The KNCR11 price is updated live during the B3 (Brazilian stock exchange) trading session, which runs from 10:00 a.m. to 5:30 p.m. on business days. The last recorded close was R$ 106.41 on June 9, 2026. The price you see at the top of this page reflects the most recent value available — in real time during the session or the previous trading day's close.
KNCR11 is one of the most liquid REITs on the Brazilian exchange: the average daily trading volume over the last 21 sessions was R$ 22.4 million (March 2026), placing the fund among the five most traded in the market. This means the bid-ask spread is minimal and that positions of R$ 1 million or more can be traded within a few hours without a relevant impact on the price.
Historically, the KNCR11 unit trades within a narrow corridor. The all-time low was R$ 85.50 in March 2020, at the peak of the pandemic panic. The all-time high was R$ 117.00 in November 2016. Over the last 24 months, the unit oscillated mostly between R$ 97 and R$ 108, with annualized volatility of 7.3% — extremely low for a REIT, reflecting the post-fixed, high-grade profile of the portfolio.
KNCR11 — whose full name is Kinea Rendimentos Imobiliários FII Responsabilidade Limitada — is a paper real-estate fund, focused on acquiring Real-Estate Receivable Certificates (CRIs) indexed to the CDI. In simple terms: instead of buying physical real estate, the fund buys real-estate-backed debt, receiving monthly interest that is passed on to unitholders as income exempt from income tax for Brazilian individuals.
Founded in August 2012 and listed on the B3 since October of the same year, KNCR11 is today Brazil's largest post-fixed paper REIT, with net assets of R$ 10.96 billion and 542,237 unitholders (March 2026). The fund raised capital through 12 public offerings over its history, the largest in February 2026, when it raised R$ 3.2 billion to acquire new CRIs.
The fund's CNPJ (Brazilian tax ID) is 16.706.958/0001-32. The ISIN code is BRKNCRCTF000. The target audience is retail investors in general — there is no qualified-investor restriction.
KNCR11's P/BV (Price-to-Book Value) is 1.04, based on book value per unit of R$ 102.36 (March 2026) and the price of R$ 106.41. This means the unit trades at a premium of approximately 4.3% over the book value of the fund's assets.
This premium is not random. It reflects the market's perception of three hard-to-replicate attributes: the Kinea/Itaú management — with a 13-year flawless track record and privileged access to the origination of corporate CRIs —, the superior liquidity of R$ 22.4 million per day, and the zero-default track record across all economic cycles since the IPO.
For comparison, the median P/BV among the seven comparable high-grade paper funds is 0.98 — meaning KNCR11 is the only one in the group that consistently trades at a premium. This does not mean the fund is expensive in absolute terms, but it indicates that there is no margin of safety on book value for those entering now. Our fair-value analysis estimates the unit at R$ 110.54, suggesting an undervaluation of around 3.6% relative to the calculated fair value — see the full analysis section for more details.
The heart of KNCR11 is a portfolio of 88 CRIs (Real-Estate Receivable Certificates) with an average rate of CDI+2.05% (MTM) and an average maturity of 4 years. In March 2026, these assets represented 77.9% of net assets — R$ 8.84 billion allocated to high-grade real-estate credit. The remaining 22.1% was in LCI (14.3%) and cash in Federal Government Bonds (7.8%), transitory positions from the 12th offering still being deployed.
By the borrowers' economic sector, the distribution is:
The portfolio's granularity is exemplary: the largest single CRI (JHSF Malls II) represents only 3.9% of net assets. The HHI concentration index is 0.0395, classified as low. In 13 years, none of the CRIs has defaulted — a track record that withstood the pandemic (2020), the Selic 13.75% cycle (2022-2023) and the Selic 15% cycle (2025-2026).
Kinea Investimentos Ltda. (CNPJ 08.604.187/0001-44) is KNCR11's manager. Founded in 2007 as the asset-management arm of the Itaú Unibanco Group, Kinea is considered one of the largest and most respected real-estate-fund management platforms in Brazil. In paper REITs, Kinea manages R$ 27.8 billion across 7 funds, with KNCR11 being the largest of them.
Administration is the responsibility of Intrag DTVM Ltda. (CNPJ 62.418.140/0001-31), also part of the Itaú Unibanco Group. Custody is provided by Itaú Unibanco S.A. itself, and the independent audit is performed by PricewaterhouseCoopers Auditores Independentes — one of the most respected audit firms in the world.
This vertical integration of Kinea + Intrag + Itaú Custody generates privileged access to CRI origination in large-scale corporate real-estate transactions — which explains why KNCR11's portfolio has access to borrowers such as Brookfield (an international group with more than R$ 2 billion of exposure in the fund) and JHSF (operator of Brazil's most premium shopping centers).
KNCR11's cost structure is competitive for its size and segment. The total fee is 1.00% per year, which includes management by Kinea, administration by Intrag and the registrar. There is no performance fee — the manager does not charge an additional percentage on returns above a benchmark, which is an important advantage in high-Selic cycles such as 2022-2026. Custody is included in the fee and provided by Itaú Unibanco itself.
For the individual unitholder, monthly income is exempt from income tax, provided the fund has more than 50 unitholders (KNCR11 has 542,237) and the units are traded exclusively on the exchange (a condition met). Capital gains on the sale of units are taxed at 20% income tax.
The fund has no financial leverage — the LTV (Loan to Value) at the vehicle level is 0%. The individual CRIs have real-estate collateral with LTVs between 40% and 70%, but the fund itself does not take on debt to invest.
For information on dividends and monthly income, see the KNCR11 dividends page. For valuation analysis and whether it is worth buying now, see the full analysis.
KNCR11 (Kinea Rendimentos Imobiliários REIT) is Brazil's largest CDI+ paper real-estate fund, with net assets of R$ 10.96 billion and 542,000 unitholders. It invests in CRIs (real-estate-backed debt) indexed to the CDI, managed by Kinea Investimentos (Itaú Unibanco Group) since its IPO in October 2012.
It is a paper fund. KNCR11 holds no physical real estate — it invests in CRIs (Real-Estate Receivable Certificates), which are debt instruments backed by real-estate assets. Income comes from the interest paid by the borrowers (Brookfield, JHSF, Allos, etc.), not from rent.
The fund's CNPJ is 16.706.958/0001-32. The administrator (Intrag DTVM) has CNPJ 62.418.140/0001-31 and is the paying agent for income-tax purposes.
KNCR11 charges 1.00% per year as a total fee (management + administration + registrar). There is no performance fee. Custody is included in the fee and provided by Itaú Unibanco.
KNCR11 holds 88 active CRIs in its portfolio, spread across roughly 30 distinct borrower groups. The main sectors are offices (45.6%), shopping centers (27.3%), logistics warehouses (11%) and residential (10.3%). All CRIs are current on payments.
It is one of the lowest credit-risk paper REITs in the Brazilian market. The portfolio has been 100% current since the 2012 IPO, the borrowers are top-tier names (Brookfield, JHSF, Iguatemi) and the Kinea/Itaú management has a 13-year flawless track record. The main risk is sensitivity to the CDI — dividends fall when the Selic rate falls.