(JSRE)
Segment: Brick - AAA Corporate Offices · Price R$ 57.65 · P/BV 0.5675 · BV/unit R$ 101.59 · Net assets R$ 2,11 Bi · 87,207 unitholders · 6 assets
JSRE11 (JS Real Estate Multigestão FII) is a Brazilian REIT in the Brick - AAA Corporate Offices segment. (JSRE)
Owner of six high-end office buildings in São Paulo — Berrini, Av. Paulista, and Pinheiros — with over 90 corporate tenant companies and Safra Asset management since 2011. Note: half of the lease contracts expire in 2026-2027, a phase that will require skillful renegotiations by the manager.
This page gathers the factual snapshot of JSRE11 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: Safra Asset Management Ltda..
Banco J. Safra S.A. is the administrator and Safra Asset Management is the manager of JSRE11 since its IPO in 2011. Grupo Safra is one of Brazil's most traditional private financial institutions, with over 180 years of global history and an established presence in wealth management, investment banking, and fund management. In Dec 2024, Safra Asset Management was merged into Guide Investimentos (in transition to "Safra Asset Corretora de Títulos e Valores Mobiliários S.A."), a corporate reorganization within the same conglomerate. Solid active management track record: rotated portfolio in 2017-2021 (sold CSHG Brasil Shopping, bought Tower Bridge, Rochaverá, WTNU III, Ed. Paulista) and in 2024-2025 issued the Rochaverá CRI (R$ 135M), which was prepaid in Feb 2026, keeping the fund un-levered.
Portfolio of 6 AAA buildings in São Paulo (plus 1 in Rio), Safra Asset management
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Tower Bridge Corporate Building | Av. Jornalista Roberto Marinho, 85 — Berrini, São Paulo, SP | 100.0% | 0.898% |
| Marble and Ebony Towers — Rochaverá Complex | Av. das Nações Unidas, 14.171 — Brooklin, São Paulo, SP | 40.0% | 0.967% |
| Edifício Paulista | Av. Paulista, 2064 and 2086 — Bela Vista, São Paulo, SP | 100.0% | 1.0% |
| W Torre Nações Unidas III Building | Rua Eugênio de Medeiros, 303 — Pinheiros, São Paulo, SP | 64.3% | 1.0% |
| WT Morumbi - Wing B | Av. das Nações Unidas, 14.261 — Brooklin, São Paulo, SP | 75.0% | 0.802% |
| Work Bela Cintra | Rua Bela Cintra, 755 — Consolação, São Paulo, SP | 100.0% | 1.0% |
| Praia de Botafogo 440 Building | Praia de Botafogo, 440 (suites 501 and 2101) — Botafogo, Rio de Janeiro, RJ | 100.0% | 1.0% |
HHI 0.205 — moderada.
| Breakdown | Share |
|---|---|
| By state | São Paulo - Berrini/Chucri Zaidan 68.5% · São Paulo - Av. Paulista/Consolação 22.0% · São Paulo - Pinheiros 9.1% · Rio de Janeiro - Botafogo 0.4% |
| By tenant | Sprinkled portfolio (94 tenants) 95.0% · TRT (entered Feb 2026) · Allianz + CloudWalk · Boehringer Ingelheim · Sinqia |
| By index | IPCA 73.0% · IGP-M 27.0% |
JSRE11 trades at R$ 60.47 (June 2, 2026) with a book value per unit of R$ 102.83 (Apr/2026). A 41% book value discount places it among the deepest discounts in the AAA office sector. This reflects the high Selic cycle and asset repricing following the Tower Bridge integration into JSRI, rather than operational issues. During a rate-cutting cycle, funds with this profile tend to reprice first.
last close R$ 57.65 · all-time low R$ 51.66 · high R$ 123.00 · book value per unit R$ 101.59.
Average daily volume (21 sessions) of R$ 2,917,854 · 12-month average of R$ 2,160,784.
Good liquidity—a top fund among corporate office REITs. A R$ 1 million position can be exited in about 1.7 trading days without moving the price; R$ 10 million in about 17 days. Suitable for retail investors (R$ 100k-1M) needing quick exits, though institutional investors must plan their execution.
| Period | What happened |
|---|---|
| Jun/2011 - 2016 | Fund formation in Feb/2011 and IPO on Jun 6, 2011, administered by Banco J. Safra and managed by Safra Asset Management. Initial hybrid portfolio with units of other FIIs (CSHG Brasil Shopping was a notable initial position) and active management. |
| 2017 - 2018 | In Oct/2017, the fund acquired a stake in the W Torre Nações Unidas III Building (R$ 320M). In 2018, it completed its 5th Offering (R$ 377.8M) priced at R$ 109.91/unit, raising capital for a new acquisition phase. In Dec/2018, it bought 100% of the Edifício Paulista on Avenida Paulista (R$ 465M). |
| 2020 - 2021 | In Mar/2020 (during the pandemic), the fund acquired 100% of the Tower Bridge Corporate building in Berrini (R$ 666M), an AAA property with LEED Gold certification. In Feb/2021, it acquired a 40% stake in the Marble and Ebony towers of the Rochaverá Complex (R$ 408M), an AAA property with LEED Platinum certification. Prime position consolidated with 4 AAA buildings in the São Paulo prime business |
| 2019 - 2020 | The unit price hit a historical peak of R$ 123.00 in Dec/2019 , with book value per unit close to R$ 110. P/BV hovered around 1.12 — a typical premium for an AAA fund in a low Selic cycle. |
| 2022 - 2025 | The Selic rate rose from 2% (2020) to 13.75% (Aug/2022) and later 15% (Jan/2026). The unit price plunged from R$ 123 (2019) to a historical low of R$ 51.66 in Feb/2025 (-58% from the peak). Vacancy reached 8.4% in Feb/2024 and was reduced to 3.7% in Dec/2024 through active leasing management. |
| 2024 | In Feb/2024, the fund issued the Rochaverá CRI (R$ 135M, CDI+2.6%, 5-year term) backed by lease agreements to bolster cash reserves. In Dec/2024, Colliers conducted a mark-to-market appraisal of the properties resulting in a 6.61% markdown , reducing book value per unit from R$ 109.53 to R$ 101.73. |
| Dec/2025 - Feb/2026 | In Dec/2025, the fund subscribed to subordinated units of the JS Renda Imobiliária FII (JSRI) , paying in a 46% stake in Tower Bridge and receiving in exchange exposure to WT Morumbi (75% of Wing B) and Work Bela Cintra (100%). In Feb/2026, the fund executed a full prepayment of the Rochaverá CRI (R$ 135M) , bringing leverage to zero. |
| 2024 - 2026 (current) | Despite macro stress, the fund has maintained a DPU of R$ 0.48/unit for 24 consecutive months (Apr/2024 - Mar/2026). The unit price rebounded from R$ 51.66 (Feb/2025 low) to R$ 65.89 (Apr/2026), a +27% recovery, though still 36% below the current book value of R$ 102. Earnings per unit in Feb/2026 reached R$ 0.86 (boosted by the NCR penalty and the CRI prepayment gain). |