(formerly CSHG Logística — managed by Credit Suisse Hedging-Griffo until Jul/2024)
Segment: Brick-and-mortar — Logistics and Industrial (Active Management Income) · Price R$ 147.21 · P/BV 0.8836 · BV/unit R$ 166.6 · Net assets R$ 7,60 Bi · 608,345 unitholders · 41 assets
HGLG11 (Pátria Log - Fundo de Investimento Imobiliário) is a Brazilian REIT in the Brick-and-mortar — Logistics and Industrial (Active Management Income) segment. (formerly CSHG Logística — managed by Credit Suisse Hedging-Griffo until Jul/2024)
Leases warehouses to companies like Mercado Livre and Volkswagen and distributes rental income tax-free to individuals as monthly income
This page gathers the factual snapshot of HGLG11 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 Ltda..
Pátria Investimentos is one of Latin America's largest alternative investment managers, with over 35 years of operations and more than US$ 45 billion in global assets under management. Listed on Nasdaq (PAX), it operates in private equity, credit, infrastructure, and real estate across 4 continents.
In its Real Estate division, Pátria manages over R$ 38 billion in FIIs and segregated funds, making it Brazil's largest independent FII manager. It took over HGLG11 on July 16, 2024, following the acquisition of Credit Suisse Hedging-Griffo's FII platform, also inheriting HGBS11, HGFF11, HGPO11, HGRE11, HGCR11, HGRU11, among others. Pátria's current strategy is to consolidate its logistics platform: the unitholder meeting of Dec/2025 approved the merger of LVBI11, the acquisition of PATL properties, and the absorption of two single-asset Brookfield funds — forming Brazil's largest FII.
Administration is provided by Banco Genial S.A. (CNPJ 45.246.410/0001-55, headquartered in Rio de Janeiro), which also took over in July/2024. Genial is an independent investment platform and administers other FIIs in the Pátria group. The combination of Pátria (management) plus Genial (administration) consolidates one of the largest AUM platforms in Brazilian FIIs.
36 logistics/industrial warehouses (AAA-C) across 7 states — 2.04M sqm GLA, 3% vacancy, 4.0-year WALE
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| DCB | Betim/MG | 6.9% | 1.0% |
| Vinhedo (Volkswagen BTS) | Vinhedo/SP | 6.3% | 1.0% |
| DCC | Cajamar/SP | 5.7% | 1.0% |
| Guarulhos | Guarulhos/SP | 5.4% | 0.875% |
| Porto Canoa | Cariacica/ES | 4.6% | 1.0% |
| DCR | Cajamar/SP | 4.5% | 0.865% |
| Betim BTS - Mercado Livre | Betim/MG | 4.2% | 1.0% |
| Itupeva G200 (Meli BTS) | Itupeva/SP | 3.9% | 1.0% |
| Goiânia | Goiânia/GO | 3.6% | 1.0% |
| CLE | Cabreúva/SP | 3.5% | 0.911% |
| São Carlos (Electrolux) | São Carlos/SP | 3.4% | 1.0% |
| Itupeva G300 | Itupeva/SP | 3.3% | 1.0% |
| Parque Torino | Cariacica/ES | 3.2% | 1.0% |
| Ribeirão Preto | Ribeirão Preto/SP | 3.1% | 1.0% |
| Cone MM2 | Cabo de Santo Agostinho/PE | 2.9% | 1.0% |
| Cariacica | Cariacica/ES | 2.9% | 1.0% |
| São José dos Campos | São José dos Campos/SP | 2.7% | 0.752% |
