Passive management Income FII — Malls (CNPJ 35.586.415/0001-73). Holds a 22.616% stake in Shopping Parque Dom Pedro in Campinas, São Paulo, following the completion of an additional acquisition in February 2026.
Segment: Brick · Malls · high quality (single-asset) · Price R$ 91.99 · P/BV 0.9762 · BV/unit R$ 94.23 · Net assets R$ 664 Mi · 571 unitholders · 1 assets
HPDP11 (Hedge Shopping Parque Dom Pedro FII) is a Brazilian REIT in the Brick · Malls · high quality (single-asset) segment. Passive management Income FII — Malls (CNPJ 35.586.415/0001-73). Holds a 22.616% stake in Shopping Parque Dom Pedro in Campinas, São Paulo, following the completion of an additional acquisition in February 2026.
Quality trade with a book value discount — pure-play exposure to Parque Dom Pedro (Campinas, SP, top-3 GLA)
This page gathers the factual snapshot of HPDP11 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: Hedge Investments Real Estate.
Hedge Investments is one of the established managers of mall-focused Brazilian REIT-style funds, managing other funds in the sector (HSML11, HBRR11). The administrator (Hedge DTVM, CNPJ 07.253.654/0001-76) has remained the same since the IPO in December 2019. Positive points: audited by Grant Thornton, high transparency in monthly reports, active disclosure policy (published appraisal reports), successful execution of the 4th offering and the 12.086% acquisition at an attractive cap rate. Points to monitor: extremely concentrated unitholder base (1 unitholder holds 73%) — it is incumbent upon the manager to safeguard governance given this structure.Premium single-asset in post-acquisition phase (stake doubled in Feb/26)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Shopping Parque Dom Pedro | Av. Guilherme Campos, 500 — Campinas, SP | 22.6% | 0.985% |
HHI 1.0 — extrema.
| Breakdown | Share |
|---|---|
| By state | Southeast — Campinas/SP 100.0% |
| By tenant | ~300+ operations in the mall (no dominant anchor tenant) 100.0% |
Current P/BV of 0.87 (quote R$ 94.98 ÷ BV per unit R$ 108.73) — moderate discount. Caution: BV per unit is temporarily inflated by the 4th offering (unconverted receipts). The "normalized" BV per unit (post-conversion) is expected to be close to R$ 96–100, bringing the "real" P/BV closer to 0.95–1.00.
last close R$ 91.99 · book value per unit R$ 94.23.
Average daily volume (21 sessions) of R$ 1,590,000 · 12-month average of R$ 2,557,180.
Moderate liquidity. 12m average volume (R$ 2.56M) improved vs. prior analysis. 12m turnover: 97.23% of total units. A R$ 500k position = ~2 business days without moving the price. The expansion of the unitholder base (462→610) and float tends to gradually improve liquidity.
| Period | What happened |
|---|---|
| IPO | Launch as a single-asset mall FII. Initial capital raise and acquisition of a 10.53% stake in Parque Dom Pedro. |
| COVID — RESILIÊNCIA | Pandemic halts distribution: 4 months without income payments (Mar/Apr/May/Jul/2020). Mall reopens gradually. |
| REGIME ESTÁVEL | Post-COVID operational stabilization. DPU returns to a healthy level. |
| REGIME ESTÁVEL II | DPU consolidated at R$ 0.45/unit monthly. Minor property revaluation. |
| DPS CONSOLIDADO | DPU stabilizes at R$ 0.53/unit — an unprecedented level since the IPO. Extraordinary distribution in June. |
| DPS R$ 0,53 | Year of absolute stability. DPU R$ 0.53 all 12 months. Latest revaluation in December 2024 slightly reduces book value. |
| DPS R$ 0,56 + AQUISIÇÃO ANUNCIADA | DPU rises to R$ 0.56/unit. In Dec/25 the manager announces a commitment to acquire an additional 12.086% stake in the mall. |
| DOBRADA — 22,616% | Completion of the acquisition. Stake in the mall more than doubles (10.53% → 22.616%). Cap rate 9.4%. |
| CONSOLIDAÇÃO + NIKE | 4th Offering closed, Nike opened, acquisition in final stretch (6th of 7 payments). |