FISC11 — SC 401 Real Estate Fund (FII)

Segment: Office Buildings · Price R$ 65.0 · P/BV 0.585 · BV/unit R$ 111.11 · Net assets R$ 189 Mi · 208 unitholders

What is FISC11

FISC11 (SC 401 Real Estate Fund (FII)) is a Brazilian REIT in the Office Buildings segment.

Significant book discount masked by an expensive structure and nonexistent secondary market

This page gathers the factual snapshot of FISC11 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.

FISC11 numbers in 2026

Net assets: R$ 189 Mi
Book value per share: R$ 111.11
Number of shareholders: 208
Occupancy: 90.58%

Fees

Management Fee: 3,6% a.a.

Manager

Management: BR-Capital DTVM S.A..

The FISC11 is administered by BR-Capital DTVM S.A., with real estate consulting from Unitas Real Estate Ltda. The fund began operations in July 2019. With only 221 unitholders and net assets of R$ 188.9M, it is a niche vehicle with an elevated cost structure (3.6% p.a.). There is insufficient data in this lite analysis to evaluate the management history and decision-making track record.

Administrador: BR-Capital DTVM S.A.
Real Estate Consultant: Unitas Real Estate Ltda
Fund Inception: Jul/2019

Price, P/BV and book value

last close R$ 65.0 · book value per unit R$ 111.11.

Liquidity and trading

Average daily volume (21 sessions) of R$ 5,510.

Extremely low liquidity. A R$ 10k position takes ~2 business days to exit; R$ 100k takes over 18 days. FISC11 is practically illiquid for any investor with a meaningful position.

FISC11 track record

The FISC11 started in July 2019 as an office building fund. With only 221 unitholders and average daily trading volume of R$ 5.5k, it remains a niche vehicle with low market visibility. A price variation of only 3.08% over 12 months reflects price stagnation in a low-liquidity environment. The 45% discount to BV does not necessarily represent an opportunity — it is a direct reflection of an expensive cost structure (3.6% p.a. fee) and a practically nonexistent secondary market.

Period	What happened
INÍCIO	Inception of FISC11 as an office building fund.
SITUAÇÃO ATUAL	Fund with net assets of R$ 188.9M, P/BV of 0.55, and minimal liquidity.