Premium corporate office FII in São Paulo and Rio de Janeiro, managed by Kinea (Itaú Unibanco) — CNPJ 52.219.978/0001-42
Segment: Brick-and-mortar Fund — Offices (Corporate Slabs SP+RJ) · Price R$ 63.98 · P/BV 0.5966 · BV/unit R$ 107.25 · Net assets R$ 1,03 Bi · 28,318 unitholders · 4 assets
KORE11 (Kinea Oportunidades Real Estate FII) is a Brazilian REIT in the Brick-and-mortar Fund — Offices (Corporate Slabs SP+RJ) segment. Premium corporate office FII in São Paulo and Rio de Janeiro, managed by Kinea (Itaú Unibanco) — CNPJ 52.219.978/0001-42
Four high-standard corporate buildings in São Paulo and Rio de Janeiro, managed by Kinea (Itaú), with zero debt. Note: the income guarantee paid by the property seller is nearing its end and was already supplementing results in certain months while vacant space increased.
This page gathers the factual snapshot of KORE11 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.
Kinea Investimentos is Itaú Unibanco's alternative asset manager, founded in 2007, with over R$ 90 billion under management across FIIs, private equity funds (FIPs), multi-market funds, and private equity. In the FII segment, it is one of the top three firms in Brazil — managing KNCR11, KNIP11, KNHY11, KNRI11, KNSC11, KORE11, and others. The firm holds an above-average reputation for transparency, quality of monthly reports, and asset discipline. KORE11 is the firm's newest brick-and-mortar fund (IPO Dec/2023), focused on premium offices in SP+RJ — a category that historically suffered at Kinea due to direct exposure to high Selic rate cycles. The administrator is Intrag DTVM (Itaú) and the custodian is Itaú Unibanco S.A. The responsible executive officer is Roberta Anchieta Silva (with Itaú since May 2017).4 premium corporate buildings in SP+RJ, fully paid up in December 2025 (final acquisition installment paid)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Centro Empresarial Botafogo | Praia de Botafogo, 300 — Botafogo — Rio de Janeiro/RJ | 100.0% | 0.9755% |
| Morumbi Office Tower | Av. Roque Petroni Júnior, 999 — Chácara Santo Antônio — São Paulo/SP | 82.0% | 0.948% |
| Alameda Santos (Ed. Paulista) | Alameda Santos, 2477 — Cerqueira César / Av. Paulista — São Paulo/SP | 100.0% | 0.8679% |
| Corporate Plaza | Rua Alexandre Dumas, 2100 — Chácara Santo Antônio — São Paulo/SP | 89.0% | 0.9054% |
HHI 0.4 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By tenant | 60+ diversified tenants |
| By index | IPCA 64.0% · IGP-M 36.0% |
A P/BV of 0.65 represents a 35% discount to book value. Unit price of R$ 69.00 vs. book value of R$ 106.13. Among the most deeply discounted in the premium office segment.
last close R$ 63.98 · all-time low R$ 65.82 · high R$ 112.93 · book value per unit R$ 107.25.
Average daily volume (21 sessions) of R$ 2,134,485 · 12-month average of R$ 2,664,986.
Good liquidity for a R$ 700M market cap fund. Average volume of R$ 2.1M/day (21d). A R$ 1M position exits in ~2 business days with no material impact on price. For positions above R$ 5M, splitting across multiple days may be necessary.
