HGBS11 — Hedge Brasil Shopping FII

Active-Management Shopping Center FII (CNPJ 08.431.747/0001-06). Launched in Nov/2006, the fund currently holds 20 shopping centers across 6 states, with 266.5k sqm of proprietary GLA and 181k unitholders. It is one of the oldest shopping center FIIs listed on B3.

Segment: Brick · Malls · High quality · Price R$ 18.6 · P/BV 0.9185 · BV/unit R$ 20.25 · Net assets R$ 2,92 Bi · 198,399 unitholders · 20 assets

What is HGBS11

HGBS11 (Hedge Brasil Shopping FII) is a Brazilian REIT in the Brick · Malls · High quality segment. Active-Management Shopping Center FII (CNPJ 08.431.747/0001-06). Launched in Nov/2006, the fund currently holds 20 shopping centers across 6 states, with 266.5k sqm of proprietary GLA and 181k unitholders. It is one of the oldest shopping center FIIs listed on B3.

Manages and recycles a portfolio of 20 shopping centers across 6 states, distributing rental income monthly

This page gathers the factual snapshot of HGBS11 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.

HGBS11 numbers in 2026

Net assets: R$ 2,92 Bi
Book value per share: R$ 20.25
Number of shareholders: 198,399
Assets in portfolio: 20
Gross leasable area: 266,5 mil
States: 6
Occupancy: 95.2%

Portfolio composition

Direct Real Estate: 78.6%
Strategic FIIs: 18.1%
Liquid FIIs: 0.6%
CRIs e LCIs: 2.5%
Fundos RF: 0.2%

Fees

Management fee: 0,60% a.a.
Performance fee: Não há
Custody fee: 0,03%

Manager

Management: Hedge Investments.

Hedge Investments took over the management of HGBS in Oct/2018, and since then the fund has doubled in size through 6 offerings (4th to 10th) and active portfolio management. It delivered a net IRR of 15.4% p.a. since Nov/2006 (906% cumulative) and +13.7% over the last 12 months (110% of the net CDI). It beats the IFIX across all long horizons (122.9% since Dec/2010). It charges a single fee of 0.60% p.a. on market value, with no performance fee—one of the most competitive in the segment. Aggressive portfolio recycling in 2025-2026 (Multiplan enters via PSC, Suzano exits, and parts of Jardim Sul/IFONH exit at a profit). A brAA+ rating by S&P Global Ratings Brasil attests to its governance quality.

No mercado: 19 anos
Fund Net Assets: R$ 2,67 Bi
IRR since inception: 15,4% a.a.

See our analysis of Hedge Investments →

HGBS11 portfolio: what the fund invests in

Portfolio of 20 malls across 6 states (15 direct + 5 via strategic FIIs), 266.5k sqm proprietary GLA, with ongoing upgrading: entry of Multiplan (PSC) and Parque D. Pedro via HPDP11, partial exit from Jardim Sul/IFONH.

Asset	Location	% of NAV	Occupancy
Shopping Jardim Sul	Av. Giovanni Gronchi, 5,819 — Morumbi, São Paulo/SP	80.0%	0.97%
Shopping Penha	R. Dr. João Ribeiro, 304 — Penha, São Paulo/SP	87.6%	0.956%
Boulevard Shopping Bauru	Rua Marcondes Salgado, Quadra 11 — Bauru/SP	100.0%	0.968%
ParkShopping São Caetano	Alameda Terracota, 545 — Cerâmica, São Caetano do Sul/SP	20.0%	1.0%
Capim Dourado Shopping	Q. 107 Norte Avenida NS 5 — Plano Diretor Norte, Palmas/TO	60.0%	0.957%
Mooca Plaza Shopping	Mooca, São Paulo/SP	20.0%	1.0%
Shopping West Plaza	West Zone, São Paulo/SP	89.9%	0.914%
Tivoli Shopping Center	Santa Bárbara d'Oeste/SP (Campinas metropolitan area)	59.0%	0.99%
São Bernardo Plaza Shopping	São Bernardo do Campo/SP	35.0%	0.968%
Shopping VillaLobos	West Zone, São Paulo/SP	15.0%	0.958%
Shopping Praça da Moça	Diadema/SP	23.1%	0.983%
Shopping Jaraguá Araraquara	Araraquara/SP	25.0%	0.976%
Partage Santana Shopping	Santana, São Paulo/SP	15.0%	0.926%
I Fashion Outlet Novo Hamburgo	Novo Hamburgo/RS	18.4%	0.973%
Via Parque Shopping	Barra da Tijuca, Rio de Janeiro/RJ	12.4%	0.887%
Goiabeiras Shopping Center	Cuiabá/MT	54.0%	0.829%
Franca Shopping	Franca/SP	0.4%	0.996%
Shopping Parque D. Pedro (via HPDP11 + PQDP11)	Campinas/SP	14.3%	0.988%
Floripa Shopping (via FLRP11)	Florianópolis/SC	25.8%	0.984%
Grand Plaza Shopping (via ABCP11)	Santo André/SP	—	—
Financial Assets (CRIs/LCIs/Liquid FIIs/Fixed Income)	—	—	—

Concentration and diversification

HHI 0.085 — baixa_a_media.

Breakdown	Share
By state	Southeast — São Paulo 87.0% · North — Tocantins 7.0% · South — Santa Catarina 4.0% · South — Rio Grande do Sul 2.0% · Southeast — Rio de Janeiro 1.0% · Midwest — Mato Grosso 1.0%
By tenant	Spread across ~2,500 stores 100.0%
By index	IPCA (retail rents) + variable (overage) 100.0%

Price, P/BV and book value

Units trading at a 1% premium to book value.

last close R$ 18.6 · all-time low R$ 15.5407 · high R$ 30.121 · book value per unit R$ 20.25.

HGBS11 track record

HGBS11 has navigated 19 years of consistent execution: born in 2006, it survived the pandemic, doubled in size via offerings, and in 2025-2026 carried out the largest portfolio recycling in its history. It swapped Suzano (-) for Multiplan (+) and is selling Jardim Sul/IFONH at an exit cap rate of 7.7% to recycle into Parque D. Pedro at an entry cap rate of 9.6% — a 1.9 percentage point value-creation spread. Net IRR of 15.4% p.a. since 2006 (906% cumulative vs. CDI of 536%) attests to management's quality. Sensitive points: leverage rising to ~20% post-PSC, the shopping center sector in nominal deceleration (-2.7% Abrasce in Feb/26), and operator Alqia (HSI Group, counterparty to HSML11) entering with 1% of the portfolio.

Period	What happened
FUNDAÇÃO	Operations began in November 2006, one of B3's first shopping center REIT-style funds (FIIs).
CRESCIMENTO	Consistent expansion with new acquisitions and unit offerings.
PANDEMIA E RECUPERAÇÃO	Pandemic impacted the shopping center sector; the fund navigated with resilience.
ALAVANCAGEM E RECICLAGEM	Aggressive recycling strategy with structured CRIs (Brazilian real-estate receivables certificates) and new acquisitions.
QUALIFICAÇÃO DO PORTFÓLIO	Series of transformational moves: Multiplan enters, Suzano exits, Bauru consolidated.
11ª EMISSÃO E LUCROS	Strategic sales generate extraordinary profit, and a new offering finances the next steps.