HGLG11's price is updated in real time during the B3 (Brazil's stock exchange) trading session, from 10:00 a.m. to 5:00 p.m. (Brasília time). The last recorded close was R$ 151.83 on 06/09/2026. The price fluctuates throughout the day with the order flow — with R$ 13.5 million in average daily volume, it is the most traded logistics REIT in the country, which ensures tight spreads and easy entry and exit even for large positions. The all-time high of the unit was R$ 217.16 (January 2020, at the peak of the pre-pandemic real-estate boom) and the all-time low recorded was R$ 102.12 (June 2016).
For those tracking the P/BV: the book value per unit is R$ 170.62 (Colliers revaluation of April/2026), which puts the P/BV at 0.89 — an 8.92% discount to the value of the properties. In other words, the unit is trading below the value of the physical assets the fund owns.
HGLG11 is the Pátria Log Real Estate Investment Fund, previously known as the CSHG Logística REIT under Credit Suisse Hedging-Griffo management. It was set up in June 2010 and started trading on B3 in March 2011, making it one of the pioneers of the logistics REIT segment in Brazil. In July 2024, after 14 years under CSHG, management passed to Pátria Investimentos and administration to Banco Genial S.A. — the largest management transition in the history of Brazilian REITs. In February 2025, the name was formally changed to Pátria Log REIT, but the ticker HGLG11 was preserved.
The fund is classified as Brick-and-Mortar | Income | Active Management by ANBIMA and falls into the logistics and industrial segment, investing exclusively in physical warehouses — without paper leverage (CRI) on the asset side, but with debt on the liability side via six CRIs. It is aimed at investors in general, with fractional units and daily trading on B3 (BVMF code: HGLG11, fund's CNPJ: 11.728.688/0001-47).
HGLG11's portfolio is made up of 37 logistics and industrial warehouses spread across 7 Brazilian states, totaling 2.074 million square meters of GLA (Gross Leasable Area). The geographic concentration is in the Southeast (90% of portfolio value), with properties in São Paulo, Minas Gerais, Espírito Santo and Rio de Janeiro, plus a presence in the Northeast (Pernambuco) and the Center-West (Goiás).
In terms of construction quality, 40% of the assets are classified as AAA and 27% as AA — the standard of modern warehouses with high ceilings, an adequate number of docks, sized maneuvering yards and certified fire-fighting systems. The B- and C-grade assets add up to about 17% and are mostly industrial warehouses with strategic locations, such as the São José dos Campos complex and the Blumenau/SC warehouses.
The main properties by portfolio value are: DCB (Betim/MG, 90k sqm) at 6.87% of net assets, Vinhedo/SP (BTS Volkswagen, 132k sqm) at 6.26% and DCC (Cajamar/SP, 103k sqm) at 5.68%. The Mercado Livre complexes — Betim BTS Meli, Itupeva G200 and G300, and Cone MM2 in Pernambuco — together account for approximately 40% of the fund's revenue under atypical contracts with a WALE of 6 to 8 years.
The fund has 183 tenants, which ensures tenant diversification even with revenue concentration in the largest ones. The HHI property-concentration index is 0.037 — considered low — and the top-5 properties account for only 28.8% of net asset value.
HGLG11 is managed by Pátria Investimentos Ltda. (CNPJ 12.461.756/0001-17), Brazil's largest independent REIT manager with more than R$ 38 billion in real-estate assets and more than US$ 45 billion under global management across alternative strategies. Pátria is listed on Nasdaq (PAX) and operates on four continents. Administration is performed by Banco Genial S.A. (CNPJ 45.246.410/0001-55), which also acts as bookkeeper.
The total fee is 0.60% per year on the fund's market value — one of the most competitive for a high-quality brick-and-mortar blue chip. There is no performance fee. For comparison, similar funds in the segment usually charge between 0.55% and 0.80% per year. The fund's financial leverage is 11.2% of net assets, made up of six CRIs with a total outstanding balance of R$ 670 million, all indexed to IPCA with spreads between 5.0% and 7.5% per year and maturities out to 2039.
HGLG11 is Brazil's largest logistics REIT by net assets: R$ 7.23 billion (position as of 04/30/2026), spread across 43.4 million units. The fund has 565,330 unitholders, which places it among the REITs with the largest investor base in the country. The portfolio's physical occupancy is 94.2% (physical vacancy of 5.8%), and the average contract has a remaining term of 3.6 years (WALE).
Since the IPO in March 2011, HGLG11 has accumulated a return of +627% (14.3% per year), far above the IFIX (+290%, 9.6% per year) and the CDI (+302%, 9.9% per year) over the same period. The asset revaluation performed by Colliers Brazil in November 2025 pointed to an average appreciation of +2.52% over the 2024 book value, led by Betim BTS Meli (+10.7%) and Goiânia (+5.1%).
For information about the monthly dividends and the income history, there is a dedicated section on this page. For the detailed analysis on whether the fund is worth buying now and what the risks are, see the full analysis section.
HGLG11's price is updated in real time during the B3 trading session. The last recorded close was R$ 151.83 on 06/09/2026. Track the live price on this page during trading hours (10:00 a.m.–5:00 p.m. Brasília time).
It is a brick-and-mortar fund — it invests directly in 37 physical logistics and industrial warehouses, with 2.07 million sqm of GLA across 7 states. It is not a paper fund (CRI/CRA).
The current P/BV is 0.89 — an 8.92% discount to the book value of R$ 170.62 per unit (April/2026 revaluation). The unit trades below the value of the properties the fund owns.
Management is handled by Pátria Investimentos Ltda. (Brazil's largest independent REIT manager, with R$ 38+ Bn in real estate) and administration by Banco Genial S.A. Management passed from Credit Suisse Hedging-Griffo to Pátria in July 2024.
The total fee (management + administration) is 0.60% per year on the fund's market value. There is no performance fee.
HGLG11 owns 37 logistics and industrial warehouses spread across 7 Brazilian states, totaling 2.07 million sqm of GLA and 183 active tenants.