HDEL11 — Hedge Desenvolvimento Logístico FII

Fund in terminal liquidation phase — minimum net assets of R$ 3.6M, 137 unitholders, single warehouse in Minas Gerais. A massive principal repayment of R$ 76.50/unit in Apr/2026 practically wound down the fund.

Segment: Industrial and Logistics Properties · Price R$ 3.45 · P/BV 0.77 · BV/unit R$ 4.5 · Net assets R$ 3,8 Mi · 343 unitholders · 1 assets

What is HDEL11

HDEL11 (Hedge Desenvolvimento Logístico FII) is a Brazilian REIT in the Industrial and Logistics Properties segment. Fund in terminal liquidation phase — minimum net assets of R$ 3.6M, 137 unitholders, single warehouse in Minas Gerais. A massive principal repayment of R$ 76.50/unit in Apr/2026 practically wound down the fund.

Residual net assets of R$ 3.65M — no investment thesis. Avoid or exit immediately.

This page gathers the factual snapshot of HDEL11 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.

HDEL11 numbers in 2026

  • Net assets: R$ 3,8 Mi
  • Book value per share: R$ 4.5
  • Number of shareholders: 343
  • Assets in portfolio: 1
  • Gross leasable area: 78,542.74 sqm (Condomínio Citlog Sul de Minas)
  • Occupancy: 100.0%

Fees

  • Management fee: n/d
  • Advisory fee: n/d
  • Performance fee: n/d

Manager

Management: Hedge Investments Real Estate Gestão de Recursos Ltda..

Hedge Investments is a real estate manager acting as both manager and administrator of HDEL11 (via CNPJ 07.253.654/0001-76). In the case of HDEL11, the management outcome is clearly unfavorable: the fund reached a situation of minimal residual net assets of R$ 3.65M with its market price dropping over 60% in 12 months, culminating in massive capital principal repayments. There is not enough information to evaluate the manager's complete track record based on available data.
  • Administrador: Hedge Investments DTVM
  • PL HDEL11: R$ 3,65 Mi
  • 12m Performance: -60,75%

HDEL11 portfolio: what the fund invests in

Portfolio with 1 single remaining asset after massive capital principal repayment in Apr/2026

AssetLocation% of NAVOccupancy
Condomínio Citlog Sul de MinasSouthern Minas Gerais (exact location not available in this lite analysis)100.0%1.0%

Concentration and diversification

HHI 1.0 — maxima.

BreakdownShare
By stateSoutheast (Southern Minas Gerais / MG) 100.0%
By indexIPCA 100.0%

Price, P/BV and book value

last close R$ 3.45 · book value per unit R$ 4.5.

Liquidity and trading

Virtually non-existent liquidity. With only 137 unitholders and total market value of R$ 2.9M, there is no active market for HDEL11. Exiting may be impossible at reasonable prices.

HDEL11 track record

HDEL11 has reached a point of no return: residual net assets of R$ 3.65M, fewer than 140 unitholders, and principal repayments that have practically wiped out the par value of the units. Although the single real estate asset (Citlog Sul de Minas) remains operational with 100% occupancy and zero delinquency, the fund itself is being dismantled. There is no recovery thesis — only managing the exit.
PeriodWhat happened
ORIGEMEstablishment of Hedge Desenvolvimento Logístico FII (CNPJ 44.514.162/0001-13) by Hedge Investments.
AMORTIZAÇÃO INICIALFirst significant extraordinary principal repayment of R$ 15.30/unit.
AMORTIZAÇÃO MACIÇAPrincipal repayment of R$ 76.50/unit practically empties the fund's net assets.
SITUAÇÃO ATUALFund in minimal residual state, awaiting liquidation.

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