Iridium Fundo de Investimento Imobiliário Responsabilidade Limitada — formerly 'Brick 55', renamed in Apr/2021 (CNPJ 41.076.564/0001-95). In Nov/2025, it absorbed the assets of IRDM11 (Iridium Recebíveis), assuming net assets of R$ 2.97B (Apr/26).
Segment: Multi-strategy (CRI 80% + FII 20% + Cash ~2%) · Price R$ 60.45 · P/BV 0.7346 · BV/unit R$ 82.29 · Net assets R$ 2,90 Bi · 200,859 unitholders
IRIM11 (Iridium FII) is a Brazilian REIT in the Multi-strategy (CRI 80% + FII 20% + Cash ~2%) segment. Iridium Fundo de Investimento Imobiliário Responsabilidade Limitada — formerly 'Brick 55', renamed in Apr/2021 (CNPJ 41.076.564/0001-95). In Nov/2025, it absorbed the assets of IRDM11 (Iridium Recebíveis), assuming net assets of R$ 2.97B (Apr/26).
Finances developers, shopping malls, hospitals, and solar plants with over 150 inflation-indexed debt contracts, distributes risk at scale, and pays tax-exempt monthly income.
This page gathers the factual snapshot of IRIM11 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: Iridium Gestão de Recursos Ltda..
Iridium Gestão de Recursos is an independent asset manager headquartered in São Paulo (Av. Brigadeiro Faria Lima, 4440 — 11th floor), authorized by CVM, Brazil's securities regulator, since 2017. In July 2025, management consolidated its structure by eliminating the performance fee via CVM Resolution 175. The major achievement of 2025 was the absorption of IRDM11 — a fund with 7 years and 7 months of history, R$ 1.91B distributed to 258,920 unitholders — within IRIM11's lighter structure (which had only 1.92M units and net assets of ~R$ 165M pre-merger). The transaction was approved at a unitholder meeting with a qualified quorum (≥25% of unitholders) on the first call, demonstrating good institutional communication. Challenge: executing the recycling of the FII portfolio inherited from IRDM (HCTR, DEVA, TORD, etc.) in a weak secondary market without destroying DPU in the short term.Portfolio Apr/26 (Structured Monthly Report, ID 1187563): 157 CRIs (~72% of net assets) + 23 FIIs (~19% of net assets) + 10.6% cash via Fixed Income Investment Fund + 1.4% SPEs/properties
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| XPIN Edifício Tucano CRI | — | 2.9% | — |
| Mooca Plaza Shopping CRI | — | 2.8% | — |
| Hospital da Bahia CRI | — | 2.6% | — |
| CRI Evolua | — | 2.6% | — |
| Shopping Pantanal CRI | — | 2.6% | — |
| Socicam VII CRI | — | 1.9% | — |
| CRI Bewiki | — | 1.8% | — |
| Cashme XXI CRI (Mezzanine) | — | 1.6% | — |
| Origo II CRI | — | 1.6% | — |
| FazSol I CRI | — | 1.5% | — |
| BTG Pactual Logística FII | — | 4.4% | — |
| Rio Bravo Crédito Imobiliário High Yield | — | 3.4% | — |
| BTG Pactual Prime Offices | — | 1.9% | — |
| TRX Real Estate FII | — | 1.8% | — |
| Devant Recebíveis Imobiliários | — | 1.1% | — |
| Capitânia Strategies Shopping | — | 1.1% | — |
| Guardian Real Estate FII | — | 0.6% | — |
| BTG Pactual Tesouro Selic FI RF Referenciado DI | — | — | — |
HHI 0.045 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 59.6% · National / Diversified 25.6% · Other regions 14.8% |
| By index | IPCA 88.2% · CDI+ 5.8% · IGP-M 2.5% · PRE 2.3% · INPC 0.5% · INCC-DI 0.4% |
last close R$ 60.45 · all-time low R$ 60.04 · high R$ 114.86 · book value per unit R$ 82.29.
Average daily volume (21 sessions) of R$ 2,700,000 · 12-month average of R$ 2,200,000.
Reasonable liquidity. A R$ 100k position can be exited in less than 1 business day; R$ 1M takes about 2 days. For investors operating below R$ 5M, there are no material restrictions.
| Period | What happened |
|---|---|
| RENOMEAÇÃO | 'Brick 55' fund (CNPJ 41.076.564/0001-95) is renamed to 'Iridium FII' with new management by Iridium Gestão de Recursos. |
| FASE PRÉ-MERGER | Small fund operating with 1.92M units and net assets of ~R$ 165M (pre-merger estimate), focused on CRIs. |
| REORGANIZAÇÃO ANUNCIADA | Commencement of the formal reorganization process between IRDM11 and IRIM11 (07/15/2025). |
| MERGER EXECUTADO | Integration of IRDM11 assets into IRIM11 and definitive liquidation of IRDM11. |
| ESTABILIZAÇÃO | First months operating with the combined portfolio — DPU fluctuates with weak IPCA inflation. |
| RECICLAGEM | Reciclagem ativa da carteira de FIIs herdada do IRDM e ajustes na carteira de CRIs. |