The price of GARE11 is updated in real time during the B3 (Brazil's stock exchange) trading session, which runs Monday to Friday from 10:00 a.m. to 5:30 p.m. (Brasília time). The price shown on this page reflects the last trade recorded on the exchange, with automatic refresh every 60 seconds. The base reference for this analysis is R$ 8.22 per unit, recorded on 06/09/2026. The book value per unit (NAV per unit) stands at R$ 9.48, calculated from the February 2026 monthly report on net assets of R$ 2.74 billion and 289.2 million units outstanding.
The current P/BV of 0.87 means the market trades the units at a 13% discount to the value of the properties: anyone buying GARE11 today is paying R$ 8.22 for a portfolio that is worth R$ 9.48 on the books. The all-time low was R$ 7.80 (February 2025) and the all-time high R$ 9.24 (November 2025). For dividend analysis, there is a dedicated section on this site with the full history since the IPO. To find out whether it is worth buying right now, visit GARE11's full analysis.
GARE11 — full name Guardian Real Estate REIT — is a hybrid brick-and-mortar real estate investment fund, administered by Banco Daycoval and managed by Guardian Gestora. Listed on B3 under the ticker GARE11 (ISIN BRGARECTF001, CNPJ 37.295.919/0001-60), the fund was launched in October 2020 as Guardian Logística (GALG11) and was renamed GARE11 in 2024 after a structural transformation that converted it from a 100% logistics fund into a hybrid brick-and-mortar fund with three segments.
GARE11 invests in physical properties — not in debt securities (CRIs) like paper funds — and generates income from the rents paid by tenants. Its distinguishing feature is the combination of three segments within a single vehicle: Urban Income (61% of revenue, supermarkets and wholesalers), Logistics and Industrial (31%) and Corporate/Office (8%). This architecture, diversified by segment across 13 states, is the fund's main appeal for those who want exposure to Brazilian brick-and-mortar real estate without having to build a portfolio of 5 or 7 different funds.
The fund operates through a structure of subsidiary REITs: GARE11 holds 100% of five dedicated vehicles (FII Annecy 59, FII Artemis 2022, FII Artemis 2025, FII Prime Log and FII Guardian Corporate), each housing a group of properties. The consolidated figures — net assets, revenue, dividends — reflect this look-through across the five subsidiaries.
The portfolio comprises 33 properties spread across 13 states of Brazil — in all five geographic regions — totaling 463,600 m² of Gross Leasable Area (GLA). Physical and financial occupancy is 100%, with no vacancy since the IPO in 2020. The WAULT (Weighted Average Unexpired Lease Term) is 10.2 years, one of the longest in the hybrid brick-and-mortar segment of the IFIX (Brazilian REIT index).
The fund has 11 tenants, most of them with an investment-grade credit rating. Carrefour/Atacadão leads with 15 stores and 37% of revenue — atypical (build-to-suit-style) leases expiring in December 2037. BAT (British American Tobacco) occupies the industrial complex in Cachoeirinha/RS (79,984 m² of GLA) and accounts for 21% of revenue, with a lease running to September 2027. Grupo Mateus contributes 7.3% (supermarkets in the Northeast, leases to 2048), GPA 5.9% (7 stores in premium São Paulo locations), Air Liquide 5.4% (industrial warehouses in SJC-SP and Canoas-RS) and MRV Engenharia 4.5% (BH Corporate Building, lease to 2040). The remaining tenants include Desco Atacadista, Mercado Livre, Vale and Grupo Almanara.
The geographic distribution shows 37% of net assets in the Southeast (18 assets), 24% in the South (5 assets), 23% in the Center-West (7 assets), 10% in the Northeast (4 assets) and 6% in the North (1 asset in Boa Vista/RR). All leases are adjusted annually by the IPCA (Brazilian inflation index), with no exposure to the CDI or to fixed-rate indexation.
The current composition is the result of the major transformation that began in 2024: the acquisition of the GPA + Mateus supermarket portfolio (R$ 843 million) and of the 15 Atacadão stores (R$ 725 million), which converted the fund from pure logistics into a hybrid. At the end of 2025, the acquisition of the Confins Logistics Park (Mercado Livre + 3 Corações + Vale, R$ 86.8 M) and of the BH Corporate Building with MRV (R$ 126.4 M) added Minas Gerais and the office segment to the portfolio.
