Inter Logístico Real Estate Fund FII Limited Liability (CNPJ 34.598.181/0001-11) — managed by Inter Asset, administered by Inter DTVM, consultant LOG CP
Segment: Brick · Logistics · Price R$ 62.1 · P/BV 0.5832 · BV/unit R$ 106.49 · Net assets R$ 481 Mi · 14,438 unitholders · 4 assets
INLG11 (Inter Logístico FII) is a Brazilian REIT in the Brick · Logistics segment. Inter Logístico Real Estate Fund FII Limited Liability (CNPJ 34.598.181/0001-11) — managed by Inter Asset, administered by Inter DTVM, consultant LOG CP
Owner of four high-standard logistics warehouses in the Southeast, leased to major companies and adjusted by the IPCA, distributing rents as monthly income. Note: most leases expire in 2027 — the outcome of renegotiations will set the distribution level.
This page gathers the factual snapshot of INLG11 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: Inter Asset Gestão de Recursos.
Inter Asset (a subsidiary of Banco Inter, formerly Intermedium) has managed INLG11 since its IPO in Nov/2019. It relies on LOG Commercial Properties as real estate consultant and leasing manager — a related party that also appears in transactions with the fund (sales of co-owned assets). Fiduciary administration is handled by Inter DTVM. Management delivered a portfolio of 4 class A warehouses with average vacancy of 1.0% since the IPO, completed its first asset recycling (sale of Goiânia in Sep/24 for R$ 116.2M), and approved modern tools at the Mar/2026 unitholders' meeting — unit buybacks and leverage. Independent auditor (Grant Thornton) issued an unqualified opinion in 2025.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Inter Logístico Viana | BR 262 No. 222, Vila Bethânia Neighborhood, Viana – ES | 80.0% | 1.0% |
| Inter Logístico Contagem I | Simão Antônio Street No. 149, Cincão, Contagem – MG | 46.2% | 1.0% |
| Inter Logístico Gaiolli | Amâncio Gaiolli Ave. No. 426, Água Chata Neighborhood, Guarulhos – SP | 100.0% | 1.0% |
| LOG Rio Campo Grande Business Park | Brasil Ave. No. 41,432, Campo Grande Neighborhood, Rio de Janeiro – RJ | 22.1% | 0.97% |
HHI 0.2945 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By index | IPCA 100.0% |
P/BV of 0.61 (quote R$ 65.10 vs BV R$ 106.40). A 39% discount to book value — deep, well below the average of high-grade logistics peers (0.96). Historically, INLG11 traded near 1.0 in 2021-2023, dropping to its current range following the Selic rate hike cycle and the concentration of 2027 expirations. With falling Selic rates and market upside in Gaiolli/RCG, the discount offers a margin of safety.
last close R$ 62.1 · all-time low R$ 64.77 · high R$ 115.15 · book value per unit R$ 106.49.
Average daily volume (21 sessions) of R$ 437,448 · 12-month average of R$ 272,442.
Moderate-to-low liquidity. A R$ 1 million position takes ~11 trading days to liquidate without moving the price. Monthly volume rose to R$ 27.6M in March 2025 (peak) and dropped to R$ 2.3M in March 2026 — interest cooled following the DPU cut.
| Period | What happened |
|---|---|
| IPO + 1st Offering | |
| 2nd Offering and expansion | |
| 3ª Emissão | |
| 4th Offering + Sale of Goiânia | |
| Extraordinary DPU and fair value adjustment | |
| DPU cut and transformational unitholders' meeting |