HGRE11 — Patria Escritórios FII

(formerly CSHG Real Estate)

Segment: Brick - Corporate Offices · Price R$ 115.42 · P/BV 0.7871 · BV/unit R$ 146.64 · Net assets R$ 1,73 Bi · 144,538 unitholders · 13 assets

What is HGRE11

HGRE11 (Patria Escritórios FII) is a Brazilian REIT in the Brick - Corporate Offices segment. (formerly CSHG Real Estate)

Owner of 13 high-standard office buildings in São Paulo, rented to companies like Totvs and Vivo, distributing rental income as monthly yield. Caution: part of the distribution comes from property sales and is expected to decrease when this inventory is exhausted.

This page gathers the factual snapshot of HGRE11 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.

HGRE11 numbers in 2026

Net assets: R$ 1,73 Bi
Book value per share: R$ 146.64
Number of shareholders: 144,538
Assets in portfolio: 13
Gross leasable area: 144.305 m²
States: 3
Occupancy: 94.2%
WAULT (years): 4.9

Portfolio composition

AAA: 17%
A: 58%
BB: 14%
B: 4%
C: 7%

Fees

Management fee: 1,0% a.a.
Performance fee: Não há
Custody fee: 0,007%

Manager

Management: Patria Investimentos.

Patria Investimentos (formerly Credit Suisse Hedging-Griffo) is Brazil's largest independent FII manager (R$ 38B under management, 30+ listed FIIs). It reduced vacancy from 14% to 5.8% in 12 months, closed the early renewal of Totvs at Sêneca through 2033, and continues active portfolio recycling (sales of Faria Lima, Curitiba, Berrini One, Transatlântico). Stated focus: consolidation in premium buildings in São Paulo.

No mercado: 37+ anos
Patrimônio: R$ 1,74 Bi
Vacancy Reduction: -8,2 p.p.

See our analysis of Patria Investimentos →

Price, P/BV and book value

Units trading at a 12% discount to book value.

last close R$ 115.42 · all-time low R$ 93.19 · high R$ 213.36 · book value per unit R$ 146.64.

HGRE11 track record

HGRE11 is one of Brazil's most traditional office FIIs, with 18 years of history since 2008. The year 2025 was an operational turnaround, with vacancy falling from 14% to 5.8% and aggressive recycling (Faria Lima, Curitiba, Berrini One, Transatlântico). In 2026, the fund completed the shielding of its two largest leases: Totvs through 2033 (Sêneca, 23% of revenue) and Vivo through 2031 (Chucri Zaidan, 22,810 sqm, ~23% of revenue). WALE jumped from 3.5 to 4.9 years, eliminating binary WALE risk — at the cost of a 21.3% rent cut for Totvs. The fund enters a phase of contract predictability.

Period	What happened
FUNDAÇÃO	IPO in May 2008 as CSHG Real Estate, managed by Credit Suisse Hedging-Griffo. Initial focus on corporate offices in São Paulo.
CRESCIMENTO	Consolidation as one of Brazil's largest office FIIs. Geographic diversification into Rio Grande do Sul and Rio de Janeiro.
PANDEMIA E DESAFIOS	Impact of remote work on office occupancy. High vacancy and pressure on rents.
TRANSIÇÃO DE GESTÃO	Management transfer from Credit Suisse to Patria Investimentos. Beginning of active portfolio recycling.
RECUPERAÇÃO ACELERADA	Sharp vacancy reduction and aggressive portfolio recycling.
BLINDAGEM CONTRATUAL	Early renewals of Totvs and Vivo extend the two largest leases (46% of revenue) and raise WALE to 4.9 years.