HSI LOGÍSTICA FUNDO DE INVESTIMENTO IMOBILIÁRIO DE RESPONSABILIDADE LIMITADA (CNPJ 32.903.621/0001-71)
Segment: Brick / Logistics AAA · Price R$ 75.17 · P/BV 0.6829 · BV/unit R$ 110.07 · Net assets R$ 1,39 Bi · 42,009 unitholders · 6 assets
HSLG11 (HSI Logística FII) is a Brazilian REIT in the Brick / Logistics AAA segment. HSI LOGÍSTICA FUNDO DE INVESTIMENTO IMOBILIÁRIO DE RESPONSABILIDADE LIMITADA (CNPJ 32.903.621/0001-71)
Owner of six top-tier logistics warehouses, all leased, near major capital cities and occupied by retailers such as Casas Bahia, Mercado Livre, and Bemol, managed by HSI. Caution: it acquired the properties with debt that weights on results while interest rates remain high.
This page gathers the factual snapshot of HSLG11 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: HSI - Hemisfério Sul Investimentos.
HSI - Hemisfério Sul Investimentos is one of Brazil's most experienced real estate asset managers, founded in 2005 with a consolidated track record in real estate. Specializing in AAA last-mile logistics warehouses (within a 30 km radius of capital cities), HSLG11 is the firm's logistics vehicle. Management demonstrates operational discipline: 100% occupancy since Nov/2024, a 10-year Mercado Livre build-to-suit lease, CRIs structured with competitive rates, and systematic rent revisions. In Jan/2025, HSI proactively cut the DPU (from R$ 0.74 to R$ 0.65), announcing capital preservation in the face of a high Selic cycle — a rare gesture of transparency. In 2025, it delivered R$ 8.05/unit (33.2% unitholder return vs IFIX 21.1%). Address: Av. Pres. Juscelino Kubitschek, 1400, 13th floor, Vila Nova Conceição, São Paulo/SP.AAA logistics portfolio with 6 warehouses totaling 508k sqm of owned GLA, 100% occupancy, and moderate CRI leverage (LTV 20.9%)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| HSI Log. Dutra | Av. Comendador Masatoshi Shinmyo, 300 — Arujá/SP | 100.0% | 1.0% |
| HSI Log. Castelo | Rod. Coronel PM Nelson Tranchesi, 740 and 990 — Itapevi/SP | 100.0% | 1.0% |
| HSI Log. Contagem | Rod. Vereador Joaquim Costa, 2000 — Contagem/MG | 100.0% | 1.0% |
| HSI Log. São José dos Pinhais | Rod. BR 116 (Contorno Leste), 7000 — São José dos Pinhais/PR | 100.0% | 1.0% |
| HSI Log. Manaus (Bemol) | Av. Torquato Tapajós, 8251 — Manaus/AM | 100.0% | 1.0% |
| HSI Log. Meli (Mercado Livre BTS) | Fazenda Velha Neighborhood — Araucária/PR | 56.2% | 1.0% |
| Bemol Manaus CRI | — | — | — |
| Meli BTS CRI (1) | — | — | — |
| Meli BTS CRI (2) | — | — | — |
| Meli BTS CRI (3) | — | — | — |
| Meli BTS CRI (4) (Expansion) | — | — | — |
HHI 0.2 — moderada.
| Breakdown | Share |
|---|---|
| By state | Sudeste 62.0% · Sul 24.0% · Norte 14.0% |
| By tenant | Mercado Livre (Build-to-Suit) 13.8% · Bemol 13.5% · Casas Bahia (2 assets) 30.9% · Assaí 10.7% · Comercial Esperança 7.9% · Ibratec 5.0% |
| By index | IPCA 91.6% · IGPM 8.4% |
| By contract type | tipico 62.3% · atipico 37.7% |
P/BV of 0.84 — moderate discount of 16% to book value of R$ 109.73.
last close R$ 75.17 · all-time low R$ 69.89 · high R$ 113.95 · book value per unit R$ 110.07.
Average daily volume (21 sessions) of R$ 757,088 · 12-month average of R$ 759,809.
Moderate liquidity for the AAA logistics segment. 21d average volume of R$ 757k. A R$ 1M position takes ~7 business days to liquidate without moving the price — suitable for investors with a medium-term horizon.
| Period | What happened |
|---|---|
| Constituição | Fund established on 12/09/2019 as a logistics FII managed by HSI Investimentos with BRL Trust DTVM as administrator. Objective: ready-built logistics warehouses. |
| IPO (16/12/2020) | Exchange listing after 4 offerings raising a total of ~R$ 1.33B (12.66M units at R$ 105 book value). Initial portfolio with 5 warehouses. |
| Bemol CRI Issuance (R$ 167M) | Structuring of the Bemol Manaus CRI in Oct/2022 (IPCA+7.61%, maturing Oct/2037), unlocking leverage for the atypical Manaus warehouse. |
| Mercado Livre Build-to-Suit Acquisition | In Jul/2024, a 10-year atypical build-to-suit lease was signed with Mercado Livre in Araucária/PR (92,630 sqm, 56.18% stake). Inauguration in 2025. |
| Meli BTS CRIs (1 and 2) — R$ 127M | Oct/2024: issuance of 2 Meli BTS CRI tranches — IPCA+7.85% and CDI+2.25%, both maturing Apr/2034. |
| Occupancy reaches 100% | Since Nov/2024, the portfolio has maintained 100% occupancy — a fund record, reflecting asset quality and premium locations. |
| DPU reduced to R$ 0.65 | In Jan/2025, the manager reduced DPU from R$ 0.74 to R$ 0.65/unit as a proactive capital preservation measure amid the high Selic cycle. A decision aligned across HSI's brick-and-mortar funds. |
| Casas Bahia Renegotiation | Contract amendments: Contagem from R$ 35.98 to R$ 30.00/sqm and SJP from R$ 13 to R$ 18.50/sqm. Process initiated to sublease 38-44% of GLAs (objective: dilute concentration from 33% to 20%). |
| Mercado Livre Exercises Expansion Right | On 08/29/2025, EBAZAR.COM.BR (ML) notified the exercise of its Expansion Right at the Araucária build-to-suit — a strong sign of tenant commitment. |
| Bylaws Update | On 09/17/2025, bylaws amended to update HSI manager address (changed to Av. JK, 1400, 13th floor). |
| Meli BTS CRI (4) — Expansion | Issuance of tranche 4 of the Meli BTS CRI in Nov/2025 (R$ 50M, CDI+1.90%, maturing Nov/2030) to finance build-to-suit expansion — R$ 25M not yet paid in. |
| DPU returns to R$ 0.72 + Guidance R$ 0.72-0.76 | In Mar/2026, DPU reached R$ 0.72/unit (gradual recovery since Sep/2025) with guidance of R$ 0.72-0.76 for 1H/2026 — potential floor increase as the macro scenario evolves favorably. |