Recommendation: HOLD · Rating 5.5/10
Critical warning: 100% of lease contracts mature on Oct 31, 2028 — if Banco do Brasil does not renew, the distribution will drop sharply or disappear. GTWR11 owns 3 premium office towers in Brasília, 100% leased to Banco do Brasil S.A.: the bank pays rent every month and the fund passes it on to you, exempt from income tax. Managed by Tivio Capital (since 2017, S&P AMP-1 rating), with a total fee of 0.50% per year — among the lowest in the sector. The fund appreciated +39% in 12 months through Apr/26, but this reflects the recovery of heavily depressed unit prices in 2024 rather than a change in the underlying business. The distribution of R$ 0.90/unit/month (13.5% per year, income tax exempt) is real and comes 100% from BB's rent — in Mar/26 it dropped to R$ 0.86, but returned to R$ 0.90 in Apr/26; the safety buffer is small (~1.5 months). Units trade at a 21% discount to the fund's net assets (P/BV 0.79 — you pay R$ 80 for every R$ 101 of real estate value), which offers some margin for the 2028 renegotiation. Suitable for investors who accept single-tenant concentration risk through 2028 and seek tax-exempt income above the CDI. Not suitable for beginners, conservative investors, or those requiring growing income. Verdict: HOLD for existing positions; entry acceptable at R$ 80, provided the binary 2028 risk is understood and accepted.
GTWR11 is a premium single-tenant single-asset FII: 3 AAA towers in Brasília 100% leased to Banco do Brasil S.A. The thesis rests on operational simplicity (zero leverage, zero capital improvements, total fee of 0.50% p.a.) and sovereign credit (BB is controlled by the federal government). Vulnerabilities include the maturity of 100% of leases on Oct 31, 2028 and the narrow cash earnings margin (R$ 0.90/unit in Apr/26, matching the distribution, with a reserve of only R$ 0.15/unit). A P/BV of 0.79 offers a margin of safety, and the 13.5% dividend yield is robust and tax-exempt for individual investors.
Our current reading of GTWR11 is HOLD, with a score of 5.5/10. 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.
Three towers in Brasília 100% leased to Banco do Brasil through Oct/2028 — single tenant and single maturity represent the core risk: all revenue matures on a single date, adjusted by IGP-M in a single month. High dividend yield (13.4%) but tight cash earnings (buffer depletion) and limited liquidity (ADTV R$ 0.69M/day). The concentrated renewal risk justifies its position in the lower half of the ranking.
Safety in a REIT is not yes or no — it is how much risk you accept. GTWR11 has a alto risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 5.0 |
| Tenant credit | 1.0 |
| Lease maturity | 5.0 |
| Unit liquidity | 3.5 |
| Contractual adjustment | 4.0 |
| Property operations | 2.0 |
Even if BB renews in 2028, it may reduce space (hybrid work, home office) and renegotiate downward. A 20–30% space reduction scenario with stable rent/sqm is the most likely 'partial case' — implying 20–30% vacancy and proportional revenue decline.
Cumulative IGP-M over the last 12 months is near zero or slightly negative. If the Nov/26 adjustment fails to lift rents, cash earnings will remain at the R$ 0.90 limit — any weak month forces a distribution cut.
Manager Tivio has an indirect ownership relationship with tenant BB (via Banco BV/Grupo Votorantim), as disclosed in the notes. At a critical juncture (2028 negotiations), there may be a perception of a conflict of incentives in manager-vs-unitholder alignment.
The change of administrator on November 28, 2025 (Tivio transitioned to sole manager; BEM DTVM/Bradesco took over as administrator) signals a reorganization. Governance control has shifted, which may introduce coordination friction during the 2028 lease negotiations.
Book value depends on appraisal reports. In 2025, the appraiser changed from CBRE to Consult Soluções, utilizing a more conservative discount rate (10.16%). Future valuations may adjust the book value downward if conditions worsen by 2028.
