(FII Caixa Agências — a portfolio of 31 bank branches leased to Caixa Econômica Federal under a 10-year Sale & Leaseback)
Segment: Bank Branches (Brick · Urban Income · Single-Tenant Caixa) · Price R$ 72.61 · P/BV 0.7021 · BV/unit R$ 103.42 · Net assets R$ 216 Mi · 11,261 unitholders · 31 assets
CXAG11 (Caixa Agências Real Estate Fund (FII)) is a Brazilian REIT in the Bank Branches (Brick · Urban Income · Single-Tenant Caixa) segment. (FII Caixa Agências — a portfolio of 31 bank branches leased to Caixa Econômica Federal under a 10-year Sale & Leaseback)
Owner of 31 bank branches leased to Caixa Econômica Federal, distributing monthly rent as tax-exempt income to unitholders. Note: leases undergo a rent review in October 2026 (less than 2 months away) and expire in October 2031, when Caixa may return the properties.
This page gathers the factual snapshot of CXAG11 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: RB Asset Management Ltda. (management) / RB Operações e Investimentos Imobiliários (consulting).
Management of CXAG11 is carried out by RB Asset Management Ltda., with real estate consulting provided by RB Operações e Investimentos Imobiliários (arms of the RB Capital/RB Asset group), while administration and fiduciary structure are handled by Oliveira Trust DTVM (CNPJ 36.113.876/0001-91, headquartered in Barra da Tijuca/RJ). This is an income mandate with passive operations: the portfolio is essentially pre-contracted — 31 Caixa branches under Sale & Leaseback — and management's role is to oversee the relationship with the tenant, execute contractual improvements, conduct the 2026 lease revision, and prepare the strategy for the 2031 maturity.
Investor relations contacts are [email protected] (management) and [email protected] (administration). Because it is a single-asset fund with a well-defined contract, management quality is measured less by asset allocation and more by contractual negotiation capacity (revisions, renewals, potential repurchases by Caixa) and discipline in executing capital improvements while smoothing out the DPU.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Manchester Branch | — | — | — |
| Bela Vista Branch | — | — | — |
| AG Macaé | — | — | — |
| Inhangá Branch (Copacabana) | — | — | — |
| Piracicaba Branch | — | — | — |
| Montes Claros Branch | — | — | — |
| Santa Cruz do Sul Branch | — | — | — |
| Madureira Branch | — | — | — |
| AG Jacareí | — | — | — |
| AG Lajeado | — | — | — |
| AG Pelotas | — | — | — |
| Uruguaiana Branch | — | — | — |
| AG Bom Fim | — | — | — |
| Guia Lopes Branch | — | — | — |
| AG Itabira | — | — | — |
| AG Araguari | — | — | — |
| Giovanni Breda Branch | — | — | — |
| Horto de Ipatinga Branch | — | — | — |
| Queimados Branch | — | — | — |
| São Lourenço Branch | — | — | — |
| AG Magé | — | — | — |
| Ribeirão Pires Branch | — | — | — |
| Cachoeira do Sul Branch | — | — | — |
| Capão da Canoa Branch | — | — | — |
| AG Osório | — | — | — |
| AG Baependi | — | — | — |
| AG Soledade | — | — | — |
| AG Pilares | — | — | — |
| Freire Alemão Branch | — | — | — |
| AG Atibaia | — | — | — |
| Elói Mendes Branch | — | — | — |
| Breakdown | Share |
|---|---|
| By state | Rio Grande do Sul 25.6% · Minas Gerais 25.8% · São Paulo 24.3% · Rio de Janeiro 24.4% |
| By tenant | Caixa Econômica Federal 100.0% |
Market price of R$ 75.85 (May/2026 close) compared to book value per unit of R$ 110.69 (May/2026). Discount of 31.5% — one of the largest in the bank branch segment. Reflects: (i) contract duration (expires Oct/2031); (ii) upcoming lease review (Oct/2026); (iii) single-tenant risk; (iv) specialized-use properties.
last close R$ 72.61 · all-time low R$ 66.33 · high R$ 90.00 · book value per unit R$ 103.42.
To liquidate a position of R$ 100 thousand without moving the price (limit 20% of ADTV/day), ~2.7 business days are required. Moderate liquidity, slightly reduced in May/26 (ADTV R$ 184 thousand vs R$ 235 thousand in Apr/26), supported by a market maker.
CXAG11 originated from a sale-and-leaseback transaction in which Caixa Econômica Federal sold 32 of its branches to the fund and leased them back for 10 years (Oct/2021 to Oct/2031). The IPO, in Dec/2021, was a secondary offering at R$ 103.70 per unit. Over the first 4 years, the DPU was bolstered by deferred rent — a cash flow stream that concluded in Oct/2025.
Going forward, two milestones define the investment thesis: the rental review in Oct/2026 (which may adjust rental amounts) and the contract expiration in Oct/2031, when Caixa may exercise a purchase option for the properties. The unit trades at R$ 75.37 with a P/BV of 0.68 — a 32% discount that precisely reflects the uncertainty surrounding these two milestones combined with single-tenant risk.
| Period | What happened |
|---|---|
| OFERTA PRIMÁRIA + SLB | On 10/08/2021, Caixa Econômica Federal contributed 32 branches and funds for expenses and improvements to the fund, entering into 10-year lease agreements under a Sale & Leaseback structure. The fund was established as a closed-end entity with an indefinite term. |
| IPO | On 12/30/2021, the IPO took place via a secondary public offering of all Caixa units at R$ 103.70/unit, totaling R$ 216.8 million. CXAG11 began trading on B3. |
| 1º REAJUSTE + ALUGUEL DIFERIDO | First annual rent adjustment and payment of the final installment of the 1st tier of deferred rent (40%). Deferred rent (R$ 3.85M, covering the period between the primary offering and the IPO) is paid in declining installments over the first 4 years. |
| REAJUSTES + DIFERIDO DECRESCENTE | Annual adjustments in Oct/2023 (2nd tier of deferred rent, 30%) and Oct/2024 (3rd tier, 20%). Recurring DPU hovered in the R$ 0.69-0.75/unit range, supported by contracted income and active deferred rent. |
| FIM DO ALUGUEL DIFERIDO | Final installment of the 4th (and final) tier of deferred rent (10%), alongside the annual adjustment. From this point forward, the fund's recurring earnings depend solely on pure contract rent — without the boost from deferred payments. |
| ATUAL (DATA ANÁLISE) | Net assets of R$ 231.4M, BV/unit of R$ 110.69, market unit price of R$ 75.85 (0.69 P/BV), DPU of R$ 0.72/unit (May/26 reference, paid on 06/17/26). Annualized market dividend yield of 11.39% (based on May/26 close) / ~12.1% over 12 months. Zero vacancy, 31 branches, 11,340 unitholders. |
| REVISIONAL (EVENTO-CHAVE) | The sole contractual rent revision (5th year of the agreement) is scheduled for October 2026. This may adjust rents — upward or downward — with a direct impact on the DPU starting in 2027. This represents the primary near-term milestone. |
| TÉRMINO DO CONTRATO | Maturity of the Sale & Leaseback contracts (10 years from Oct/2021). Caixa holds a purchase option for each property at the prevailing market value. Renewal scenarios, partial/total repurchases, or exit will define the fund's long-term future. |