Formerly Comercial Progressivo II Real Estate Fund — active since June 9, 2006 (CNPJ 08.098.114/0001-28). The only Brazilian urban-income FII (Brazilian REIT-style fund) 100% concentrated in C&A stores — 89% of revenue comes from a single tenant.
Segment: Brick · Malls · medium quality / Urban Income — Anchor Stores (Mall + Street) · Price R$ 86.45 · P/BV 0.9953 · BV/unit R$ 86.86 · Net assets R$ 773 Mi · 785 unitholders · 25 assets
HSRE11 (HSI Renda Imobiliária FII) is a Brazilian REIT in the Brick · Malls · medium quality / Urban Income — Anchor Stores (Mall + Street) segment. Formerly Comercial Progressivo II Real Estate Fund — active since June 9, 2006 (CNPJ 08.098.114/0001-28). The only Brazilian urban-income FII (Brazilian REIT-style fund) 100% concentrated in C&A stores — 89% of revenue comes from a single tenant.
Consolidated C&A income with mass maturity in 2026 — proven execution vs. extreme concentration
This page gathers the factual snapshot of HSRE11 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 Real Estate Fund Manager.
HSI - Hemisfério Sul Investimentos is a manager specialized in institutional real estate, with a solid track record of acquiring, developing, and selling real estate assets in Brazil. In HSRE11, HSI executes a characteristic model: discipline in portfolio recycling, selling mature assets (stores in Tijuca, Av. São João, Nova Iguaçu, São Luís) with significant capital gains and using the proceeds to supplement the DPU via monthly installments. The competitive management fee (0.87% p.a. on market value) and low manager turnover signal long-term alignment. The management risk is the opposite of BLMG11: here the problem is not the manager — it is the quality of the mandate (C&A revenue, currently at risk of renegotiation).Portfolio of 25 stores across 11 states, 89% leased to C&A (operations in shopping centers and established commercial streets)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Store - Shopping Pátio Belém | Travessa Padre Eutíquio, 1,078 — Belém/PA | — | 1.0% |
| Store - Rua Goitacazes (BH Downtown) | Rua Goitacazes, 182 — Belo Horizonte/MG | — | 1.0% |
| Store - Shopping Del Rey | Av. Pres. Carlos Luz, 3001 — Belo Horizonte/MG | — | 1.0% |
| Store - Minas Shopping | Av. Cristiano Machado, 4000 — Belo Horizonte/MG | — | 1.0% |
| Store - Pátio Brasil Shopping | Setor Comercial Sul Q.6 — Brasília/DF | — | 1.0% |
| Store - Shopping Curitiba | Rua Brigadeiro Franco, 2300 — Curitiba/PR | — | 1.0% |
| Store - Duque de Caxias | Praça Pacificador, 39 — Duque de Caxias/RJ | — | 1.0% |
| Store - Shopping Iguatemi Bosque (Fortaleza) | Av. Washington Soares, 85 — Fortaleza/CE | — | 1.0% |
| Store - Maceió Shopping | Av. Gustavo Paiva, 2990 — Maceió/AL | — | 1.0% |
| Store - Plaza Shopping Niterói | Rua Quinze de Novembro, 8 — Niterói/RJ | — | 1.0% |
| Store - Recife (Av. Conde da Boa Vista) | Av. Conde da Boa Vista, 484 — Recife/PE | — | 1.0% |
| Store - Rua do Ouvidor (RJ Downtown) | Rua do Ouvidor, 186 — Rio de Janeiro/RJ | — | 1.0% |
| Store - Copacabana (Av. NSra Copacabana) | Av. Nossa Senhora de Copacabana, 749 — Rio de Janeiro/RJ | — | 1.0% |
| Copacabana Garage | Alameda dos Tabajaras, 50 — Rio de Janeiro/RJ | — | 1.0% |
| Store - Norte Shopping | Av. Dom Helder Câmara, 5474 — Rio de Janeiro/RJ | — | 1.0% |
| Store - Shopping Iguatemi RJ (Boulevard) | Rua Barão de São Francisco, 236 — Rio de Janeiro/RJ | — | 1.0% |
| Store - Shopping Barra Salvador | Av. Centenário, 2992 — Salvador/BA | — | 1.0% |
| Store - Shopping Center Piedade | Av. Centenário, 2992 — Salvador/BA | — | 1.0% |
| Store - Shopping ABC | Av. Pereira Barreto, 42 — Santo André/SP | — | 1.0% |
| Store - Vitória (Av. Jerônimo Monteiro) | Av. Jerônimo Monteiro, 1000 — Vitória/ES | — | 1.0% |
| Unitoledo University - Araçatuba | Rua Antonio Afonso de Toledo, 512/465/595 - Jardim Sumaré — Araçatuba/SP | — | 1.0% |
| Store - Campinas Downtown | Rua Treze de Maio, 520 and Rua Dr. Costa Aguiar, 477 — Campinas/SP | — | 1.0% |
| Store - Shopping Pátio Belém | Travessa Padre Eutíquio, 1078 — Belém/PA | — | 1.0% |
HHI 0.795 — extrema.
| Breakdown | Share |
|---|---|
| By state | Sudeste 68.3% · Nordeste 21.4% · Centro-Oeste 3.1% · Norte 2.5% · Sul 4.7% |
| By tenant | C&A Modas S.A. 89.1% · Unitoledo 5.3% · Government of ES 2.3% · Smart Fit 1.6% · Others (ORO Laser, Riachuelo) 1.7% |
| By index | IPCA 97.3% · IGP-M 2.7% |
last close R$ 86.45 · all-time low R$ 96.00 · high R$ 102.00 · book value per unit R$ 86.86.
Average daily volume (21 sessions) of R$ 30,803 · 12-month average of R$ 314,990,038.
Very low liquidity — only R$ 30k/day in March 2026. Positions above R$ 100k require days for liquidation. Dominant institutional unitholder base (manager states objective of broadening distribution)
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Incorporated as 'Comercial Progressivo II FII' on June 9, 2006. |
| MATURAÇÃO | 12 years consolidating the C&A income portfolio with operational stability. |
| 9ª EMISSÃO PÚBLICA | 9th public offering (1.83M new units at R$ 100/unit — R$ 183M). |
| RENDA ESTÁVEL | DPU fluctuating between R$ 0.54 and R$ 1.18/unit with a stable average close to R$ 0.75. |
| RECICLAGEM ATIVA | Initiation of the underperforming store sales program — Tijuca, São Luís, Nova Iguaçu, Av. São João, São Paulo Downtown. |
| ESTABILIZAÇÃO | DPU stabilized at R$ 0.85/unit; projected capital gain of R$ 25.3M (R$ 2.84/unit) throughout the year. |