KNRI11's price is updated in real time during the B3 (Brazil's stock exchange) trading session. The most recent reference price is R$ 153.00 per unit (close of 06/09/2026). The book value (NAV) per unit is R$ 163.15, calculated based on the property valuation of the portfolio's 19 properties by Colliers International (base date Jun/2025). As a result, the current P/BV is 0.94 — which means the unit trades at roughly a 6% discount to the fund's book value.
For the investor, a P/BV below 1.0 indicates it is possible to buy the unit for less than the value of the properties behind it. Historically, KNRI11 traded at a premium (P/BV above 1.0) for most of its history — the current discount represents a rare entry window. The average daily trading volume is R$ 7.26 million, ensuring excellent liquidity to enter and exit the position.
KNRI11 is the Kinea Renda Imobiliária Real Estate Investment Fund, one of the oldest and most recognized Brazilian REITs in the market. It was incorporated on August 11, 2010, with its IPO still that same year, and is managed by Kinea Investimentos Ltda., the asset manager of the Itaú Unibanco Group with more than R$ 100 billion under management. Administration is handled by Intrag DTVM, also part of the Itaú group.
The fund is classified as a hybrid brick REIT by ANBIMA: Brick / Income / Active Management / Multi-category. This means its assets are backed by physical real estate — specifically 12 AAA corporate buildings and 7 AAA logistics centers spread across São Paulo, Minas Gerais and Rio de Janeiro. There is no exposure to real-estate receivable certificates (CRIs) or other financial assets in the main position.
The fund's CNPJ is 12.005.956/0001-65 and the ISIN code is BRKNRICTF007. Audit by Ernst & Young and property valuation by Colliers International reinforce KNRI11's level of transparency and institutional governance.
KNRI11's portfolio totals 653,415 sqm of Gross Leasable Area (GLA) distributed across 19 properties, 12 corporate buildings and 7 logistics distribution centers. Most of it — 73.2% of the appraisal — is in São Paulo; 12.3% in Minas Gerais and 12.2% in Rio de Janeiro.
Among the corporate buildings, the highlights are the Rochaverá complex (Crystal, Ebony and Marble Towers, on Av. Nações Unidas in SP), Diogo Moreira 184 (Bunge's headquarters, in Pinheiros), the Boulevard Corporate Tower in Belo Horizonte (with Google and WeWork as tenants) and the Biosquare Building (under development in Pinheiros, with 88% of construction complete and the corporate tower 100% pre-leased). Among the logistics centers, the highlights are the Cabreúva DC (178,730 sqm, the largest asset in the portfolio, with Lojas Renner as the sole tenant) and the Pouso Alegre DC (87,750 sqm).
Physical occupancy is 95.91% and financial vacancy is 5.39% (May/2026). With more than 150 institutional tenants — Lojas Renner, BASF, CTEEP, Bunge, Kimberly Clark, Foxconn, Google, WeWork, Votorantim, SAP, Boehringer — diversification is high (HHI 0.0835).
KNRI11's net assets closed May 2026 at R$ 4,601,415,318.82, with the book value (NAV) per unit easing slightly to R$ 163.15 (from R$ 163.43 in April/26). The number of units outstanding is 28,204,047 units and the unitholder base totals 308,643 investors. The fund holds the 8th largest position in the IFIX with a 2.922% weight.
The total appraised value of the properties (per Colliers) is R$ 4,205,225,791 — the basis for calculating the NAV per unit. The fund's leverage is only 6.4% of net assets (R$ 295.3 million), comprising a CRI on the Cabreúva DC (R$ 100M at IPCA + 7.25%, maturing in 2036) and the Biosquare financing (R$ 195.3M with Bradesco at TR + 9.50%). For dividends and the valuation analysis, see the specific sections of this platform.
KNRI11 is managed by Kinea Investimentos Ltda., affiliated with the Itaú Unibanco Group. The manager has run this fund since 2010, with more than R$ 100 billion under management across its entire REIT family (KNRI11, KNCR11, KNHY11, KNIP11, KNSC11, among others). The independent audit is performed by Ernst & Young and the property valuation by Colliers International.
The total administration and management fee is 1.11% per year on the market value of the units (not on net assets) — this represents approximately R$ 52 million per year. The fund does not charge a performance fee. Compared with peers in the brick segment, which charge 0.90-1.05% per year, KNRI11 charges a premium for the quality of the Kinea/Itaú management. The fund's duration is indefinite, the fiscal year ends on June 30 and the fund is intended for general investors.
KNRI11's price is updated in real time during the trading session. The last recorded close was R$ 153.00 (06/09/2026). The live price is available at the top of this page during market hours.
KNRI11's P/BV is 0.94, with a book value (NAV) per unit of R$ 163.15 (May 2026). This means the unit trades at roughly a 6% discount to the book value of the fund's properties.
KNRI11 owns 19 properties: 12 AAA corporate buildings (including the Biosquare under development) and 7 AAA logistics centers, totaling 653,415 sqm of GLA across São Paulo, Minas Gerais and Rio de Janeiro.
KNRI11 is exclusively a brick-and-mortar fund. It invests in real physical properties — corporate buildings and logistics warehouses. There are no CRIs or credit assets in the fund's main portfolio.
KNRI11's manager is Kinea Investimentos Ltda., a company of the Itaú Unibanco Group with more than R$ 100 billion under management. Administration is handled by Intrag DTVM, also part of the Itaú group.
KNRI11's net assets in May 2026 were R$ 4.60 billion (R$ 4,601,415,318.82), with 28.2 million units outstanding and 308,643 unitholders. It is the 8th largest position in the IFIX.