Recommendation: BUY · Rating 8,0/10
Our current reading of GGRC11 is BUY, with a score of 8,0/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
Bucket leader on diversification (38 properties, 12 states, 44 tenants), 0.19% vacancy and a stable DPS of R$ 0.10/unit for 14 months. Inclusion in the FTSE EPRA Nareit Global Emerging in May/2026 raised its institutional profile and generated the highest monthly liquidity in its history (R$ 201.3 M). A base of 356 thousand unitholders growing 4.3%/month.
Score raised to 8.0 given the set of executions: three strategic acquisitions completed (Diadema/Garuva A/Camaçari), 11th offering 75% done. Monitoring continues on contract maturities in 2026-2027 (Renault Dec/26 = 10.84% of revenue) and on the R$ 268.8 M CRI leverage.
Safety in a REIT is not yes or no — it is how much risk you accept. GGRC11 has a medio risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentration | 1,5 |
| Price volatility | 2,0 |
| Dividend volatility | 1,5 |
| Liquidity | 1,0 |
| Underlying asset risk | 3,5 |
| Financial/leverage risk | 3,0 |
The largest single contract in the portfolio (R$ 2.3 M/month, 11.5% per asset / 10.84% of total revenue) matures in Dec/2026. Renault is investment grade, but an exit without a quick replacement would impact DPS by ~R$ 0.011/unit.
Renault has a dedicated automotive operation (a DC near the São José dos Pinhais plant) — a high probability of renewal. The 13.27% cap rate of the initial acquisition leaves room for adjustments.
11.1% of revenue tied to Ambev has 2 of the 4 contracts maturing in mid-2027. An exit from one of the units would pressure DPS.
Ambev is AAA, Santa Luzia already renewed for +5 years (until 2030) — signaling a healthy relationship.
Braspark B+C (Mar/26): cap rate 10.2%. Garuva A + CD3 (May/26): cap rate 9.54%. A trend toward lower cap rates as the market heats up again — it may compress the marginal DPS of the next acquisitions.
Even at 9.54% the cap rate is still positive vs the current cost of capital; a falling Selic will favor the absorption of these cap rates.
A unitholder who joins the offering pays R$ 1.12 above the market price. It may reduce uptake and pressure the secondary price during the offering (typical of REITs in offerings under similar conditions).
An offering price = NAV (R$ 11.22 on 2025-12-31) avoids dilution of book value. The Garuva + Camaçari acquisitions, already committed, give the proceeds a concrete direction.
Sudeste 56.6% + Sul 28.2% = 84.8% of revenue concentrated in the most developed regions. Centro-Oeste 8.2% and Nordeste 7.1% carry less weight.
The next acquisitions (Camaçari/BA, SantaCruz/GO expansion) help rebalance — a conscious strategy by the manager.
| Scenario | Description |
|---|---|
| Falling Selic + a rising IFIX | Selic projected at 11% by the end of 2026 (from 14.75% currently). Discounted HG brick-and-mortar REITs are the first to re-rate — P/BV could return to 1.00+ in 12-18 months. |
| A successful 11th offering with a cap rate ≥ 10% | A full raise allows closing Garuva A + CD3 + other pipeline acquisitions. A marginal DPS increase to R$ 0.105-0.11/unit is possible in 2027. |
| Early renewal of Renault Quatro Barras | A renewal announcement removes the Dec/2026 maturity risk (10.84% of revenue). The unit price reacts positively. |
| The 11th offering raises below expectations | If the unit price stays below R$ 11.25 during the offering, investors may prefer to buy in the secondary — a truncated raise (R$ 400-600 M) reduces the reach of the pipeline. |
| Renault does not renew in Dec/2026 | The exit of the largest single tenant (10.84% of revenue) pressures DPS by ~R$ 0.011/unit until repositioning; temporary vacancy in the largest warehouse (66,779 sqm). |
| Selic stalls or rises again | If inflation reaccelerates or the fiscal scenario worsens, the Copom interrupts the cutting cycle. P/BV stays at 0.90 or falls back to 0.85. |
GGRC11 (Zagros Renda Imobiliária FII) delivers in May/2026 a set of achievements that justify raising the score to 8.0: inclusion in the FTSE EPRA Nareit Global Emerging and Global Extended (recognition of international scale, liquidity and governance), R$ 201.3 M of volume traded in the month (an absolute all-time record), and the completion of three strategic acquisitions: CD Diadema (R$ 93 M, last mile, cash-on-cash 17.20%), Braspark Garuva A (R$ 79 M equiv.) and CD3 Camaçari/BA (R$ 86 M equiv.), totaling Garuva A + Camaçari for R$ 165 M (average cap rate 9.54%).
The 11th offering reached 75% (R$ 748.9 M) with remarkable efficiency — each window allocated to concrete assets, avoiding the dilution of idle cash. The portfolio now totals 38 assets, 44 tenants and +786 thousand sqm of GLA, with vacancy of 0.19% (practically zero) and 86% of contracts atypical. The recycling of the Covolan position (from 4.5% to 1.8% of revenue) with in-rem guarantees closes the main historical default risk.
For the next 12 months, the main items to monitor are: (1) the renewal of the Renault Quatro Barras contract (Dec/2026, 10.84% of revenue, atypical BTS lease — a high probability of renewal given the specificity of the property); (2) Ambev Guarulhos (Jul/2027, 8.72%) and Ambev Santa Luzia (Sep/2030); (3) the final execution of the 11th offering and the ramp-up of revenue from the new acquisitions. The P/BV of 0.90 (10% discount) with a DY of ~12.1% and a spread of ~400 bps over NTN-B keeps the fund an attractive buy in the HG logistics segment.
Current recommendation: BUY. Rating 8,0/10. GGRC11 (Zagros Renda Imobiliária) delivers in its May/2026 Management Report the highest liquidity in its history ( R$ 201.3 M of monthly volume ), DPS R$ 0.10 for the 14th consecutive month and inclusion in the FTSE EPRA Nareit Global Emerging + Extended — a milestone of global…
Our current read on GGRC11 is “BUY”. Rating 8,0/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Zagros Renda Imobiliária FII include: WAULT of 4.06 years with significant maturities in 2026-2027; 11th offering in its final stage — last window until Jun/2026; CRI leverage of R$ 268.8 M with the CRI Diadema added; Covolan in judicial reorganization (1.8% of revenue).
GGRC11 is suitable for: Investors seeking monthly income of R$ 0.10/unit with a DY of ~12% at the current price A moderate profile that values geographic and tenant diversification (44 across 12 states) Those seeking HG logistics exposure with a 10% discount to NAV