Formerly named Opportunity Fundo de Investimento Imobiliário. One of the oldest Brazilian real-estate-fund (FII) equity research page froms in Brazil, with operations starting on October 7, 1996. CNPJ 01.235.622/0001-61. Fund intended exclusively for Qualified Investors, with only 124 unitholders and very low exchange liquidity. Trading ticker FTCE11B.
Segment: Multi-strategy / Multi-category — Real estate development and unit sales (residential development) + leasing + CRIs + REIT units · Price R$ 2914.8999 · P/BV 0.9929 · BV/unit R$ 2935.81 · Net assets R$ 3,96 Bi · 124 unitholders
FTCE11 (Opportunity FII Responsabilidade Limitada) is a Brazilian REIT in the Multi-strategy / Multi-category — Real estate development and unit sales (residential development) + leasing + CRIs + REIT units segment. Formerly named Opportunity Fundo de Investimento Imobiliário. One of the oldest Brazilian real-estate-fund (FII) equity research page froms in Brazil, with operations starting on October 7, 1996. CNPJ 01.235.622/0001-61. Fund intended exclusively for Qualified Investors, with only 124 unitholders and very low exchange liquidity. Trading ticker FTCE11B.
This page gathers the factual snapshot of FTCE11 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: BRL Trust DTVM (administrator) + Opportunity Métrica (advisor).
The FTCE11 is managed by BRL Trust DTVM (Apex Group, CNPJ 13.486.793/0001-42) — a large independent fiduciary administrator. Portfolio management is shared with Opportunity Métrica Ltda. (CNPJ 29.839.743/0001-31), a specialized advisory firm of the Opportunity group, headquartered at Av. Presidente Wilson 231, Centro, Rio de Janeiro. Opportunity is one of Brazil's oldest independent asset managers, with a strong tradition in high-end real estate in Rio and São Paulo. The fund has operated for 30 years (since Oct/1996) and has undergone multiple administrations. In Sep/2025, the Advisory Fee was reduced to 0.6% p.a. (bylaws amendment ID 998815). Independent auditor since 2025: KPMG (replacing the previous administrator).See our analysis of BRL Trust DTVM (administrator) + Opportunity Métrica (advisor) →
Portfolio dominated by real estate development in Búzios/RJ/Brasília — not a typical rental FII
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Aretê Land Bank — Praia Rasa, Búzios/RJ | Praia Rasa, Armação dos Búzios, RJ | — | — |
| Citta América — Barra da Tijuca, Rio de Janeiro/RJ | Avenida das Américas, 700, Barra da Tijuca, Rio de Janeiro/RJ | — | 0.36% |
| Rua Buenos Aires, 48 — Centro, Rio de Janeiro/RJ | Rua Buenos Aires, 48, Centro, Rio de Janeiro/RJ | — | — |
| Teófilo Otoni, 82 / Cardeal Leme Development — Centro, Rio de Janeiro/RJ | R. Teófilo Otoni, 82, Centro, Rio de Janeiro/RJ | — | — |
| Ícono Parque — Flamengo, Rio de Janeiro/RJ | R. Machado de Assis, 40, Flamengo, Rio de Janeiro/RJ | — | — |
| Rainha Guilhermina, 75 — Leblon, Rio de Janeiro/RJ | Rainha Guilhermina, 75, Leblon, RJ | — | — |
| CESBOM — Fazenda Cachoeirinha, Bom Despacho/MG | Fazenda Cachoeirinha, Bom Despacho, Minas Gerais | — | — |
| Eleva Brasília — SGA/Sul | Quadra 613/614, SGA/Sul, Brasília - DF | — | 1.0% |
| FII DOVEL | — | 0.8% | — |
| Be in Rio FII — Mezzanine | — | 2.5% | — |
| Be in Rio FII — Senior | — | 0.6% | — |
| Opportunity Balassiano FII - Series B | — | 3.0% | — |
| Opportunity Balassiano FII - Series C | — | 1.0% | — |
| cri-cereais-bramil | — | 3.9% | — |
| cri-rb-capital | — | 2.3% | — |
| cri-opea | — | 0.7% | — |
| Parque Taquari Empreendimentos Imobiliários S.A. | — | 3.1% | — |
| XX de Novembro Investimentos e Participações S.A. | — | 1.8% | — |
HHI 0.18 — moderada.
| Breakdown | Share |
|---|---|
| By state | Southeast (RJ + MG + ES) 85.0% · Midwest (DF + GO) 10.0% · Outros 5.0% |
| By index | INCC (installment sales of units under construction) 45.0% · IPCA (CRIs and lease agreements) 35.0% · CDI (REIT units and CRIs) 15.0% · Other / not disclosed 5.0% |
last close R$ 2914.8999 · all-time low R$ 2493.55 · high R$ 2959.71 · book value per unit R$ 2935.81.
Average daily volume (21 sessions) of R$ 50 · 12-month average of R$ 5,000.
Effectively zero liquidity. Exit via the exchange is not viable for any meaningful position. Real transactions occur through primary offerings (subscriptions) and amortizations.
| Period | What happened |
|---|---|
| Constituição | Incorporated on Feb 28, 1996, with operations starting on Oct 6, 1996, structured as a closed-end condominium with an indefinite term. |
| Consolidation era | Period of a more stable portfolio with R$ 2B in net assets and 692k units. Semiannual DPU fluctuating between R$ 25 and R$ 165. |
| Pivot to development | Combined extraordinary distribution of R$ 281/unit in Dec/2020 (R$ 141 + R$ 111 + R$ 29), reflecting significant asset sales. |
| Expansion in Búzios and Rio | Significant fundraising via offerings. Consolidated Búzios land bank (Aretê). Multiple developments launched in Rio (Tonelero, Maria Quitéria, Prudente de Morais, Sorocaba) and Brasília (Hotel Bureau, Vision Work). |
| Unit growth and DPU decline | Units outstanding jump to 1.19 million. DPU per payment drops to R$ 33 (Aug/24) and R$ 50 (Feb/25) — dilution via offerings and capital-intensive construction. |
| 18ª Emissão | 18th offering of R$ 230M at R$ 2,835.76/unit, reaching 1,269,016 units. Restricted to Professional Investors. |
| Fee reduction | Advisory fee reduced to 0.6% p.a. (bylaws amendment ID 998815). Positive governance indicator. |
| Current snapshot | Net assets R$ 3.90B, book value/unit R$ 2,914.90, 1,338,781 units, 124 unitholders. DPU of R$ 32.57 paid in Feb/2026 (referencing 2H2025). |