FATN11 — Formerly Athena I FII, 144 plug-and-play office floors in São Paulo (BR-Capital + Unitas)
Segment: Brick · Offices · Corporate Offices (Plug-and-Play / Built-to-Suit) · Price R$ 77.58 · P/BV 0.7986 · BV/unit R$ 97.15 · Net assets R$ 665 Mi · 30,452 unitholders · 144 assets
FATN11 (BRC Renda Corporativa Fundo de Investimento Imobiliário) is a Brazilian REIT in the Brick · Offices · Corporate Offices (Plug-and-Play / Built-to-Suit) segment. FATN11 — Formerly Athena I FII, 144 plug-and-play office floors in São Paulo (BR-Capital + Unitas)
Owner of 144 office suites and floors in quality buildings across São Paulo, delivered renovated, furnished, move-in ready, and leased to over a hundred companies. Note: the entire portfolio is located in São Paulo, with half concentrated solely in Vila Olímpia, concentrating regional risk.
This page gathers the factual snapshot of FATN11 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: BR-Capital DTVM (admin + management) | Unitas Real Estate (real estate consultant).
BR-Capital Distribuidora de Títulos e Valores Mobiliários S.A. (CNPJ 44.077.014/0001-89), headquartered in São Paulo, acts as both administrator and manager of FATN11. Accredited by the CVM since 1992 (Declaratory Act No. 1,994), BR-Capital has administered the fund since its inception (May 17, 2018, originally as Athena I FII) and serves as the lead coordinator for all public offerings.
FATN11's distinguishing feature is the role of Unitas Real Estate Ltda. as its real estate consultant. Unitas has 50 years of real estate market experience and is responsible for asset origination, lease negotiations, construction oversight, and portfolio management. The plug-and-play model is a house signature: acquiring good-quality offices in premium São Paulo buildings, renovating, furnishing, and leasing them under atypical contracts (longer terms and higher penalties than conventional ones). The operational track record is solid: average re-leasing period under 1 month, occupancy consistently above 97% over the past 24 months, and a stabilized DPU of R$ 0.80/unit for 16 months. Auditing is performed by RSM Brasil Auditores Independentes, and a market maker (FIM Crédito Privado LS) has been active since Nov/2024 — both practices signaling institutional maturity.
144 plug-and-play office floors across 58 buildings (Vila Olímpia/Brooklin/Berrini/Faria Lima/Paulista) + 2 wholly owned buildings (Brasílio Machado + Arco do Triunfo) + inherited REIT units (5.3% of NAV)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Brasílio Machado Neto Bldg. | Av. Angélica, 745 — Higienópolis, São Paulo/SP | 100.0% | 0.9661% |
| Arco do Triunfo Bldg. | Av. Dr. Cardoso de Mello, 28 — Vila Olímpia, São Paulo/SP | 100.0% | 0.0% |
| Tangram Bldg. (unit 401) | Rua Ibirajá, 244 — Jabaquara, São Paulo/SP | — | — |
| Led Corporate Bldg. (units 1801 and 1804) | Rua Robert Bosh, 45 — Barra Funda, São Paulo/SP | — | — |
| Conselheiro Paranaguá Bldg. | Av. Brigadeiro Faria Lima, 1234 — Faria Lima, São Paulo/SP | — | — |
| Setin Tower Bldg. | Rua Fidêncio Ramos, 100 — Vila Olímpia, São Paulo/SP | — | — |
| Francisco Lopes Bldg. | R. Dr. Cardoso de Melo, corner of R. Funchal — Vila Olímpia, São Paulo/SP | — | — |
| Atrium Complex (I/II/IV/VII/VIII) | Rua do Rócio, 220 / Rua Helena 235, 260 / R. Pequetita 215, 235 / R. Fidêncio Ra | — | — |
| Gold Center Bldg. | Rua Arizona, 1426 — Brooklin, São Paulo/SP | — | — |
| Atrium Jardins Bldg. | R. Cristiano Viana, 401 — Jardins, São Paulo/SP | — | — |
| Tijuca Renda Brookfield (REIT) | — | 4.2% | — |
| Fundo de Investimento Imobiliário Oxigênio 2 | — | 1.2% | — |
HHI 0.045 — baixa.
| Breakdown | Share |
|---|---|
| By state | São Paulo — Vila Olímpia 50.0% · São Paulo — Brooklin 14.0% · São Paulo — Berrini 8.0% · São Paulo — Faria Lima 5.0% · São Paulo — Paulista 4.0% · São Paulo — Other neighborhoods 19.0% |
| By tenant | Diversified multi-tenant 100.0% |
| By index | IPCA 61.7% · IGP-M 37.2% · unadjusted 0.7% · INPC 0.4% |
FATN11 trades at an 11% discount to book value (R$ 96.49/unit). For a medium-quality corporate office FII, a P/BV between 0.85-0.95 is typically an attractive range — especially with >98% occupancy, stable DPU, and true fragmentation. The discount reflects an ongoing primary offering (6th offering) and high Selic rates, not operational fragility. Compared to bucket peers, FATN11 holds a premium over the median (0.77) — justified by superior portfolio quality.
last close R$ 77.58 · all-time low R$ 74.03 · high R$ 113.32 · book value per unit R$ 97.15.
