São Paulo-based mall fund (CNPJ 15.447.108/0001-02) classified by CVM as Multi-category/Multi-strategy. Listed on B3 since Dec/2023 via secondary offering. Focuses on five malls in São Paulo: Internacional Guarulhos, Morumbi Town, Shopping Light, Mais Shopping (Santo Amaro), and Prado Boulevard (Campinas).
Segment: Multi-category (Malls) · Price R$ 37.03 · P/BV 0.4262 · BV/unit R$ 86.89 · Net assets R$ 2,02 Bi · 7,836 unitholders · 5 assets
GZIT11 (Gazit Malls FII) is a Brazilian REIT in the Multi-category (Malls) segment. São Paulo-based mall fund (CNPJ 15.447.108/0001-02) classified by CVM as Multi-category/Multi-strategy. Listed on B3 since Dec/2023 via secondary offering. Focuses on five malls in São Paulo: Internacional Guarulhos, Morumbi Town, Shopping Light, Mais Shopping (Santo Amaro), and Prado Boulevard (Campinas).
Owner of five malls in São Paulo, including Internacional Guarulhos and Morumbi Town, managed by Israeli real estate group G-City. Note: structural debt enters a phase of increasing amortizations through 2027, while the largest mall undergoes renovations.
This page gathers the factual snapshot of GZIT11 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: Gazit Brasil Asset Management.
Gazit Brasil Asset Management is part of the G-City group (formerly Gazit-Globe), an Israeli publicly traded multinational that manages approximately 90 properties with 1.9 million sqm of leasable area globally. In Brazil, it has operated malls since 2011 and owns Gazit Corporate (an internal property manager overseeing 800+ stores across GZIT11 assets). Real estate consultant with a solid local track record. FIM Norstar (part of the same group) holds a majority stake in the fund, ensuring alignment — it anchors all offerings and is subject to lock-up. Risks: concentrated governance and potential conflicts in intra-group transactions (administration handled in-house).Five malls in São Paulo, 142k sqm of owned GLA, IPCA+5.89% CRI leverage (R$ 817M)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Internacional Shopping | Rodovia Presidente Dutra Km 230 — Guarulhos/SP | 80.1% | 0.992% |
| Morumbi Town Shopping | Av. Giovanni Gronchi, 5930 — São Paulo/SP | 100.0% | 0.945% |
| Shopping Light | Rua Coronel Xavier de Toledo, 23 — Historic Center of São Paulo/SP | 100.0% | 0.901% |
| Mais Shopping (Santo Amaro) | Largo Treze — Santo Amaro, São Paulo/SP | 100.0% | 0.957% |
| Shopping Prado Boulevard | Av. Washington Luís, 2480 — Vila Marieta, Campinas/SP | 98.0% | 0.756% |
HHI 0.32 — alta.
| Breakdown | Share |
|---|---|
| By state | Southeast / State of SP 100.0% |
| By index | IPCA (debt CRI) 100.0% |
P/BV of 0.49 (R$ 44.48 / R$ 87.61) is the lowest among premium malls. It reflects leverage risk (40% LTV via IPCA + 5.89% CRI) and low secondary liquidity (18% free float).
last close R$ 37.03 · book value per unit R$ 86.89.
Average daily volume (21 sessions) of R$ 924,000 · 12-month average of R$ 622,000.
Moderate liquidity — recent increase (volume grew from R$ 622k/day over 12m to R$ 924k/day in 2026). A R$ 1M position takes ~5–6 business days to liquidate without moving the price.
| Period | What happened |
|---|---|
| Fund Constitution | Fund established as a private vehicle for Gazit/G-City to house São Paulo malls acquired between 2013 and 2018. |
| CRI Issuance (R$ 650M) | Debt issuance via Gazit Malls CRI (21E0407810) of R$ 650M at IPCA+5.8926%, 16-year term with a 2-year grace period (2021–2022). Structured prior to market opening. |
| Morumbi Town Acquisition | Fifth and newest portfolio asset. Opened in 2016, featuring a premium mix and a 1,500 sqm NBA Store. |
| CRI Prepayment | Prepayment of R$ 120M of the CRI prior to the IPO, reducing gross debt to prepare the financial structure for the public offering. |
| IPO (Secondary Offering) | Secondary offering of R$ 312.5M at R$ 72.00 per Class A unit. Trading initiated on B3 under ticker GZIT11. Dual Class A/B structure maintained. |
| First year of listing | Monthly distribution stabilized at R$ 0.78/Class A unit. Annual earnings of R$ 91.9M. Total sales grew despite near-zero SSS. Monthly manager live streams. |
| Record performance | Total revenues of R$ 193.9M (+11.6% vs. 2024), earnings of R$ 116.7M (+27%). Income reserves resumed growth (R$ 16.5M). Management fee charges deferred throughout the year. |
| Unification of Classes A and B | Expiration of Class A preference period (24 months post-IPO). Distributions become proportional across all 21,841,231 total units. Effective DPU drops from R$ 0.78 to R$ 0.42 — a mathematical dilution effect with no loss of cash generation. |
| Eighth offering announced (R$ 70M) | Approved 8th unit offering of R$ 72M (1,456,605 units at R$ 49.43), fully anchored by majority investor FIM Norstar. Proceeds allocated to the retrofit of Internacional Guarulhos and satelization of Shopping Light. |
| Closure of the 8th offering | Offering settled on March 24 raising R$ 70M. Units outstanding rise to 23,297,836. Execution of the 2026-2027 Capex plan begins. |
| Capex maturation | Projected completion of Internacional Guarulhos and Shopping Light projects. Management signals relevant NOI gains starting this year. |