GTWR11 — Green Towers FII

What is GTWR11

GTWR11 (Green Towers FII) is a Brazilian REIT in the Brick - AAA Corporate Offices segment. (Green Towers Limited Liability Real Estate Investment Fund)

Three high-standard office towers in Brasília, fully leased to Banco do Brasil, which pays rent through October 2028. Be aware: when the lease matures, BB may exit or renegotiate — and all of the fund's income depends on that decision.

This page gathers the factual snapshot of GTWR11 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.

GTWR11 numbers in 2026

• Net assets: R$ 1,22 Bi
• Book value per share: R$ 101.37
• Number of shareholders: 32,731
• Assets in portfolio: 1
• Gross leasable area: 64.461
• States: 1
• Occupancy: 100%
• WAULT (years): 2.4

Portfolio composition

• AAA Corporate Offices: 100%

Fees

• Management and Administration Fee: 0,25% a.a.
• Real Estate Consulting Fee: 0,25% a.a.
• Performance fee: Não há
• Escrituração: Inclusa

Manager

Management: Tivio Capital DTVM (management) + BEM DTVM/Bradesco (administration).

Tivio Capital DTVM S.A. has been the fund manager since inception (2017). On November 28, 2025, there was an administrator change: Tivio (which accumulated administration and management) transferred administration to BEM DTVM (Bradesco), while retaining management and real estate consulting. The transaction is viewed positively because it kept total fees at 0.50% p.a. (0.25% admin+management + 0.25% consulting), with Banco Bradesco as registrar and PwC as auditor.

The operation is exemplarily simple: 100% recurrent earnings, zero capital improvements in 12 months, zero leverage, and no future obligations from asset acquisitions. S&P AMP-1 rating maintained. A point to monitor is that Tivio has an indirect ownership relationship with the tenant itself (via Banco BV/Grupo Votorantim and Banco do Brasil) — disclosed in the notes as a related party, which warrants close monitoring during the 2028 negotiations.

• No mercado: Tivio management since 2017
• Assets under management: R$ 1.22B (GTWR11)
• Rating S&P: AMP-1
• Taxa total: 0,50% a.a.

See our analysis of Tivio Capital DTVM (management) + BEM DTVM/Bradesco (administration) →

Price, P/BV and book value

Unit price of R$ 80.16 (06/01/2026) versus book value per unit of R$ 101.40 (Dec/25, PwC financial statements). A 21% discount — among the deepest in the AAA corporate office sector. This reflects: (i) full maturity on 10/31/2028; (ii) total concentration in Banco do Brasil; (iii) moderate-to-low liquidity.

last close R$ 78.05 · all-time low R$ 66.01 · high R$ 122.80 · book value per unit R$ 101.37.

Liquidity and trading

To liquidate R$ 100k without moving the price (assuming a 20% ADTV/day limit) takes ~1-2 business days; a R$ 1M position requires ~7-8 business days. Liquidity is moderate-to-low for the fund's size.

GTWR11 track record

Continue on GTWR11

• Is GTWR11 worth it? Score, recommendation, risks and who the fund is for
• GTWR11 dividends: when it pays, how much and whether the level holds