Kinea/Itaú hybrid brick blue chip (AAA corporate offices + AAA logistics) — 15+ years, 19 properties, R$ 4.61B NAV
Segment: Hybrid Brick — AAA Corporate Offices + AAA Logistics · Price R$ 155.48 · P/BV 0.9516 · BV/unit R$ 163.38 · Net assets R$ 4,61 Bi · 313,347 unitholders · 19 assets
KNRI11 (Kinea Renda Imobiliária - FII) is a Brazilian REIT in the Hybrid Brick — AAA Corporate Offices + AAA Logistics segment. Kinea/Itaú hybrid brick blue chip (AAA corporate offices + AAA logistics) — 15+ years, 19 properties, R$ 4.61B NAV
Leases high-end offices in SP/BH and logistics warehouses to large corporations (Renner, Kimberly Clark, Bunge) and distributes monthly income exempt from income tax, with active management by Kinea/Itaú. Note: financial vacancy has risen again (5.24%) and recurring operating cash earnings (~R$ 0.93/unit) do not yet cover the R$ 1.10 dividend — the fund holds a R$ 79.5M reserve to maintain the distribution.
This page gathers the factual snapshot of KNRI11 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: Kinea Investimentos Ltda. (Grupo Itaú Unibanco).
Kinea Investimentos Ltda. (CNPJ 08.604.187/0001-44) is the asset management arm of Grupo Itaú Unibanco, one of Brazil's largest and most respected investment firms. Headquartered at Rua Minas de Prata 30 (Itaim Bibi, São Paulo), Kinea manages over R$ 100 billion across various asset classes, serving as a benchmark in the FII segment with a portfolio that includes KNRI11, KNCR11, KNHY11, KNIP11, KNSC11, KNSD11, KNRC11, and KFOF11.
KNRI11 is the inaugural product of Kinea's FII franchise (August 2010) — and thus the manager's historical showcase in brick-and-mortar real estate. Administration is handled by Intrag DTVM Ltda. (also part of the Itaú group, CNPJ 62.418.140/0001-31), with custody by Itaú. Audited by Ernst & Young with property appraisals by Colliers International (base date June 2025). This lineup is one of the most institutionally solid in the Brazilian FII universe, featuring a 15+ year track record, 8 successful fully subscribed offerings, a cumulative total return of 405.46% since the 1st offering (vs. 277.64% for the CDI rate over the period — 146.04% of the CDI in 15 years), and active management demonstrated by the sales of Athenas (IRR 16%) and Jundiaí IP (IRR 11%) in 2025/26.
See our analysis of Kinea Investimentos Ltda. (Grupo Itaú Unibanco) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Rochaverá Crystal Tower | Av. Nações Unidas, 14,171 — Chucri Zaidan, São Paulo/SP | 16.1% | 0.9673% |
| Rochaverá Ebony and Marble Towers | Av. Nações Unidas, 14,171 — Chucri Zaidan, São Paulo/SP | 4.4% | 0.9693% |
| Diogo Moreira 184 (Bunge) | Rua Diogo Moreira, 184 — Pinheiros, São Paulo/SP | 7.4% | 1.0% |
| Madison Building | Rua Gomes de Carvalho, 1,195 — Vila Olímpia, São Paulo/SP | 2.9% | 1.0% |
| Bela Paulista Building | Avenida Paulista, 2,421 — São Paulo/SP | 2.2% | 1.0% |
| São Luiz Building — Tower IV | Av. Juscelino Kubitschek, 1,830 — Itaim Bibi, São Paulo/SP | 4.3% | 1.0% |
| Joaquim Floriano Building | Rua Joaquim Floriano, 913 — Itaim Bibi, São Paulo/SP | 1.6% | 0.7856% |
