Patria Management - VBI Asset Management (in the process of being acquired by HGLG11)
Segment: Brick · Logistics · high quality (AAA Last Mile and Industrial Warehouses) · Price R$ 98.49 · P/BV 0.8181 · BV/unit R$ 120.39 · Net assets R$ 1,94 Bi · 124,371 unitholders · 10 assets
LVBI11 (VBI Logístico - Brazilian REIT-style fund (FII)) is a Brazilian REIT in the Brick · Logistics · high quality (AAA Last Mile and Industrial Warehouses) segment. Patria Management - VBI Asset Management (in the process of being acquired by HGLG11)
Owns 10 high-standard logistics warehouses leased to major companies such as Amazon, Ambev, and DHL, which pay monthly rent passed on as tax-exempt income for individual investors. Please note: the fund is in the process of being acquired by HGLG11 and will cease to exist independently.
This page gathers the factual snapshot of LVBI11 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: Patria - VBI Asset Management Ltda..
Patria - VBI Asset Management Ltda. (CNPJ 38.300.262/0001-44) is the result of VBI Real Estate's acquisition by Patria Investimentos and subsequent merger with Patria's own Real Estate division, forming Brazil's largest independent real-estate fund manager: over R$ 38 billion in real estate assets under management, more than 30 Brazilian REIT-style funds (FIIs) listed on B3, the Brazilian exchange, 3 Brazilian REIT-style funds (FIIs) on the CETIP platform, alongside private funds. Patria is one of Latin America's largest alternative investment managers (R$ 289+ billion in total assets under management) with 37+ years of experience in alternatives.
Administration continues with BTG Pactual Serviços Financeiros DTVM (since inception in May/2018), with bookkeeping also provided by BTG. The integration of the VBI and Patria Real Estate teams has generated economies of scale — including the capacity to orchestrate the consolidation of logistics funds (HGLG + LVBI + PATL + Brookfield assets) into a single mega-fund with R$ 10B in net assets, which will become Brazil's largest Brazilian REIT-style fund (FII). Governance is institutional, backed by Big Four auditing and consistent management reports spanning LVBI's 7+ year history.
10 AAA logistics warehouses across 4 states — 517,964 sqm GLA, 0% vacancy, 3.9-year WAULT, 38 global anchor tenants
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Extrema/MG | Extrema/MG (Southern Minas Gerais logistics hub, near São Paulo) | 22.4% | 1.0% |
| SBC/SP | São Bernardo do Campo/SP (metropolitan last mile) | 15.2% | 1.0% |
| Aratu/BA | Aratu Industrial Hub, Bahia | 12.5% | 1.0% |
| Jandira/SP | Jandira/SP (São Paulo Metropolitan Area) | 10.0% | 1.0% |
| Betim/MG | Betim/MG (automotive hub) | 9.6% | 1.0% |
| Araucária/PR | Araucária/PR (Curitiba logistics hub) | 8.1% | 1.0% |
| Cajamar/SP | Cajamar/SP (Greater São Paulo — last mile) | 6.6% | 1.0% |
| Mauá/SP | Mauá/SP (São Paulo ABC region — last mile) | 6.2% | 1.0% |
| Itapevi/SP | Itapevi/SP (Greater São Paulo) | 5.4% | 1.0% |
| Pirituba/SP | Pirituba — North Zone of São Paulo (urban last mile) | 3.9% | 1.0% |
HHI 0.115 — media.
| Breakdown | Share |
|---|---|
| By state | Sudeste 80.0% · Nordeste 12.5% · Sul 8.1% |
| By tenant | DHL 14.0% · Amazon 10.0% · AMBEV 10.0% · Scania 10.0% · Magazine Luiza 5.0% · Interbrand Foods 6.0% |
| By index | IPCA 69.0% · IGP-M 31.0% |
| By contract type | tipico 69.0% · atipico 31.0% |
| By asset class | A 95.0% · B 5.0% |
Market unit price at R$ 108.70 versus book value of R$ 120.34 = 9.7% discount (P/BV 0.90x). Cheaper than in Feb/26 (P/BV 0.93x).
The logistics IFIX trades at a P/BV of 0.94x and the broad IFIX at 0.93x — LVBI11 trades at a discount vs. the sector (~4-5 percentage points below logistics peers) and vs. the broad index.
For a portfolio with 0.0% vacancy, a WALE of 3.9 years, 10 AAA assets, and the merger approved with HGLG11, the discount does not reflect fundamentals — it reflects technical arbitrage pending CVM approval.
last close R$ 98.49 · all-time low R$ 85.29 · high R$ 135.20 · book value per unit R$ 120.39.
Average daily volume (21 sessions) of R$ 3,000,000 · 12-month average of R$ 3,500,000.
High liquidity for logistics brick-and-mortar assets—ranking among the top 5 in the segment. Positions of R$ 100k can be exited in hours; R$ 1M can be exited in a single trading session. Compatible with any strategy, including swing trading.