With net assets of R$ 2.74 billion, GARE11 is one of the largest REITs in the IFIX. The base of 469,914 unitholders (289.2 million units) places the fund among those that grew the most in number of investors in recent years — from 3,000 unitholders at the 2020 IPO to nearly 470,000 in 2026, growth of 15,500%.
The average daily liquidity is R$ 16.9 million, among the highest in the brick-and-mortar segment of the IFIX. Positions of up to R$ 1 million enter and exit in less than 1 business day without moving the price. This matters: highly illiquid REITs can be hard to unwind in moments of need.
Net leverage is a peculiar advantage: it stands at -13%, meaning the available cash (R$ 1.116 billion in cash and securities distributed across the GARE11 + subsidiaries structure) fully exceeds the CRI obligations (R$ 830 million through 2043). It is the only fund among its peers with negative net leverage — which practically eliminates the financial risk of refinancing or a forced sale of properties.
Guardian Gestora was founded in 2020 by Gustavo Asdourian and partners with a background in structured credit and the real-estate sector. In just 5 years it built an AuM of R$ 9.3 billion across 35 vehicles (2 listed REITs — GARE11 and GAME11 —, 19 FIDCs, 1 FIM and 1 pension fund).
GARE11's track record reflects this management capability: an IRR of 25% on historical property sales, the most notable deal being the sale of 10 properties to the XPRI REIT in October 2025 for R$ 145 million of gross profit (IRR ~IPCA+18%). The 7th offering of December 2025 raised R$ 1.27 billion — the largest fundraising in the fund's history — showing the market's confidence in the manager. We rate Guardian 8.5 out of 10 (EXCELLENT) on management.
Banco Daycoval acts as administrator, custodian and bookkeeper since March 2024 (when it replaced the previous administrator). XP Investimentos is the market maker, responsible for keeping minimum liquidity in the order book.
GARE11's cost structure is competitive for the fund's size and complexity:
The IPCA + 6% benchmark is reasonable: it forces the manager to beat real inflation before charging performance. By comparison, GARE11 is in line with peers in the segment (KNRI11 charges 1.00% + 20% IPCA+6%, HGRU11 charges 0.80% + 20% IPCA+6%). The administrator Banco Daycoval charges no additional fee beyond what is already part of the total fee.
GARE11's price is updated live during the B3 (Brazil's stock exchange) trading session (10:00 a.m. to 5:30 p.m., Brasília time). The base reference for this analysis was R$ 8.22 per unit on 06/09/2026, with a P/BV of 0.87 (a 13% discount to the book value of R$ 9.48). See the top of this page for the real-time price.
Brick-and-mortar — GARE11 invests in real physical properties, not in debt securities (CRIs). Specifically, it is a hybrid brick-and-mortar REIT with 33 properties across three segments: Urban Income (61%), Logistics/Industrial (31%) and Corporate/Office (8%).
33 properties spread across 13 Brazilian states (in all 5 regions), totaling 463,600 m² of GLA. All are 100% occupied. The main assets are the BAT complex in Cachoeirinha/RS, the 15 Atacadão stores, the GPA and Mateus supermarkets and the MRV Corporate Building in Belo Horizonte.
Yes. The fund was launched in October 2020 as Guardian Logística (GALG11), focused on logistics properties. In 2024, after acquiring supermarket and wholesale portfolios, it was renamed GARE11 (Guardian Real Estate). The CNPJ is the same: 37.295.919/0001-60.
Every REIT carries risks. GARE11 has strengths that reduce risk: 100% occupancy, 94% atypical (build-to-suit-style) leases, AAA tenants, negative net leverage. The risks to monitor are the concentration in Carrefour (37%), the BAT lease expiry in September 2027 and the situation of GPA in out-of-court reorganization (rents paid current through April 2026).
R$ 2.74 billion (February 2026), with a NAV per unit of R$ 9.48 and 289.2 million units outstanding. The unitholder base is 469,914 investors.