| Biosquare Building (under development — 88% physical completion) | Rua dos Pinheiros, 701 — Pinheiros, São Paulo/SP | 7.0% | — |
| Boulevard Corporate Tower | Av. dos Andradas, 3.000 — Belo Horizonte/MG | 5.3% | 1.0% |
| Lagoa Corporate Building | Rua Humaitá, 275 — Humaitá, Rio de Janeiro/RJ | 5.2% | 0.7662% |
| Botafogo Trade Center Building | Rua Prof. Álvaro Rodrigues, 352 — Botafogo, Rio de Janeiro/RJ | 2.1% | 0.7453% |
| Buenos Aires Corporate Building | Rua Buenos Aires, 15 — Downtown, Rio de Janeiro/RJ | 0.8% | 0.1485% |
| Cabreúva Distribution Center (Lojas Renner) | Rod. Dom Gabriel Paulino Bueno Couto, km 82 — Cabreúva/SP | 15.7% | 1.0% |
| Pouso Alegre Distribution Center | Rodovia Fernão Dias, km 863 — Pouso Alegre/MG | 7.0% | 1.0% |
| Mogi das Cruzes Distribution Center (Kimberly Clark) | Rodovia Mogi-Dutra, 11,100 — Mogi das Cruzes/SP | 5.7% | 1.0% |
| Santa Cruz Distribution Center (Lojas Renner) | Estrada da Lama Preta, 2,805 — Santa Cruz, Rio de Janeiro/RJ | 4.0% | 1.0% |
| Itaquaquecetuba Distribution Center (Marisa) | Rua do Níquel, 205 — Itaquaquecetuba/SP | 2.9% | 1.0% |
| Global Jundiaí Distribution Center (Foxconn / Habasit) | Avenida Caminho de Goiás, 100 — Jundiaí/SP | 2.8% | 1.0% |
| PIB Sumaré Distribution Center (100% vacant) | Avenida Parque Industrial, 580 — Sumaré/SP | 0.4% | 0.0% |
HHI 0.0835 — baixa.
| Breakdown | Share |
|---|---|
| By state | SP 73.2% · MG 12.3% · RJ 12.2% |
| By tenant | Lojas Renner 19.7% · BASF 8.0% · CTEEP 8.0% · Bunge 7.4% · Consumer sector company 7.0% · Kimberly Clark 5.7% |
| By index | IPCA 70.3% · IGP-M 29.7% |
| By contract type | Típico 53.0% · Atípico/BTS 46.9% |
The unit closed on Jun 1, 2026, at R$ 158.21 against a book value of R$ 163.15, representing a discount of ~3%. In Mar/26, the fund traded at a premium (R$ 167.98) — the recent pullback has restored the opportunity to enter below book value in an institutional blue chip, a rare occurrence in its 15-year history. Even so, KNRI11 remains more expensive than many discounted brick-and-mortar peers (P/BV < 0.90), reflecting the quality premium of Kinea/Itaú management. Short-term upside depends on the delivery of Biosquare (1H26), continued asset recycling, and the normalization of Rio de Janeiro vacancy.
last close R$ 155.48 · all-time low R$ 99.00 · high R$ 184.60 · book value per unit R$ 163.38.
Average daily volume (21 sessions) of R$ 8,699,224 · 12-month average of R$ 6,066,757.
Excellent liquidity — R$ 8.70M/day over 21d, supporting institutional positions. Retail investors can move any size without price distortion.
KNRI11 is one of the longest-standing and most successful FII franchises in the Brazilian market. Since its IPO in August 2010, it has accumulated a total return of 405.46% on the 1st offering (vs. CDI of 277.64% — 146.04% of the CDI) and 23.39% on the 8th offering (vs. CDI of 22.65% — 103.29% of the CDI). It has completed 8 successful offerings, a stock split (June 2014), and built a portfolio of R$ 4.61B across 19 AAA properties with 150+ blue-chip tenants.