LVBI11 commenced operations in Nov/2018 with R$ 296M in net assets and two warehouses. In just over 7 years, it executed orderly organic growth, multiplied net assets by ~6.5x (R$ 1.94B), and built a AAA portfolio of 10 assets across 4 states, featuring 38 global anchor tenants (Amazon, AMBEV, DHL, Scania, Magazine Luiza). Vacancy reached zero in Feb/26 — a rare feat in the Brazilian logistics sector.
The major turning point was VBI Real Estate's acquisition by Patria Investimentos (Jul/2024), which transformed the fund into part of a larger initiative: the consolidation of Patria's entire logistics platform + Brookfield. The Dec/2025 General Unitholders' Meeting approved LVBI's acquisition by HGLG (alongside PATL and Brookfield assets), creating the largest logistics Brazilian REIT-style fund (FII) — and the largest Brazilian REIT-style fund (FII) overall — in Brazil, with R$ 10B in net assets and 54 properties. LVBI unitholders will receive 0.73 HGLG units for each LVBI unit, translating to a theoretical gain of +8.3% on market terms and +13.9% in nominal income. For today's investor, buying LVBI effectively front-runs an entry into HGLG11 at a discount.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund constituted on May 30, 2018 as 'Fundo de Investimento Imobiliário - VBI Logístico' by BTG Pactual Serviços Financeiros DTVM. Registered with CVM, Brazil's securities regulator, on Jul 5, 2018 under code 0318026. Managed by VBI Real Estate Gestão de Carteiras Ltda. (CNPJ 11.274.775/0001-71). |
| IPO (1ª EMISSÃO) | Operations commenced in November 2018 following the 1st public offering. Issuance price at R$ 100.00. Market debut with 3,030,000 units and net assets of ~R$ 296 million. Initial assets: warehouses in Extrema (MG) and Guarulhos (SP). |
| 2ª EMISSÃO | Primary public distribution of the 2nd offering at R$ 106.48/unit, totaling R$ 400M (3,756,574 new units). Proceeds allocated to portfolio expansion with warehouses in SBC, Jandira, Cajamar, and expansion in Extrema. CVM/SRE/RFI/2019/027 registration. |
| EXPANSÃO ACELERADA | Successive offerings expanded the portfolio to warehouses in Aratu/BA, Araucária/PR, Betim/MG, Itapevi/SP, and Pirituba/SP, consolidating 10 AAA assets across 4 states. Anchor tenants attracted: Amazon, AMBEV, DHL, Scania, Magazine Luiza, Interbrand. Net assets exceed R$ 1.5 billion. |
| AMADURECIMENTO | The fund achieved operational maturity with stable cash generation, linearized distributions, and an expanding unitholder base. Average daily trading volume consolidated above R$ 3M/day, positioning LVBI among B3's top 5 logistics Brazilian REIT-style funds (FIIs). |
| AQUISIÇÃO PELA PATRIA | Patria Investimentos completed the acquisition of VBI Real Estate. The manager changed its name to 'Patria - VBI Asset Management Ltda.' (CNPJ 38.300.262/0001-44), forming Brazil's largest independent real-estate fund manager (R$ 38+ billion in real estate assets under management). Administrator BTG Pactual remains unchanged. |
| REAVALIAÇÃO ANUAL | Annual asset revaluation by Binswanger Brazil indicated a 6.85% devaluation (vacancy in Mauá, partial vacancy in Cajamar/Itapevi/Aratu, and capitalization rates +75 bps). Net assets declined 5.72% in June/2025 vs May. Book value per unit at R$ 102.85 (Jun/25). |
| RECUPERAÇÃO E REAVALIAÇÃO POSITIVA | Leasing of vacant modules (Mauá with Interbrand, Aratu with Atakarejo, Cajamar/Extrema with new tenants) and a new revaluation in Nov/2025 (due to the General Unitholders' Meeting) indicated a +2.1% appreciation over Oct/25. Mauá +20.6%, Aratu +6.8%. Net assets resumed growth. |
| AGE — CONSOLIDAÇÃO APROVADA | On Dec 3, 2025, a General Unitholders' Meeting was called via formal consultation to approve LVBI'S ACQUISITION BY HGLG and bylaws amendments to eliminate redemption rights in the event of reorganization. The consolidation also includes PATL11 and Brookfield funds, forming Brazil's largest logistics Brazilian REIT-style fund (FII). Approved with participation from 27% of the unitholder base. |
| VACÂNCIA ZERO | WGL's entry in Cajamar (8,962 sqm) and Ollie Cosméticos in Extrema (3,307 sqm) brought physical and financial vacancy to 0.0% — the first zero-vacancy milestone in the fund's history. Revenue positively impacted by the end of the Interbrand Foods grace period in Mauá. |
| ATUAL — AGUARDANDO CVM | Units at R$ 108.70 (0.90x P/BV, 9.7% discount to R$ 120.34 book value), 8.3% p.a. market dividend yield, 122.8 thousand unitholders (significant drop since Jul/2025 — anticipating the technical effect of the merger), 0.0% physical and financial vacancy, reserves of R$ 0.27/unit (depleted R$ 0.06 since Feb/26 because earnings of R$ 0.73 fell short of the R$ 0.75 distribution). Guidance of R$ 0.75/u |