Formerly GGR Covepi Renda FII — renamed on March 19, 2026 (ticker symbol on the exchange changed from FII GGRCOVEP to FII GGR ZAG). Ticker GGRC11 maintained. CNPJ 26.614.291/0001-00
Segment: Brick · Logistics · High quality · Price R$ 9.06 · P/BV 0.8162 · BV/unit R$ 11.1 · Net assets R$ 2,38 Bi · 395,823 unitholders · 38 assets
GGRC11 (Zagros Renda Imobiliária FII) is a Brazilian REIT in the Brick · Logistics · High quality segment. Formerly GGR Covepi Renda FII — renamed on March 19, 2026 (ticker symbol on the exchange changed from FII GGRCOVEP to FII GGR ZAG). Ticker GGRC11 maintained. CNPJ 26.614.291/0001-00
Acquires and leases logistics warehouses throughout Brazil, distributing rents as monthly income exempt from income tax
This page gathers the factual snapshot of GGRC11 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: Zagros Capital Gestão de Recursos S.A..
Active management demonstrated by Zagros Capital, with a 9-year track record in GGRC11: 36 assets across 12 states, efficient recycling (IRR of 16.94% on the sale of CD Campinas), 74% growth in net assets in 2025, and exemplary transparency (detailed reports, monthly videos, Q&A). In 2026 the firm marks a new cycle: it renamed itself from 'GGR Covepi Renda' to 'Zagros Renda Imobiliária', launched an 11th offering (up to R$ 1.0B), and closed the R$ 192.3M acquisition of Braspark Garuva (cap rate 10.2%). Senior team: Pedro van den Berg (CEO/Head of Management) and Diego Rodrigues (Engineering and New Business).See our analysis of Zagros Capital Gestão de Recursos S.A. →
Diversified logistics/industrial portfolio across 12 states, with the 11th offering financing additional acquisitions in Garuva/SC and Camaçari/BA
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Renault Quatro Barras DC | Quatro Barras/PR | 100.0% | 1.0% |
| Americanas Uberlândia DC | Uberlândia/MG | 100.0% | 1.0% |
| Ambev DCs (Guarulhos, Itajaí, Pelotas, Santa Luzia) | 4 units in SP, SC, RS, MG | 100.0% | 1.0% |
| Triple A REIT (indirect assets) | — | 10.7% | — |
| Strategic Logistics REIT (unlisted/restricted) | — | 2.4% | — |
| Strategic REIT (unlisted/restricted) | — | 1.9% | — |
| cri-rizobacter | — | 1.4% | — |
| cri-americanas | — | 2.2% | — |
| cri-mogno-i | — | 3.8% | — |
| cri-mogno-ii-s1 | — | 0.8% | — |
| cri-mogno-ii-s2 | — | 0.2% | — |
| cri-corp-ggrc11 | — | 0.9% | — |
| cri-triple-a | — | 2.0% | — |
| SantaCruz Anápolis DC (Phase 02 expansion) | Anápolis/GO | 100.0% | 1.0% |
| Braspark Garuva Modules B+C (BTS — under acquisition) | Garuva/SC (BR-101, Port of Itapoá) | 100.0% | 1.0% |
| Braspark Garuva Module A (under acquisition) | Garuva/SC (BR-101, Port of Itapoá) | 100.0% | 1.0% |
| CD3 Camaçari (under acquisition — multi-tenant) | Camaçari/BA (Industrial Hub, near BYD) | 100.0% | 1.0% |
| Fulwood Pouso Alegre Business Park — Warehouse B.2 Phase 3 (BTS — under construction) | Pouso Alegre/MG (Fernão Dias Highway BR-381, SP-BH axis) | — | — |
| Remaining 31 properties (diversified long tail) | Distribuídos em 12 estados (SP, MG, GO, PR, RJ, RS, SC, MT, BA, PB, PE) | 100.0% | 0.998% |
HHI 0.045 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 56.6% · Sul 28.2% · Centro-Oeste 8.2% · Nordeste 7.1% |
| By tenant | Ambev 12.2% · Americanas 11.1% · Renault 10.8% · Triple A REIT (indirect) 8.1% · Covolan 5.2% |
| By index | IPCA 90.4% · IGPM 7.2% · INPC 2.4% |
last close R$ 9.06 · all-time low R$ 9.12 · high R$ 13.92 · book value per unit R$ 11.1.
Average daily volume (21 sessions) of R$ 6,502,362 · 12-month average of R$ 6,789,961.
Very high liquidity for the segment — R$ 6.5M/day average. A R$ 1M position can be exited in less than 1 business day without moving the price. Compatible with any strategy, including fast exits.
| Period | What happened |
|---|---|
| FUNDAÇÃO | Started as GGR Covepi Renda FII in Apr/2017, focusing on atypical leases (built-to-suit, retrofit, sale and leaseback). |
| EXPANSÃO INICIAL | Organic growth with selective acquisitions and maintenance of high occupancy. |
| CONSOLIDAÇÃO | Maturation of management and focus on asset quality. |
| TRANSFORMAÇÃO | 9th offering and administration restructuring. |
| RECORDE HISTÓRICO | Year of all-time records across all indicators. 10th offering, strategic divestments, and accelerated growth. |
| RENOMEAÇÃO E 11ª EMISSÃO | Name change to Zagros Renda Imobiliária, launch of the 11th offering, and robust acquisition pipeline. |