HIRE Fundo de Investimento Imobiliário — Limited Liability Real Estate Fund (CNPJ 63.806.554/0001-09). Multi-tenant logistics/industrial vehicle anchored by TRXF11 (85% of units), established in Dec/2025 under CVM Resolution 175 and managed by Hire Gestão de Recursos (Hire Capital).
Segment: Brick · Logistics · low quality · Price R$ 100.36 · P/BV 1.01 · BV/unit R$ 99.68 · Net assets R$ 273 Mi · 108 unitholders · 5 assets
HIRE11 (Hire FII) is a Brazilian REIT in the Brick · Logistics · low quality segment. HIRE Fundo de Investimento Imobiliário — Limited Liability Real Estate Fund (CNPJ 63.806.554/0001-09). Multi-tenant logistics/industrial vehicle anchored by TRXF11 (85% of units), established in Dec/2025 under CVM Resolution 175 and managed by Hire Gestão de Recursos (Hire Capital).
Vehicle with a projected yield on cost of 11.9%, near-zero liquidity, and governance 100% dependent on the Hire group
This page gathers the factual snapshot of HIRE11 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: Hire Gestão de Recursos Ltda. (Hire Capital).
Independent manager founded in 2016, specialized in real estate assets (corporate, logistics, residential, subdivisions, and real estate credit). It operated as the real estate arm of HIX Capital and controls the HLog family of vehicles. HIRE11 is its first exchange-listed real estate fund with a direct mandate under the Hire brand — historically, it operated via restricted closed-end funds. TRXF11's backing served as an initial seal of approval, but requires the manager to provide doubly rigorous accountability given the structural conflict with related parties.
See our analysis of Hire Gestão de Recursos Ltda. (Hire Capital) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| HLog Cabreúva (Developed Warehouse) | Rod. Dom Gabriel Paulino Bueno Couto, km 84.5 — Cabreúva/SP (deed 4,134) | 100.0% | — |
| HLog Água Chata | Rua Toufic El Khouri Saad, 333 — Guarulhos/SP (deed 67,556) | 100.0% | — |
| HLog Bonsucesso | Av. João Paulo I (Rua Min. Marcos Freire, 250), Guarulhos/SP (deeds 83,647, 97,2 | 100.0% | — |
| HLog Galeão (via SPE Hlog SP 3 / CLRG) | Galeão Airport Complex — Rio de Janeiro International Airport (Estrada do Galeão | 100.0% | — |
| CLJ Jaguaré Warehouses (SPE CLJ Empreendimentos — 6.24%) | Av. Jaguaré, 818, blocks I (warehouses 3 and 4) — São Paulo/SP (deeds 190,477 an | 6.2% | — |
HHI 0.31 — alta.
| Breakdown | Share |
|---|---|
| By state | Southeast — São Paulo (Cabreúva + Guarulhos + capital) 81.0% · Southeast — Rio de Janeiro (Galeão) 19.0% |
| By tenant | Enersys (Água Chata — sole tenant) 18.0% · Multi-tenants — multi-anchor profiles 82.0% |
| By index | IPCA 83.0% · IGP-M 17.0% |
HIRE11 trades exactly at book value (R$ 100.36 vs book value of R$ 100.15). No discount nor premium — typical behavior of a newly listed FII with low free float, where the price stays anchored at the IPO until liquidity improves.
last close R$ 100.36 · book value per unit R$ 99.68.
Average daily volume (21 sessions) of R$ 492,000 · 12-month average of R$ 492,000.
Very low liquidity. R$ 1 million takes 10 business days to clear without moving the price, and R$ 10 million would take ~5 months. The real free float is ~1% of the units (~R$ 3M at market price) — the exit of any relevant holder is an event, not routine.
| Period | What happened |
|---|---|
| Fund Establishment | Private Instrument of Establishment signed by Vórtx (administrator) and Hire Gestão (manager). CNPJ 63.806.554/0001-09. Structured under CVM Resolution 175 (limited liability). |
| Commencement of Operations | Official start of operations. Fundraising of R$ 274M via private subscription — TRXF11 enters as anchor unitholder. |
| Management Fee Amendment | Prior to receiving any capital contributions, Vórtx and Hire amend the bylaws to set the management fee at 0.9135% p.a. (with a minimum of R$ 50k/month adjusted by IPCA). |
| General Meeting — Approval of the 5 Conflicted Acquisitions | Unitholders' meeting with 100% of participants approves the purchase of all 5 assets (Cabreúva Warehouse R$ 140.9M, Água Chata R$ 73.4M, Bonsucesso R$ 96.5M, Galeão R$ 77.4M, CLJ Jaguaré R$ 14.6M — total R$ 402.8M). Declared conflict of interest (all sellers are related parties). |
| Public announcement by TRXF11 | TRXF11 publishes a material fact notice explaining the acquisition of 90% of HIRE11 units for R$ 402.8M (structure: R$ 181M in units + R$ 53.5M in cash + R$ 115.2M in up to 12 months). Projected yield on cost of 11.9% over the next 12 months' NOI. |
| First closing — 5 unitholders | Close of fiscal year 2025 with 5 unitholders (3 individual investors + 2 other funds). Net assets: R$ 274.9M. Book value per unit: R$ 100.32. No distributions paid (financial result of -R$ 12.5k for the month). |
| First distribution — R$ 0.6694/unit | First payment to unitholders: R$ 0.6694 referring to Jan/26, paid on Feb 13. Monthly dividend yield of 0.67% over book value per unit. |
| Quarterly Report Q4 25 — portfolio begins to emerge | The first quarterly report presents the 4 registered properties (Cabreúva 8k sqm partially registered, Marília, Guarulhos, Bonsucesso) and the CLJ SPE. Revenue is still zero (all properties show 0% revenue) — the fund is still in the lease assignment phase. |
| DPU Feb/26 — R$ 0.9323 | Second distribution, 39% higher than the previous one. Indicates that initial rents began flowing into cash in January. |
| Close of Q1 26 — 107 unitholders | Unitholder base jumps from 5 (Dec/25) to 107 (Mar/26) — opening of the free float. Net assets stable at R$ 274.8M. Cash: R$ 17.3M (6.3% of net assets). DPU for Mar/26: R$ 0.9536. |
| DPU Apr/26 — R$ 1.0054 (first time above R$ 1) | Fourth distribution reaches R$ 1.0054/unit — paid on May 15, 2026. Indicates the portfolio is approaching a stabilized regime (12% yield on cost). |