(Formerly FII Caixa Seq Logística Renda; Sequóia Properties real estate advisory)
Segment: Brick - Logistics/Industrial (single-asset, single-tenant) · Price R$ 220.0 · P/BV 0.5316 · BV/unit R$ 413.85 · Net assets R$ 22,2 Mi · 555 unitholders · 1 assets
CXTL11 (FII Caixa Seq Logística Renda Responsabilidade Limitada) is a Brazilian REIT in the Brick - Logistics/Industrial (single-asset, single-tenant) segment. (Formerly FII Caixa Seq Logística Renda; Sequóia Properties real estate advisory)
P/BV of 0.81 incorporates the discount — the thesis is to bet on the return of the distribution to ~R$ 2/unit post-renovation, accepting single-contract risk and minimal liquidity
This page gathers the factual snapshot of CXTL11 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: Caixa Econômica Federal (administrator/manager) + Sequóia Properties (advisory).
CXTL11 is administered and managed by Caixa Econômica Federal, with real estate advisory handled by Sequóia Desenvolvimento Imobiliário S.A. (Sequóia Properties). Caixa provides institutional solidity as administrator, but real estate management for this fund is passive: it is a legacy single-asset vehicle established in 2011, with no recent history of new acquisitions, offerings, or portfolio rotation.
The structure is stable — audited by PwC with an unqualified opinion on Dec 31, 2025 — but the model is that of a 'forgotten' fund: small net assets, a single contract, and guaranteed minimum fees that weigh disproportionately. Management's role is limited to administering the Atmosfera lease and executing the property's structural renovation. There is no growth thesis, merely maintaining the asset until the lease matures in 2031.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Atmosfera Warehouse | Rua Projetada A, nº 240, Xerém, Duque de Caxias/RJ | — | 1.0% |
HHI 1.0 — maximum (single-asset/single-tenant).
| Breakdown | Share |
|---|---|
| By state | Southeast (RJ) 100.0% |
Unit price of R$ 354.99 (Apr/2026, trading today near R$ 330) versus BV/unit of R$ 407.89. Discount of 13% to 19% to BV. Reflects: (i) temporary distribution suppression from the renovation; (ii) single-asset/single-tenant concentration; (iii) tiny NAV; (iv) tiny liquidity; (v) provisioned litigation.
last close R$ 220.0 · all-time low R$ 179.22 · high R$ 645.48 · book value per unit R$ 413.85.
Virtually zero liquidity. With a median volume of ~R$ 3k/day, even a R$ 30k–50k position takes many weeks to build or unwind without moving the price. Entire days pass without trades. It is a "buy and hold" fund.
CXTL11 was born in 2011 as a simple single-asset vehicle: a warehouse in Duque de Caxias leased to Atmosfera Têxtil. For over a decade, it paid predictable distributions (~R$ 2/unit/month, dividend yield ~7%), supported by a long lease adjusted by IPCA and extended through 2031.
Its recent trajectory, however, has exposed the fund's structural vulnerabilities: tiny net assets with no reserve cash, minimum fees corroding profitability, lingering tax and labor litigation, and — the decisive event — an R$ 1.45M roof renovation that, due to a lack of resources, was financed by advancing rents and halted the distribution for 12 months. Today, CXTL11 is a bet on post-renovation normalization of a single asset whose fate is decided in one room alone: Atmosfera's.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO E IPO | Public offering launched on Jun 6, 2011 and closed on Nov 28, 2011, with paid-in capital on Dec 7, 2011. First offering of 150,000 units at R$ 1,000 (target R$ 150M; minimum 40,000 units / R$ 40M). |
| AQUISIÇÃO DO GALPÃO | The fund acquires the Atmosfera property in Duque de Caxias/RJ for R$ 10 million. Industrial-use property (34,090 sqm plot, 6,577 sqm private area), leased to Atmosfera Têxtil since December 2012. |
| LITÍGIOS DE ITAPEVI | Property tax (IPTU) and municipal service tax (ISSQN) enforcement actions from the former Itapevi/SP property (already sold) and a labor lawsuit generate attachments and judicial deposits. Annulment lawsuit filed in Oct/2017. |
| ADITIVO CONTRATUAL (ATÉ 2031) | Material Fact Notice dated March 22, 2021: lease amendment with Atmosfera extends the lease term through December 2031, with annual IPCA adjustment. Extends revenue predictability by another decade. |
| SUBSTITUIÇÃO DE PENHORA | To facilitate the sale of the Itapevi property, the fund replaces the lien with a judicial deposit of R$ 1.517M (updated to R$ 1.966M in Dec/2025) in labor lawsuit 0165900-79.2009. |
| REDUÇÃO DA TAXA DE CONSULTORIA | Effective Oct 1, 2023, Sequóia's monthly advisory fee minimum is reduced by 20% (from R$ 37,423.76 to R$ 30,000), slightly easing the fund's fixed cost. |
| ROOF RENOVATION (R$ 1.45M) | Material Fact Notice dated June 30, 2025: structural roof renovation contracted for R$ 1,446,288. Lacking cash, the fund pays via a R$ 408k down payment + rental revenue advances — discounted over 12 months. Distributions impacted starting Jun/2025. |
| PREJUÍZO NO EXERCÍCIO | 2025 Financial Statements: loss of R$ 69 thousand (vs. profit of R$ 35 thousand in 2024), pressured by the R$ 1.446M renovation expense. Book value per unit drops to R$ 399.04. PwC audit opinion without qualifications. Adaptation to CVM Resolution 175 completed. |
| ATUAL (DATA ANÁLISE) | Apr/2026 Management Report: unit price R$ 354.99, book value per unit R$ 407.89, net assets R$ 21.86M, 563 unitholders. Construction in advanced stage (roof of pavilions 6 and 7). Apr/26 DPU = R$ 0.3517; May/26 distribution (paid June 15) jumps to R$ 0.7636, signaling the beginning of normalization. |