GRUL11 — Icatu Vanguarda GRU Logístico FII

Logistics FII with a single asset: 3 warehouses inside Guarulhos International Airport (Cumbica/SP) — concession through Feb/2062 (CNPJ 54.483.412/0001-59)

Segment: Brick · Logistics · medium quality · Price R$ 8.06 · P/BV 0.8318 · BV/unit R$ 9.69 · Net assets R$ 239 Mi · 5,133 unitholders · 3 assets

What is GRUL11

GRUL11 (Icatu Vanguarda GRU Logístico FII) is a Brazilian REIT in the Brick · Logistics · medium quality segment. Logistics FII with a single asset: 3 warehouses inside Guarulhos International Airport (Cumbica/SP) — concession through Feb/2062 (CNPJ 54.483.412/0001-59)

Owner of three warehouses inside Guarulhos Airport leased to Mercado Livre, Latam, and Azul for air cargo handling, which distributes rent as monthly income. Note: the operating concession ends in 2062 with zero residual value — unlike an FII with owned property.

This page gathers the factual snapshot of GRUL11 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.

GRUL11 numbers in 2026

Net assets: R$ 239 Mi
Book value per share: R$ 9.69
Number of shareholders: 5,133
Assets in portfolio: 3
Gross leasable area: 43,274 sqm (G100, G200, G300)
Occupancy: 100.0%
WAULT (years): 11.8

Fees

Management Fee: 0,5% a.a.
Administration Fee: 0,15% a.a.
Performance Fee: Não há

Manager

Management: Icatu Vanguarda Gestão de Recursos.

Icatu Vanguarda is the asset management arm of Grupo Icatu (one of Brazil's largest independent insurers), with over 20 years of track record in fixed income, multi-market, and real estate funds. Co-manager Dojo Capital brings specific expertise in structured real estate assets. Management maintains clear technical communication (comprehensive reports with sensitivity tables, market overviews, and detailed income statements), did not invent distributions in 2025, and cut payouts to sustainable levels as soon as initial reserves were exhausted. The administrator is Banco Daycoval; 2025 audit performed by KPMG.

Cogestora: Dojo Capital
GRUL11 Assets: R$ 238 Mi
Fund inception: 10/07/2024

See our analysis of Icatu Vanguarda Gestão de Recursos →

GRUL11 portfolio: what the fund invests in

Single-asset portfolio: 3 warehouses inside Guarulhos International Airport with 6 premium tenants

Asset	Location	% of NAV	Occupancy
Parque Logístico Aero I — Guarulhos International Airport	São Paulo/Guarulhos International Airport — Cumbica, Guarulhos/SP	100.0%	1.0%

Concentration and diversification

HHI 0.4007 — alta.

Breakdown	Share
By state	Southeast (Guarulhos/SP) 100.0%
By tenant	Mercado Livre 57.2% · LATAM Airlines 20.7% · Azul Linhas Aéreas 11.5% · Anjun Logística 7.9% · Tex Courier (Total Express) 4.6% · Power Source 2.7%
By index	IPCA 100.0%

Price, P/BV and book value

last close R$ 8.06 · all-time low R$ 7.55 · high R$ 9.50 · book value per unit R$ 9.69.

Liquidity and trading

Average daily volume (21 sessions) of R$ 309,000 · 12-month average of R$ 308,000.

Low-to-medium liquidity. A R$ 100k position takes ~1.6 business days to liquidate without moving the price; R$ 1 million takes ~16 days. Incompatible with a rapid exit from a meaningful position.

GRUL11 track record

GRUL11 is a young fund (less than 2 years since IPO) with a differentiated thesis: instead of buying warehouses in traditional logistics parks, the fund acquired operating rights for warehouses inside the country's main cargo airport. Its short trajectory shows discipline: unit price rose 44% in the first full year, yet management did not inflate the DPU — cutting it from R$ 0.11 to R$ 0.08 when initial reserves were exhausted, maintaining only what the operation effectively generates. This accounting honesty is a rarity in the segment. Caution: the fund is a real income position (IPCA+) with a very long horizon, not a growth instrument — the cap is structural due to the 50% pass-through to the concessionaire.

Period	What happened
PROSPECTO E ESTRUTURAÇÃO	Fund structuring, CVM registration, and public offering.
IPO E NEGOCIAÇÃO	Trading commencement on B3 and first distribution.
PRIMEIRO ANO COMPLETO	First full annual cycle with a 44% return for investors (IPO through Dec/25).
ESTABILIZAÇÃO	Recurring DPU at R$ 0.08 with explicit guidance to maintain this level for the year.