HGRU11 — Pátria Renda Urbana FII

(formerly CSHG Renda Urbana)

Segment: Brick · Urban Income · medium quality · Price R$ 114.99 · P/BV 0.8947 · BV/unit R$ 128.52 · Net assets R$ 2,99 Bi · 231,215 unitholders · 100 assets

What is HGRU11

HGRU11 (Pátria Renda Urbana FII) is a Brazilian REIT in the Brick · Urban Income · medium quality segment. (formerly CSHG Renda Urbana)

Leases physical properties—supermarkets, warehouse clubs, retail stores, and universities—to major chains across Brazil, distributing rental income as tax-exempt monthly distributions. A portfolio comprising 104 properties across 16 states with long-term, IPCA-indexed leases. Key watchpoint: concentration in a few food retail groups.

This page gathers the factual snapshot of HGRU11 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.

HGRU11 numbers in 2026

Net assets: R$ 2,99 Bi
Book value per share: R$ 128.52
Number of shareholders: 231,215
Assets in portfolio: 100
Gross leasable area: 600.276 m²
States: 16
Occupancy: 99.2%
WAULT (years): 9.4

Portfolio composition

Grocery Retail: 55%
Educacional: 25%
Apparel Retail: 17%
Outros: 3%

Fees

Management Fee: 0,70% a.a.
Performance Fee: 20%
Custody Fee: 0%

Manager

Management: Pátria Investimentos.

Brazil's largest independent real-estate fund manager (R$ 38B in real estate AUM, 30+ listed FIIs). CSHG → Pátria migration executed without operational friction. Track record validated by the 6th offering's Marketing Material (doc 1201805): 182.4% cumulative return since 2019 = 14.5% p.a., outperforming IFIX by +9,930 bps, CDI by +8,590 bps, and TEVA-Tijolo by +15,810 bps. Historical average P/BV of 1.00x (the sector has traded at a ~10% discount since 2022). Average IRR > 100% on portfolio recycling sales (Santo Alberto, Pernambucanas Poços, Machado, Araguari, Campo Mourão). 2H25 results exceeded guidance (R$ 1.04 vs. R$ 0.99 projected). Management is honest in its communication: discloses the real dividend yield (8.8%) and does not hide the difficulty in re-leasing Dutra 107. In the 6th offering, management covers 100% of the coordinators' commission (R$ 54.8M).

AUM Real Estate: R$ 38 Bi
HGRU11 Net Assets: R$ 3,0 Bi
Imóveis: 100

See our analysis of Pátria Investimentos →

HGRU11 portfolio: what the fund invests in

Asset	Location	% of NAV	Occupancy
Carrefour/Atacadão/Sam's Club Portfolio (WMB)	11 properties in São Paulo, Paraná, and Minas Gerais	—	100%
Assaí Atacadista Portfolio	10 stores in Paraná, Mato Grosso, Rio de Janeiro, São Paulo, Tocantins, Bahia, A	—	100%
Pernambucanas Portfolio	~55 stores in São Paulo, Minas Gerais, Paraná, Mato Grosso do Sul, Santa Catarin	—	100%
YDUQS Educational Portfolio (IBMEC + Estácio)	4 campuses: IBMEC (Botafogo/Rio de Janeiro), Estácio Salvador (Bahia), Vila Leop	—	100%
DMA/Mineirão Portfolio (EPA Group)	7 stores in Minas Gerais, Rio Grande do Norte, Paraíba, and Acre	—	95%
Diverse Educational Portfolio (Una, Escola Parque, Colégio POP, Angélica)	4 campuses in São Paulo/Minas Gerais/Rio de Janeiro	—	100%
Dutra 107 (Passeio Dutra)	Pres. Dutra Highway, km 107 — Taubaté/São Paulo	—	77.3%
FII Portfolio (FCFL11, GARE19, SPVJ11, JFLL11, TVRI11, KNIP11)	—	—	—
CRI Portfolio	—	—	—
Liquidity (Fixed Income Funds + Cash & Equivalents)	—	—	—

Price, P/BV and book value

last close R$ 114.99 · all-time low R$ 92.12 · high R$ 141.40 · book value per unit R$ 128.52.

HGRU11 track record

HGRU11 has established itself as one of Brazil's largest and most diversified urban income FIIs. The CSHG → Pátria transition was executed smoothly. Accumulated return of 182.4% since 2019 (14.5% p.a.), outperforming the IFIX by +9,930 bps, the CDI by +8,590 bps, and TEVA-Brick by +15,810 bps (Marketing Material, doc 1201805). Average historical P/BV of 1.00x — the fund has never traded at a structural discount. Pernambucanas asset recycling is the operational highlight — average IRR > 100% on sales. ITE Q4/2025 confirms structural robustness: 98.55% of leases > 36 months, 99.36% IPCA-indexed, quarterly earnings of R$ 1.25/unit/month. 6th offering underway with preemptive subscription window open from May 29 to Jun 12, 2026, and Pátria projects DPU growing to R$ 0.97–1.01/unit backed by a ~27-asset pipeline. Reservation: unit price rose from R$ 110 to R$ 132, P/BV moved from 0.87 to 1.02, and the real recurring dividend yield is 8.8% (not 13.8%).

Period	What happened
IPO	Commenced operations in April 2018 as CSHG Renda Urbana, under the management of Credit Suisse Hedging-Griffo.
EXPANSÃO	Period of accelerated growth with multiple public offerings and acquisitions.
CONSOLIDAÇÃO	Portfolio consolidation and launch of active recycling management.
TRANSIÇÃO PÁTRIA	Management transition from Credit Suisse to Pátria Investimentos.
MATURIDADE + RECICLAGEM	100 properties, active recycling, and preparation for a new offering.
TRIMESTRE FORTE (ITE)	ITE Q4/2025 (doc 1199351) confirms an operationally robust quarter.
REGIME RECORRENTE	DPU stabilizes at R$ 0.95 (recurring regime). Pátria continues to recycle assets.
RESERVE DRAWDOWN (seasonal)	DPU maintained at R$ 0.95, covered via accumulated reserves. Pre-extraordinary June pattern.
6ª EMISSÃO DEFINITIVA — DOCUMENTOS PUBLICADOS	On May 22-23, 2026, Pátria published definitive documents for the 6th offering (Opening Announcement doc 1201802, Definitive Prospectus doc 1201803, Summary Prospectus doc 1201804, Marketing Material doc 1201805), confirming official terms and schedule while disclosing track record and post-offering projections.
CONFORMIDADE ANBIMA	Bylaws updated on May 22, 2026, to comply with Joint Circular Letter No. 1/2025/CVM/SIN/SSE, requiring disclosure of service provider fees on the ANBIMA Transparency Platform.