IBBP11 — Invista Brazilian Business Park FII

Ex-Invista Desenvolvimento VI (renamed in 2024 following initial fundraising) — CNPJ 52.551.605/0001-74, managed by Invista Real Estate and administered by Vórtx

Segment: Brick · Logistics · medium quality · Price R$ 8.4 · P/BV 0.8589 · BV/unit R$ 9.78 · Net assets R$ 998 Mi · 2,037 unitholders · 6 assets

What is IBBP11

IBBP11 (Invista Brazilian Business Park FII) is a Brazilian REIT in the Brick · Logistics · medium quality segment. Ex-Invista Desenvolvimento VI (renamed in 2024 following initial fundraising) — CNPJ 52.551.605/0001-74, managed by Invista Real Estate and administered by Vórtx

BBP quality brick-and-mortar asset with a 9.2-year WALE + value thesis via the XPIN11 merger — strong fundamentals, corporate structure, and timing require careful attention

This page gathers the factual snapshot of IBBP11 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.

IBBP11 numbers in 2026

Net assets: R$ 998 Mi
Book value per share: R$ 9.78
Number of shareholders: 2,037
Assets in portfolio: 6
Gross leasable area: 142k sqm (125k built + 17k under construction)
Occupancy: 100.0%
WAULT (years): 9.2

Fees

Management Fee (Vórtx): 0,10% a.a.
Asset Management Fee (Invista RE): Not disclosed separately
Custody Fee: Embutida

Manager

Management: Invista Real Estate Ltda..

Invista Real Estate is a manager specialized in real estate assets, headquartered in São Paulo and focused on industrial and logistics funds. In February 2026, the manager also took over the management of XPIN11 (formerly XP Asset), in a consolidation movement that culminates in the merger of the two funds via the liquidation of XPIN11 and amortization in units. Brazilian Business Park (BBP) — a company that has developed and built the complex for 30+ years — is the operating partner and provides the construction pipeline. The executive in charge is Ricardo Fuscaldi de Figueiredo Baptista (ITA engineer, IBMEC-SP MBA). A short exchange history (IPO May/2024) limits the evaluation of long-term performance; so far, operational execution has been solid (100% occupied, 0% delinquency), but the thesis still needs to prove its ability to recycle capital and absorb XPIN11 without destroying value.

CNPJ: 18.356.470/0001-58
Net assets under management for IBBP11: R$ 526 Mi
Fund inception: Mai/2024

See our analysis of Invista Real Estate Ltda. →

IBBP11 portfolio: what the fund invests in

6 industrial-logistics parks of the Brazilian Business Park (Atibaia/Jundiaí/Extrema/Jarinu) — 142k sqm of GLA, 25 multinational tenants, 9.2-year WALE, 100% occupied

Asset	Location	% of NAV	Occupancy
BBP — Gaia Complex (Jarinu/SP)	Km 91 Rodovia Dom Pedro I, Jarinu/SP	100.0%	1.0%
BBP — Barão de Mauá Park (Atibaia/SP)	Km 87.5 Rodovia Dom Pedro I, Atibaia/SP	100.0%	1.0%
BBP — Extrema (Extrema/MG)	Estrada Municipal Antônio Agostinho Barbosa, 1300, Extrema/MG	100.0%	1.0%
BBP — Atibaia Business Center (CEA)	Av. Tégula, 888, Km 87.5 Rodovia Dom Pedro I, Atibaia/SP	100.0%	1.0%
BBP — Jundiaí I	Rua Kanebo, 175, Bairro Industrial, Jundiaí/SP (Rod. Anhanguera Km 64)	100.0%	1.0%
BBP — Jundiaí II	Km 51 Rodovia Anhanguera (Northbound), Terra Nova, Jundiaí/SP	100.0%	1.0%

Concentration and diversification

HHI 0.354 — alta.

Breakdown	Share
By state	SP — Vale Dom Pedro I (Atibaia + Jarinu) 79.5% · SP — Anhanguera Axis (Jundiaí) 7.5% · MG — Southern Minas Gerais (Extrema) 12.9%
By tenant	Solventum (3M Health Care) 16.7% · MCassab (under construction) 12.4% · Petfive 9.6% · Volo 7.4% · Magna do Brasil 7.5%
By index	IPCA 92.0% · IGPM 8.0%

Price, P/BV and book value

P/BV of 0.87 — a 13% discount to the Common unit book value (R$ 9.76).

last close R$ 8.4 · all-time low R$ 7.00 · high R$ 14.32 · book value per unit R$ 9.78.

Liquidity and trading

Average daily volume (21 sessions) of R$ 2,635,439 · 12-month average of R$ 291,415.

Modest liquidity — ~R$ 939k/day recently, but R$ 300k/day historically. A R$ 100k position exits in 1–2 days; a R$ 1M position takes ~5–17 days depending on the trading window. Suitable for satellite allocation (≤ 5% of an average portfolio)

IBBP11 track record

The IBBP11 is a young fund (IPO May/2024) that in just over 18 months has delivered 100% occupancy, 25 multinational tenants, a 9.2-year WALE, and 92% IPCA-linking. Operational fundamentals are strong. The sensitive points are the dual unit structure (Common + Senior) and the ongoing institutional transformation: Invista Real Estate took over XPIN11 in Feb/2026 and is executing a consolidation process that will bring new assets to IBBP11 while amortizing XPIN11 unitholders in units. Investors entering today are buying a fund with strong fundamentals and a cheap price (P/BV 0.87), albeit with short-term execution risk and a corporate structure that requires understanding.

Period	What happened
PROSPECTO	Preliminary Prospectus Registration for the 1st Offering — Invista Desenvolvimento VI FII.
FUNCIONAMENTO	Commencement of fund operations (05/28/2024) with Common + Senior fundraising.
MATURAÇÃO	Period of operational stabilization and new leases.
VENDA TOPÁZIO	Sale of Topázio 17 and Topázio 19 assets (gain of R$ 4.2M recognized in installments).
GESTÃO XPIN11	Invista Real Estate assumes management of XPIN11 — preparation for merger.
ASSEMBLEIA FUSÃO	Call for a unitholders' meeting to vote on the liquidation of XPIN11 and the absorption of assets.
ENTREGA OBRAS	Projected completion of the Jacarandá and Jequitibá buildings (MCassab).