(formerly CSHG Renda Urbana)
Segment: Brick-and-mortar — Urban Income · Price R$ 128.03 · P/BV 0.9935 · BV/unit R$ 128.87 · Net assets R$ 3.0 Bn · 230,866 unitholders · 100 assets
HGRU11 (Pátria Renda Urbana FII) is a Brazilian REIT in the Brick-and-mortar — Urban Income segment. (formerly CSHG Renda Urbana)
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.
Management: Pátria Investimentos.
The largest independent REIT manager in Brazil (R$ 38 Bn under management in RE, 30+ listed REITs). The CSHG → Pátria migration was executed without operational noise. Track record validated by the 6th offering's Advertising Material (document 1201805): 182.4% cumulative since 2019 = 14.5% p.a., beating IFIX by +9,930 bps, CDI by +8,590 bps, TEVA-Brick by +15,810 bps. Historical average P/BV 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). The H2/25 result beat guidance (R$ 1.04 vs. R$ 0.99 forecast). An honest team in its communication: it discloses the real DY (8.8%) and does not hide the difficulty of re-leasing Dutra 107. In the 6th offering, it bears 100% of the coordinators' commission (R$ 54.8M).| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Carrefour/Atacadão/Sam's Club Portfolio (WMB) | 11 properties in SP, PR and MG | — | 100% |
| Assaí Atacadista Portfolio | 10 stores in PR, MT, RJ, SP, TO, BA, AL, CE, PA, MA | — | 100% |
| Pernambucanas Portfolio | ~55 stores in SP, MG, PR, MS, SC, TO | — | 100% |
| YDUQS Education Portfolio (IBMEC + Estácio) | 4 campuses: IBMEC (Botafogo/RJ), Estácio Salvador (BA), Vila Leopoldina (SP), Pa | — | 100% |
| DMA/Mineirão Portfolio (EPA Group) | 7 stores in MG, RN, PB, AC | — | 95% |
| Diversified Education Portfolio (Una, Escola Parque, Colégio POP, Angélica) | 4 campuses in SP/MG/RJ | — | 100% |
| Dutra 107 (Passeio Dutra) | Pres. Dutra Hwy, km 107 — Taubaté/SP | — | 77.3% |
| REIT Book (FCFL11, GARE19, SPVJ11, JFLL11, TVRI11, KNIP11) | — | — | — |
| CRI Book | — | — | — |
| Liquidity (Fixed-Income Funds + Cash) | — | — | — |
last close R$ 128.03 · all-time low R$ 92.12 · high R$ 141.4 · book value per unit R$ 128.87.
| Period | What happened |
|---|---|
| IPO | Operations began in April/2018 as CSHG Renda Urbana, under the management of Credit Suisse Hedging-Griffo. |
| EXPANSION | A period of accelerated growth with multiple offerings and acquisitions. |
| CONSOLIDATION | Consolidation of the portfolio and the start of active recycling management. |
| PÁTRIA TRANSITION | Transition of management from Credit Suisse to Pátria Investimentos. |
| MATURITY + RECYCLING | 100 properties, active recycling and preparation of a new offering. |
| STRONG QUARTER (SQR) | The SQR Q4/2025 (document 1199351) confirms an operationally robust quarter. |
| RECURRING REGIME | DPS stabilizes at R$ 0.95 (recurring regime). Pátria keeps recycling. |
| RESERVE BURN (seasonal) | DPS kept at R$ 0.95 with coverage via the accumulated reserve. A pre-June-special pattern. |
| 6TH OFFERING DEFINITIVE — DOCUMENTS PUBLISHED | On 2026-05-22/23 Pátria published the definitive documents of the 6th offering (Commencement Announcement document 1201802, Definitive Prospectus document 1201803, Term Sheet document 1201804, Advertising Material document 1201805), confirming the terms and official timetable and revealing the track record + post-offering projections. |
| ANBIMA COMPLIANCE | Bylaws updated on 2026-05-22 to meet Joint Circular Letter No. 1/2025/CVM/SIN/SSE, requiring the disclosure of the providers' fees on the ANBIMA Transparency Platform. |