| Betim | Betim/MG | 2.7% | 1.0% |
| Extrema II | Extrema/MG | 2.6% | 1.0% |
| Itupeva G100 | Itupeva/SP | 2.5% | 0.927% |
| Louveira | Louveira/SP | 2.4% | 1.0% |
| Blumenau | Blumenau/SC | 2.2% | 1.0% |
| Embu | Embu das Artes/SP | 2.1% | 1.0% |
| Extrema A | Extrema/MG | 1.7% | 1.0% |
| Betim Business Park | Betim/MG | 1.6% | 1.0% |
| Osasco | Osasco/SP | 1.6% | 1.0% |
| Master Labs (Hortolândia) | Hortolândia/SP | 1.2% | 0.851% |
| Syslog | Hortolândia/SP | 1.2% | 0.935% |
| Extrema III | Extrema/MG | 1.2% | 1.0% |
| Parque Novo Mundo | São Paulo/SP | 1.1% | 1.0% |
| Campo Grande | Rio de Janeiro/RJ | 1.0% | 1.0% |
| Monte Mor | Monte Mor/SP | 1.0% | 1.0% |
| Duque de Caxias | Duque de Caxias/RJ | 0.9% | 0.919% |
| Cone G06 | Cabo de Santo Agostinho/PE | 0.8% | 0.909% |
| Techtown (Hortolândia) | Hortolândia/SP | 0.5% | 0.829% |
| Rio Claro | Rio Claro/SP | 0.4% | 1.0% |
| Strategic FII portfolio | — | 4.6% | — |
| Holdings in SPVs (Special Purpose Vehicles) | — | 13.9% | — |
| Net Cash + Fixed Income + CRIs (asset) | — | 1.3% | — |
HHI 0.0367 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 90.5% · Nordeste 3.7% · Centro-Oeste 3.6% · Sul 2.2% |
| By tenant | Mercado Livre 40.0% · Volkswagen 10.0% · Shopee 6.0% · Electrolux 5.0% · Decathlon 3.0% |
| By index | IPCA 74.0% · IGP-M 26.0% |
| By contract type | tipico 87.0% · atipico 13.0% |
| By asset class | AAA 40.0% · AA 27.0% · A 9.0% · B 12.0% · C 5.0% · Mobiliário (FII+CRI+RF) 7.0% |
The unit trades at R$ 154.85 against a book value of R$ 166.58 — a modest discount of 7.0%. P/BV reflects both the quality premium (largest logistics FII, leading ADTV, 3% vacancy, 4-year WALE) and the ongoing dilution from the 10th and 11th offerings. During risk-off periods (2022, late 2024), the fund reached a P/BV of 0.80-0.85; in favorable cycles (2020-2021 boom), it hit 1.15-1.25.
last close R$ 147.21 · all-time low R$ 102.12 · high R$ 217.16 · book value per unit R$ 166.6.
Average daily volume (21 sessions) of R$ 14,579,760 · 12-month average of R$ 10,322,902.
Leading liquidity in the logistics sector — 21d average volume of R$ 14.6M/day. A R$ 1M position exits in ~0.4 business days without moving the price. Compatible with any strategy, including trading.
Saldo devedor de R$ 670,400,000 · alavancagem de 0.095% · LTV de 0.092%.
Pátria Projection: 9.5% (2026) → 8.8% (2027) → 8.0% (2028) → 7.2% (2029) → 6.3% (2030). Balance drops from R$ 670M to R$ 173M over 10 years.
HGLG11 is one of the greatest success stories in the Brazilian real-estate-fund (FII) market. Launched in 2010 as CSHG Logística, a pioneer in logistics and industrial warehouses, it built under Credit Suisse Hedging-Griffo's management a portfolio of 37 properties, 2M sqm, 180+ tenants, and low systemic vacancy. Over 15 years, it delivered a +627% cumulative return (14.3% p.a.), well above the IFIX (+290%, 9.6% p.a.) and the CDI (+302%, 9.9% p.a.). It was one of Mercado Livre's early build-to-suit projects in Brazil.
