(Single-tenant Brazilian REIT-style fund (FII) Caixa Econômica Federal — Sale and Leaseback)
Segment: Office Buildings (Sale and Leaseback - Caixa Econômica Federal) · Price R$ 69.88 · P/BV 0.7187 · BV/unit R$ 97.23 · Net assets R$ 382 Mi · 11,769 unitholders · 10 assets
CXCO11 (Caixa Imóveis Corporativos Fundo de Investimento Imobiliário - Limited Liability) is a Brazilian REIT in the Office Buildings (Sale and Leaseback - Caixa Econômica Federal) segment. (Single-tenant Brazilian REIT-style fund (FII) Caixa Econômica Federal — Sale and Leaseback)
Owner of ten office buildings that Caixa Econômica Federal sold to the fund and continues to lease, distributing rental income monthly. Note: the contract ends in December 2030, when Caixa may buy the properties back or simply vacate.
This page gathers the factual snapshot of CXCO11 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: Patagônia Capital Gestora de Recursos Ltda..
Patagônia Capital took over securities management for CXCO11 in August 2024, replacing Vórtx DTVM in this role. Real estate securities management, administration, and custody remained with Vórtx. The new manager implemented regular communication via management reports, resumed active monitoring of construction work, secured property insurance, formalized the lease review process in Dec/2025 (with CBRE and legal advisory), and stabilized the distribution at R$ 0.75 per unit starting in Sep/2025.
The short track record in managing this fund limits historical evaluation, but the stance of greater transparency and operational progress represent an evolution compared to the previous period. The total fee of 0.25% p.a. is one of the lowest in the market. The current point of attention is the open conflict in May/2026 with the unitholder group managed by Suno, which called a unitholders' meeting for a unit offering — a practical test of management's ability to defend the interests of the unitholder base as a whole.
See our analysis of Patagônia Capital Gestora de Recursos Ltda. →
| Breakdown | Share |
|---|---|
| By state | South (RS/PR/SC) 32.0% · Midwest (DF/MT) 46.0% · Southeast (MG) 11.0% |
| By tenant | Caixa Econômica Federal 100.0% |
Unit price of R$ 68.48 (06/01/2026) vs. book value per unit of R$ 95.53 (Mar/2026). A 28% discount — among the highest for sovereign single-tenant FIIs. Book value was reduced in 2024 (-6.25%) and marginally in 2025 (-0.95%) due to discount rate adjustments amid high Selic rates. With falling interest rates and lease review potential, there is room for positive asset repricing, but the offering meeting at R$ 63.34 pressures in the opposite direction.
last close R$ 69.88 · all-time low R$ 49.44 · high R$ 84.97 · book value per unit R$ 97.23.
Liquidating R$ 100k without moving the price (capped at 20% of average daily trading volume) requires ~14 trading days. Positions larger than R$ 100k require patience or accepting a discount.
Since its IPO in Mar/2021 at R$ 101.99, CXCO11 has accumulated a decline in unit price and navigated a turbulent cycle between 2024 and 2025: dividend cuts to fund construction work, negative property write-downs, flooding in Porto Alegre, and a management change. Over 12 months (Mar/25–Feb/26), the unit price rebounded +43.94%, supported by improved communication from the new manager (Patagônia Capital), progressive completion of construction work, stabilization of the DPU at R$ 0.75, and expectations surrounding the lease review process. Net assets remain close to R$ 375 million.
The most recent chapter is the governance dispute opened in May/2026: the group managed by Suno (holding 5% of units) called a unitholders' meeting to issue units at R$ 63.34 — below the market price and at 66% of book value. The outcome of this meeting, combined with the result of the lease review and Caixa's decision regarding the lease contract in 2030, will shape the fund's coming years.
| Period | What happened |
|---|---|
| INTEGRALIZAÇÃO | Caixa Econômica Federal transferred 10 branches/headquarters to the fund via a 10-year Sale and Leaseback contract. Operations began on Dec 29, 2020. |
| IPO | Secondary public offering of all Caixa units at R$ 101.99/unit, totaling ~R$ 403.8 million. CVM Instruction 400. |
| AUGE DA COTA | Stable DPU of R$ 0.71-0.74/month, ~10% p.a. DY. Positive property revaluations. Unit price reaches a high of R$ 85.44 in Jul/23. |
| ENCHENTE EM POA | Querência Building (18% of revenue) severely hit by RS floods. Emergency cleanup and recovery work begins. |
| TROCA DE GESTÃO | Patagônia Capital assumes securities management, replacing Vórtx in that role. Restarts communication with unitholders via management reports. |
| CRISE DE DIVIDENDOS | Distributions drop to R$ 0.49/unit in Oct and R$ 0.55 in Nov to preserve cash for renovations. Unit price falls to a historical low of R$ 51.14 (Dec/24). Property revaluation of -6.25% at year-end. |
| ENTREGA DE OBRAS | Completion of renovations for the CICOB Building (Caxias do Sul) and the Cuiabá Building. 5.48% IPCA rent adjustment in April. |
| ADAPTAÇÃO CVM 175 | Bylaws amended (June 17, 2025) to adapt to CVM Resolution 175/2022 — fund changes to 'Limited Liability', single class. |
| ESTABILIZAÇÃO DPS | Distribution raised to R$ 0.70/unit and subsequently to R$ 0.75/unit starting Jan/26, signaling predictability to unitholders. |
| ABERTURA REVISIONAL | Fund formally notifies Caixa on Dec 30, initiating the rent review process (5th contractual year — the only review action permitted). CBRE hired for market study. |
| ESTUDO CBRE | CBRE study indicates mispricing: actual rent of R$ 35.32/sqm vs potential of R$ 65.51/sqm. Caixa acknowledges below-market values in a meeting with CBRE. |
| DISPUTA DE GOVERNANÇA | Unitholder group managed by Suno (holding 5% of units) calls a unitholders' meeting (AGE) to vote on issuing 3,924,500 new units at R$ 63.34 (R$ 248.6M), below market and book value. Administrator states it seeks alignment. Meanwhile, annual and extraordinary general meetings take place in the same period. |
| REVISIONAL + CAXIAS DO SUL | Caixa decides to consolidate the discussion on rents and renovations under the same forum, linking the contractual rent review to improvement obligations. Fund awaits Caixa's appraisal reports to counter CBRE's reports. Termination term for the CICOB Building (Caxias do Sul) signed by Caixa — work formally completed without pending issues. Querência Building (Porto Alegre) draft returned with acce |
| ATUAL (DATA ANÁLISE) | Unit price at R$ 67.19 (June 11, 2026), 0.70 P/BV, and ~13.4% 12m DY. DPU of R$ 0.75 maintained (May/26 payment on June 15). Review in technical phase (awaiting Caixa's reports) and offering unitholders' meeting (AGE) pending. |