| Period | What happened |
|---|---|
| Approval of 1st Issuance and Offering | Approval of 1st Issuance (up to R$ 770M) — 7.7 million units at R$ 100.00 each + Distribution Fee of 2.35%. Lead Coordinator: Itaú BBA. Feasibility Study projected a target return of 15% p.a. over the first 2 years (with RMG support) and 8% p.a. stabilized starting in 2026. |
| IPO + Acquisition of the 4 properties + Contracted RMG | Operations began on December 1, 2023, with 9.625 million units issued. Simultaneous acquisition of the 4 properties (Botafogo, Morumbi Tower, Alameda Santos, Corporate Plaza) from São Carlos Empreendimentos e Participações S.A. , with a Guaranteed Minimum Return (RMG) of R$ 93M for 24–36 months, sufficient to support an initial 15% p.a. DPU. |
| 1st regular DPU: R$ 1.25/unit | First regular post-IPO DPU at R$ 1.25/unit. Announced DY of 15% p.a., supported by a combination of rental income plus a semiannual RMG of R$ 10M per semester, alongside financial income from unallocated cash. |
| End of year 1 — cash at R$ 67M, remaining RMG balance at R$ 18M | In December 2024, net cash stood at R$ 67M and the remaining RMG balance was estimated at R$ 18M (for use in 1H2025). DPU held stable at R$ 1.25/unit while the unitholder count rose from 14.7 thousand (at IPO) to 19.8 thousand . |
| Clarification on atypical price swing + Manager publishes video | On January 31, 2025, Kinea published a market announcement explaining that the drop in unit price reflected the macroeconomic environment (high Selic rate + falling IFIX) rather than operational issues. "The KORE11 portfolio is healthy and shows no leverage risks." The manager reiterated that strategic regions (São Paulo and Rio de Janeiro) continue to see improving vacancy. |
| Payment of final acquisition installment: R$ 281M | In December 2025, the fund paid the final installment of R$ 281.3M for the acquisition of the 4 properties—funded entirely out of cash, with no new equity offering. Cash dropped from R$ 47M (Sep/25) to a lean post-payment balance. |
| Manager announces DPU cut to R$ 0.60 | Along with the release of the December 2025 report (on January 5, 2026), the manager announced that starting in January 2026 the DPU would be R$ 0.60/unit (compared to the previous R$ 1.25—a 52% drop), reflecting the exhaustion of the RMG. Estimated yield of 9.7% p.a. based on the period's unit price of R$ 74.45. |
| Extension of manager fee waiver | Private Instrument Amending the Bylaws maintains the Global Fee at 0.98% p.a. throughout 2026 , with an automatic return to 1.20% p.a. on January 1, 2027. |
| 1st post-RMG DPU: R$ 0.60/unit | First payment at the new level. Rental revenue in cash of R$ 6.78M plus financial income of R$ 401 thousand, versus distributions of R$ 5.78M—the fund generated a positive cash flow of R$ 430 thousand/month even at the reduced level. Coverage confirmed. |
| Vacancy at historical low (1.86%) — Terra Brasil moves into Corporate Plaza | In March 2026, physical vacancy dropped to 1.86% (from 2.41% in Feb/26) with the entry of Terra Brasil into Corporate Plaza (321 sqm). Financial vacancy stood at 2.08%. DPU coverage confirmed for 3 consecutive months. |
| OI S/A returns 3 suites at Morumbi Tower — vacancy rises to 4.52% | In May 2026, OI S/A returned 3 suites at the Morumbi Office Tower , pushing physical vacancy up from 2.82% (Apr/26) to 4.52% (financial: 4.09%). The manager views this as an opportunity: furnished suites, ready for lease, with potential for higher rental rates. Cash result without RMG in May/26 fell to R$ 0.530/unit —requiring R$ 500 thousand from the RMG balance to top up to R$ 0.60. Remaining 1H |
| Fast Card exits Corporate Plaza — vacancy rises to 5.61% | In July 2026, Fast Card vacated the 7th and 8th floors of Corporate Plaza . The 8th floor was immediately re-leased to Vocare; the 7th floor (approximately 1,244 sqm) remains vacant and is currently being marketed. Physical vacancy rose from 4.52% to 5.61% (financial: 4.74%; adjusted for grace periods: 5.99%). Cash result receded from R$ 0.635 to R$ 0.614/unit —distribution maintained at R$ 0.60 w |
| Quarterly report reveals: São Carlos's guarantee remains in effect and was drawn upon | The 2Q26 Quarterly Report (filed on August 14, 2026) shows in item 3.1 that the four properties remain covered by São Carlos's 15% return guarantee , capped at R$ 93 million—and that it was drawn upon in May/26 (guaranteed return of 0.5521% versus 0.5032% without). Accounting for month-by-month consumption, rental generation from Feb–Jul/26 stands at R$ 0.5826/unit compared to R$ 0.60 distributed. |