In July/2024, after 13 years under CSHG, the fund transitioned to Pátria Investimentos (manager) and Banco Genial (administrator) — the largest management transfer in the history of Brazilian FIIs, executed without operational disruption. Under Pátria, the pace accelerated: over 18 months, R$ 2.1 billion was raised (10th + 11th offerings), 8 new warehouses were acquired (an additional 420k sqm), and the historic consolidation with LVBI11, PATL, and Brookfield funds was approved at a unitholders' meeting, targeting the creation of Brazil's largest FII (R$ 10B NAV, 54 properties, 2.9M sqm) in 1H2026.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | CSHG Logística FII was established on June 1, 2010, under the management and administration of Credit Suisse Hedging-Griffo Corretora de Valores, focusing on logistics and industrial warehouses — one of the segment's pioneers in Brazil. |
| INÍCIO B3 | Commencement of unit trading on B3. The fund started operations with a lean portfolio and focused on building one of Brazil's first pure-play logistics FIIs. |
| CRESCIMENTO | Over 8 offerings, HGLG11 expanded to more than 25 properties and reached net assets close to R$ 3 billion. Iconic assets were acquired: DCB (Betim), Vinhedo (VW), DCC (Cajamar), Extrema I/II/III, Louveira, Itupeva G100/G200, Cone MM2, Parque Torino (Cariacica/ES), and others. |
| BOOM LOGÍSTICO | The pandemic and e-commerce boom drove demand for warehouses. CSHG Logística signed a build-to-suit (BTS) lease with Mercado Livre in Betim (Meli 48 + Meli 64) with a CRI at IPCA + 6.25% and a 6-month grace period, along with development at Cone MM2 (ES). |
| 9ª EMISSÃO | Closed on July 27, 2023, with 10,330,900 units issued at R$ 152.50 (totaling R$ 1.575 billion). Following the 9th offering, the fund reached 33,787,575 units. Bylaws consolidated on August 4, 2023, still under CSHG management. |
| TRANSIÇÃO HISTÓRICA | On July 16, 2024, a material fact notice announced the transfer of administration and management services from CSHG to Banco Genial (administrator) and Pátria Investimentos (manager). A historic milestone after 14 years under CSHG. Portfolio and investment policy remained unchanged. |
| NOVO NOME | On February 26, 2025, a private instrument formalized the name change to 'Pátria Log - Fundo de Investimento Imobiliário - Responsabilidade Limitada' (accent correction in Feb/2025). Bylaws were updated to reflect an overall fee of 0.6% p.a. on market value pursuant to CVM Resolution 175/22. Ticker HGLG11 preserved. |
| 10ª EMISSÃO | Closed on November 30, 2025, the 10th offering raised R$ 1.4 billion via credit settlement through subscription. This enabled the acquisitions of Portfolio I (5 warehouses, 235.5k sqm, R$ 850.7M, cap rate of 9.2%) and Portfolio II (3 warehouses in SP, 185.7k sqm, R$ 807.9M, cap rate of 8.3%). |
| AGE CONSOLIDAÇÃO | On December 1, 2025, a unitholders' general meeting (AGE) was called via formal consultation to approve: (i) the incorporation of LVBI11 by HGLG11; (ii) the acquisition of all PATL properties by HGLG11; (iii) the incorporation of two single-asset funds managed by Brookfield; (iv) bylaws adjustments. Objective: form Brazil's largest FII with R$ 10B in net assets and 54 properties. |
| REAVALIAÇÃO | On December 1, 2025, the Manager's Letter reported the completion of the asset reappraisal by Colliers Brazil: average appreciation of 2.52% over the Dec/2024 book value. Highlights: Betim Meli BTS (+10.7%), Goiânia (+5.1%), DCR (+2.2%), DCB (+2.0%). Portfolio valued at R$ 5.7B (average of R$ 3,591/sqm). |
| 11ª EMISSÃO | On February 5, 2026, an opening announcement for the 11th offering was released with a target volume of R$ 700 million. Preemptive rights exercise period: Feb 13 to Mar 2. Target assets include the PATL real estate portfolio (phase 1 of consolidation). |
| G200 ML SIMÕES FILHO | Mercado Livre's BTS in Simões Filho (BA) — G200 — was formalized in March 2026 as a new development. Simultaneously, HGLG Simões Filho G100 (86k sqm) is 99.9% completed and operational, with only Containment 02 pending (expected completion in March 2026). |
| ATUAL | HGLG11 is trading at R$ 158.97 (P/BV of 0.96) with a distribution of R$ 1.10/unit for the 13th consecutive month. 12m dividend yield of 8.3% (market) and 8.0% (book). Physical vacancy at 3.0%, WALE of 4.0 years. LVBI+PATL+Brookfield consolidation in final CVM approval stage. |