The current cycle focuses on active portfolio recycling: in 2025/2026 Kinea sold the Athenas Building (R$ 95M, 16% IRR) and Jundiaí Industrial Park (R$ 255M, 11% IRR), capturing R$ 121M in capital gains, while increasing its stake in Rochaverá Crystal and progressing with the delivery of Biosquare (88% physical completion in Feb/26, occupancy permit in Mar/26). The strategy is clear: monetize mature assets, redirect capital toward opportunities with higher potential, and maintain a growing dividend yield through compound appreciation. With the 7th largest stake in the IFIX, it is a high-quality institutional FII case — offering a rare window to enter near book value on a blue chip.
| Period | What happened |
|---|---|
| IPO | Fund established on August 11, 2010 as Kinea Renda Imobiliária - FII. 1st offering on September 15, 2010 at R$ 100.58/unit (adjusted price post-split), closed on October 20, 2010 with 258,979 units. It was the pioneer FII in Brazil with a hybrid office + logistics income strategy. |
| 2ND, 3RD, AND 4TH OFFERINGS | 2nd offering on July 8, 2011 at R$ 112.86/unit. 3rd on January 13, 2012 at R$ 122.80/unit (333,755 new units). 4th on February 1, 2013 at R$ 163.43/unit (607,500 new units). Accelerated acquisitions — Mogi das Cruzes DC (Kimberly Clark), Madison, Joaquim Floriano, Athenas Building. |
| DESDOBRAMENTO 10:1 | Unit split at a ratio of 10 new units for each existing 1 on June 2, 2014, making KNRI11 more accessible to individual retail investors and significantly expanding the retail unitholder base. |
| 5ª EMISSÃO | 5th offering on July 21, 2017 at R$ 144.48/unit, closed on August 31, 2017 with full subscription. |
| 6ª EMISSÃO | 6th offering on April 5, 2019 at R$ 144.36/unit, closed on June 28, 2019. Proceeds deployed into acquisitions, including Boulevard Corporate Tower (BH) with Google and WeWork as tenants. |
| 7ª EMISSÃO + CD CABREÚVA | 7th offering on January 1, 2021 at R$ 156.68/unit closed on May 13, 2021 with 556,319 new units. On August 27, 2021 delivery of Cabreúva DC — largest warehouse in the portfolio (178,730 sqm GLA, R$ 722M valuation, 100% atypical with Lojas Renner). Financed via a R$ 100M CRI at IPCA + 7.25% maturing in Mar/2036. |
| 8TH OFFERING (R$ 652M) | 8th offering on April 26, 2024 at R$ 159.54/unit, closed on June 28, 2024 with R$ 652M raised — one of the largest offerings in the fund's history. Proceeds allocated to acquiring the additional stake (13%) in Crystal Tower (Rochaverá), Itaqua DC, and the Biosquare Building under development. |
| VENDA ED. ATHENAS | Sale of Athenas Building (Pinheiros/SP) for R$ 95M, generating a gain of R$ 44.1M (R$ 1.56/unit), an internal rate of return (IRR) of 16% p.a. (167% of the CDI over the period). Payment in 3 installments (40% upfront, 40% in 12 months, 20% in 24 months). Recurring DPU boost of R$ 0.03/unit. |
| VENDA JUNDIAÍ I.P. | Sale of 90% of Jundiaí Industrial Park for R$ 255M, generating a gain of R$ 77M (R$ 2.73/unit), an IRR of ~11% p.a. (123% of the liquid CDI). Payment 60% upfront + 20% in Jul/26 + 20% in Jan/27. Recurring DPU boost of R$ 0.07/unit starting in Mar/26. |
| BIOSQUARE 88% + EXPANSÃO BV | Biosquare Building (Pinheiros/SP) reaches 88% physical completion, with occupancy permit (Habite-se) expected for March 2026 and delivery in 1H2026. Corporate tower fully pre-leased to a global tech multinational. 3 of the 4 retail storefronts pre-leased to Ráscal, Starbucks, and Pobre Juan. Total capital contributed of R$ 323.1M with leverage of R$ 195.3M via Bradesco (TR + 9.50%). Simultaneously |
| ATUAL | KNRI11 closes on June 1, 2026 at R$ 158.21 per unit — 3% below the book value of R$ 163.15 (P/BV 0.97). NAV of R$ 4.60B (R$ 4,601,415,318.82), 19 properties (12 offices + 7 warehouses), 308,643 unitholders, now 8th position in the IFIX (2.922%). Physical vacancy improved to 4.09% and financial vacancy to 5.39% (from 4.20%/5.41% in Apr/26), following the completion of CBRE's expansion (140 sqm in C |