutra, km 230 — Guarulhos/SP | 4.8% | 0.9891% |
| Shopping Pátio Paulista | Rua Treze de Maio, 1947 — Bela Vista, São Paulo/SP | 2.1% | 0.99% |
| Shopping Curitiba | — | 10.7% | — |
HHI 0.2102 — moderada.
| Breakdown | Share |
|---|---|
| By state | Sudeste 47.5% · Nordeste 39.3% · Sul 13.3% |
| By tenant | Fragmented tenant base (>2,000 stores) 100.0% |
| By index | Rent adjustment via IGP-M/IPCA + variable rent 100.0% |
Units traded at R$ 10.12 against a book value per unit of R$ 11.65 — a discount of 13%. In Feb/2026, it reached R$ 10.77 (6.5% discount). The discount widened following the 5th offering (R$ 489M) and is consistent with the Selic rate at 14.5% and rate cuts still conditioned by Copom.
last close R$ 9.61 · all-time low R$ 8.45 · high R$ 12.00 · book value per unit R$ 11.77.
Average daily volume (21 sessions) of R$ 5,189,000 · 12-month average of R$ 4,998,000.
Moderate liquidity — a R$ 100k position exits in under 1 business day; R$ 1M in ~1 day; R$ 10M would take ~10 business days. Suitable for individual investors and medium-sized managers.
In three years, CPSH11 grew from a modest IPO (R$ 34 million) to net assets of R$ 1.09 billion, establishing itself among the leading mall FIIs on the B3. Capitânia's active management delivered a cumulative return of 70.5% (adjusted book value per unit +15.2% p.a.) vs. the IFIX +11.2% p.a., validated by an IRR of 22.5% p.a. in the first investment cycle. The second cycle, initiated in late 2025, targets super-dominant assets in the Northeast — a region where malls outperformed sector averages.
| Period | What happened |
|---|---|
| IPO | Operations commenced on Feb 23, 2023. 1st offering of R$ 34 million with units priced at R$ 100. First acquisition: Catarina Fashion Outlet (10%) for R$ 100.9 million in partnership with JHSF. |
| 1º CICLO | Portfolio construction via 4 offerings totaling R$ 820 million. Acquisitions of Iguatemi Bosque Fortaleza (Sep/23), Praia de Belas, Iguatemi Alphaville (Sep/24), I Fashion Outlet NH (Feb/24), and Shopping Metro/Boulevard Tatuapé. |
| DESDOBRAMENTO | Unit split at a 1:10 ratio. Unit price adjusted from R$ 100 to R$ 10, unit count surged from 6.4M to 63.8M. |
| RECICLAGEM | Block sale to XP Malls (XPML11) of stakes in Praia de Belas (10%), Metrô Tatuapé (4.53%), Boulevard Tatuapé (15%), and partial divestment in Iguatemi Fortaleza. Acquisition of a 4.81% stake in Internacional Guarulhos for R$ 76.7 million. |
| 2º CICLO | Strategic acquisition of an 11.6% stake in Midway Mall (Natal/RN) for R$ 90 million and increase of the stake in Iguatemi Bosque Fortaleza to 3.5%. Completion of debt reorganization with the redemption of series from the 1st CRI issuance. |
| R$ 1 BILHÃO | Historical milestone: net assets and market value surpass R$ 1 billion for the first time. Distribution maintained at R$ 0.11/unit (DY 12.96% p.a.). Unitholder base reaches 33,458 (+6.41% in the month). |
| 5ª EMISSÃO (R$ 489 MM) | On April 22, 2026, the fund closed its 5th offering (CVM Resolution 160): 43.46M new units at R$ 11.25, raising R$ 489M from 192 investors (BR Partners as lead coordinator). Units surged to 123.2M and net assets reached R$ 1.434B. Stake in Midway Mall increased to 18.12% (the fund's largest asset, accounting for 31.0% of NOI). Distribution maintained at R$ 0.11/unit. |
| ATUAL — I FASHION OUTLET 39% | Material Fact Notice: acquisition of an additional 18.375% stake in I Fashion Outlet Novo Hamburgo for R$ 63.4 million (cap rate of 8.4% p.a. on projected 12-month NOI). CPSH11 now holds 39% of the asset — second largest partner, behind only Iguatemi. Installment payment between May/26 and May/27, adjusted by the IPCA. Funding: 5th offering + sale of HPDP11 units. Yield-on-cost: 9.8% p.a. on LTM N |