Formerly CSHG Recebíveis. One of Brazil's largest and oldest paper-type Brazilian REIT-style funds (FIIs) — 16-year track record, 44 CRIs + 3 Structured Ops + 11 FIIs.
Segment: Paper - Hybrid CRI · Price R$ 91.94 · P/BV 0.9439 · BV/unit R$ 97.4 · Net assets R$ 1,50 Bi · 104,326 unitholders
HGCR11 (Pátria Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper - Hybrid CRI segment. Formerly CSHG Recebíveis. One of Brazil's largest and oldest paper-type Brazilian REIT-style funds (FIIs) — 16-year track record, 44 CRIs + 3 Structured Ops + 11 FIIs.
A fund that lends to corporations backed by real estate collateral and distributes the interest as monthly income—comprising 44 operations across retail, logistics, and residential sectors, managed by Pátria Investimentos. Note: income tends to decline when inflation falls, as nearly the entire portfolio is indexed to the IPCA.
This page gathers the factual snapshot of HGCR11 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: Pátria Investimentos.
Pátria Investimentos is the largest independent FII manager in Brazil, with over R$ 38 billion under management in Real Estate and 30+ FIIs listed on the B3 (plus 3 on CETIP). The Pátria group holds R$ 289+ billion globally under management, with 37+ years in alternatives and operations across 4 continents. The firm absorbed CSHG in 2022, inheriting what was formerly CSHG Recebíveis. HGCR11 is Pátria's largest CRI FII. Active management: recycled R$ 110M in GPA CRIs at a 13.7% IRR, made a tactical allocation in GARE11 (R$ 50M), and led the dation of the Quota CRI.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Mega Moda | — | — | — |
| Almeida Jr. - Series II | — | — | — |
| FII Corporate Chucri (formerly Quota CRI) | — | — | — |
| Leo Madeiras | — | — | — |
| Globo | — | — | — |
| BHG SP/RJ | — | — | — |
| Scala I | — | — | — |
| Sforza IPCA | — | — | — |
| JFL Lorena | — | — | — |
| Assaí | — | — | — |
| Ecopark II | — | — | — |
| Urbanhub | — | — | — |
| Almeida Jr. - Series III | — | — | — |
| Union | — | — | — |
| JFL Lorena II | — | — | — |
| Carrefour | — | — | — |
| Bioceres | — | — | — |
| Sforza CDI | — | — | — |
| JFL Ipês | — | — | — |
| Creditas III | — | — | — |
| Other 24 CRIs/Structured Ops < 2% of NAV | — | — | — |
last close R$ 91.94 · book value per unit R$ 97.4.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Started as CSHG Recebíveis Imobiliários, under the management of Credit Suisse Hedging-Griffo. |
| CONSOLIDAÇÃO | Decade of consolidation as a benchmark in CRI funds in the Brazilian market. |
| TRANSIÇÃO PÁTRIA | Management transition to Pátria Investimentos following the acquisition of CSHG. |
| CRI QUOTA INADIMPLE | Quota CRI (4.76% of NAV) defaulted in Apr/25 and management initiated collateral enforcement. |
| RECICLAGEM GPA | Full exit from GPA CRIs (R$ 110M) at a 13.7% IRR following GPA's out-of-court reorganization filing. |
| DPS CAI PARA R$ 0,95 | Following guidance under reassessment announced in Dec/25, the dividend falls an additional 5% (R$ 1.00 → R$ 0.95). |
| DAÇÃO QUOTA | Securitization company executes dation in payment deed — FII Corporate Chucri now holds direct ownership of 8 office floors of Quota Corporate. |