Average daily volume (21 sessions) of R$ 2,458,029 · 12-month average of R$ 1,697,326.
Liquidez adequada para FII de tijolo. Volume diário R$ 2,5 Mi permite saída de R$ 100k em <1 dia, R$ 1 Mi em ~2 dias. Posições institucionais (>R$ 10 Mi) exigem ~20 dias úteis.O FATN11 tem uma trajetória de crescimento ordenado sem dramas: constituído em 17/05/2018 como FII Athena I com PL de R$ 33 Mi, em 6 anos multiplicou seu PL por 17x chegando a R$ 579,7 Mi em mar/2026, com 6 emissões absorvidas, ocupação consistentemente acima de 97% e DPS estável.
O marco estratégico recente foi a incorporação do FII-BM em fev/2025 (que trouxe os 7.966 m² do Ed. Brasílio Machado Neto via permuta) seguida pela aquisição do Ed. Arco do Triunfo em fev/2026 (4.135 m² em retrofit). Paralelamente, o fundo opera alavancado via dois CRIs (R$ 47,1 Mi, 8,1% do PL) com estratégia explícita de adquirir imóveis com retorno mínimo de 10% a.a.+IPCA — arbitragem positiva entre custo do CRI (IPCA+6,25%/IPCA+7,70%) e cap rate dos ativos. A maturação do Arco do Triunfo e a finalização da 6ª emissão (R$ 100 Mi) são os catalisadores para 2026-2027.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on May 17, 2018, as Athena I FII , under the administration of BR-Capital DTVM, with real estate consulting by Unitas Real Estate. Initial focus on plug-and-play corporate office floors in São Paulo. Initial NAV via 1st offering of 500k units at R$ 100 (R$ 50M). |
| FASE INICIAL | Initial portfolio build-up featuring fragmented acquisitions of 150-500 sqm office spaces in Vila Olímpia, Itaim, and Pinheiros. Validated plug-and-play model with rising occupancy. NAV as of Jan/2020: R$ 33M (332.6 thousand units). |
| 1º CRI (ALAVANCAGEM) | Issuance of the 1st CRI offering (IF code 21H0700312) totaling R$ 29.4 million, indexed to IPCA+6.25%, maturing Feb/2029, with the objective of financing the acquisition of 8 new corporate office floors. Amortization began Sep/2024 (54 installments). |
| 2º CRI | Issuance of the 2nd CRI offering (IF code 22H1630624) totaling R$ 20 million, indexed to IPCA+7.70%, maturing Sep/2031, for the acquisition of 9 additional corporate office floors. Amortization began Oct/2025 (72 installments). |
| REBRANDING | The fund was renamed to BRC Renda Corporativa FII , maintaining the ticker FATN11 and trading name "FII Athena I". This reflects the consolidation of the BR-Capital identity. The 3rd offering expands NAV to R$ 288.8M by year-end, with net earnings of R$ 29.1M. |
| 4ª EMISSÃO | 4th private unit offering at R$ 100.00. Primarily distributed to institutional investors. NAV rises to R$ 354.6M in Dec/2024. 2024 net earnings = R$ 16.2M (vs R$ 29.1M in 2023) — a decline driven by negative mark-to-market adjustments (R$ -12.6M) amid the high Selic rate cycle. |
| FORMADOR DE MERCADO | Hiring of FIM Crédito Privado LS Investimento no Exterior (CNPJ 11.233.045/0001-22) as market maker, under a renewable 12-month contract. Objective: to boost unit liquidity on the B3. |
| INCORPORAÇÃO FII-BM | Consummation of the merger of Fundo Brasílio Machado de Investimento Imobiliário (FII-BM) , CNPJ 02.027.437/0001-44. NAV contribution: R$ 34.2M. Acquisition of 7,966 sqm in Ed. Brasílio Machado Neto (Higienópolis). The Alcântara Machado family was paid in a mix of FATN11 units + other REIT-style funds (TJKB11) + cash. |
| 5ª EMISSÃO ENCERRADA | Completion of the 5th offering on Sep 11, 2025: 1.3M units raised at R$ 100.00 (R$ 130M) . 100% of the offering placed. NAV jumps to R$ 515.8M in Dec/2025. |
| 6ª EMISSÃO | Approval of the 6th unit offering: R$ 100 million (1 million units at R$ 100.00), under CVM Rule 160 fast-track procedures. Preemptive rights with a factor of 0.1938. Schedule: final settlement by Jun 10, 2026. As of Mar/26, 644 thousand units have already been incorporated (NAV +R$ 64M). |
| AQUISIÇÃO ARCO DO TRIUNFO | Acquisition of Ed. Arco do Triunfo (Vila Olímpia, 4,135 sqm owned) in Feb/2026, funded by the proceeds of the 6th offering. Entire building acquired, currently undergoing a full retrofit. Leasing under negotiation. Significant revenue upside driver for 2026-2027. |
| ATUAL | Unit trading at R$ 85.61 (P/BV 0.89). Stable distribution of R$ 0.80/unit/month for 16 months (since Feb/25). 12-month dividend yield of 11.22%. Weighted occupancy of 98.49%. RODi grew from R$ 3.4M/month (Mar/25) to R$ 4.8M/month (Mar/26). |