An average daily trading volume of ~R$ 0.69M/day is low for a fund with a R$ 1B market cap. During a panic window, exiting a position of R$ 200k+ may incur a meaningful spread.
| Scenario | Description |
|---|---|
| favoravel | BB renews 100% of the area with a favorable adjustment. P/BV returns to 0.90-1.0 anticipating the renewal (2027-2028 catalyst). DPU sustains R$ 0.90-0.95 and unit price reaches R$ 95-105. High total return through Oct/28. |
| favoravel | BB renews while maintaining 70-80% of the area, with stable rent/sqm. DPU temporarily drops to R$ 0.72-0.80 for the 6-12 months post-maturity, then recovers. Unit price R$ 80-92, P/BV 0.79-0.90. |
| desfavoravel | BB exits or reduces to less than 50% of the area. Vacancy reaches 50-100% for 12-24 months. DPU drops to R$ 0.30-0.50. Unit price plunges to R$ 50-65 (P/BV 0.50-0.65). Brasília has limited demand for premium AAA space outside of BB. |
| desfavoravel | The Nov/26 rent adjustment fails to fully reset rent, and cash earnings fall below R$ 0.90 — the distribution is cut to R$ 0.86-0.87. Unit price adjusts by -3% to -6%. |
The GTWR11 is a duration trade with a set expiration date: October 31, 2028. You are buying 3 AAA towers in Brasília 100% leased to Banco do Brasil S.A., with income tax exemption for individual investors, a P/BV of 0.79 (21% discount), and an annualized dividend yield of 13.47%. In the 12 months through Apr/26, it delivered a return of +39.4%, outperforming the IFIX (+15.2%) and net CDI (+12.6%).
The warning sign from Mar/26 has been reversed: cash earnings recovered to R$ 0.90/unit in Apr/26 (matching the distribution), after dropping to R$ 0.86 in Mar/26. Even so, the retained balance is lean — only R$ 0.15/unit, enough for ~1.5 months of top-up. Furthermore, the IGP-M adjustment concentrated in November may fail to reset rent if the accumulated index remains near zero.
Technically, GTWR11 is an engine of simplicity: zero leverage, zero capex, total fee of 0.50% p.a., 100% recurrent earnings. It changed administrator on November 28, 2025 (Tivio → BEM DTVM/Bradesco), while retaining fund manager Tivio Capital and auditor PwC. Net assets stand at R$ 1.217B (BV/unit R$ 101.40), with the property valued at R$ 1,192.7M by Consult (discount rate 10.16% p.a.). It is worth noting the related-party relationship: Tivio has an indirect corporate link to BB itself via Banco BV.
We recommend HOLD WITH CAUTION for existing holders — the 21% discount to book value provides a margin of safety for the 2028 renegotiation, but total concentration does not justify a core position. For new capital, the entry point is reasonable (fair price ~R$ 90), but investors must consciously accept the binary risk of Oct/2028. The R$ 0.90 distribution is sustainable over a 12-month horizon; the true test comes with lease maturity.
Current recommendation: HOLD. Rating 5.5/10. Critical warning: 100% of lease contracts mature on Oct 31, 2028 — if Banco do Brasil does not renew, the distribution will drop sharply or disappear. GTWR11 owns 3 premium office towers in Brasília, 100% leased to Banco do Brasil S.A. : the bank pays rent every month and the…
Our current read on GTWR11 is “HOLD”. Rating 5.5/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Green Towers FII include: Full maturity on Oct 31, 2028 (~28 months); Single tenant: Banco do Brasil (100% of revenue); IGP-M adjustment concentrated in November; Tight cash earnings — retained balance of R$ 0.15/unit.
GTWR11 is suitable for: Investors seeking sovereign credit (Banco do Brasil) with tax exemption Investors willing to accept a ~28-month timeline to reassess the thesis (through Oct/2028) Those who value zero leverage and low fees (0.50% p.a. total)