(Formerly Genial Malls and Malls Brasil Plural — currently traded as PMLL11)
Segment: Brick · Malls · Active management · Price R$ 103.99 · P/BV 0.88 · BV/unit R$ 118.1 · Net assets R$ 2,10 Bi · 136,153 unitholders · 17 assets
MALL11 (Patria Malls FII) is a Brazilian REIT in the Brick · Malls · Active management segment. (Formerly Genial Malls and Malls Brasil Plural — currently traded as PMLL11)
Renamed to PMLL11 in Sep/2025 — same fund, new Patria-VBI management. Holding stakes in 17 shopping malls spread across seven Brazilian states, it distributes store rents as tax-exempt monthly income. Be aware: it carries structural debt that weighs as long as interest rates remain elevated.
This page gathers the factual snapshot of MALL11 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 assumed management of MALL11 on July 21, 2025, when the ticker changed from MALL11 to PMLL11 and the name to Patria Malls FII. The firm is the result of a combination between Patria Investments (Latin America's largest alternative asset manager, with US$ 60B+ under management) and VBI Real Estate (one of Brazil's most respected real estate managers, with a 30+ year track record). The group is currently Brazil's largest independent real-estate fund manager, with over R$ 38 billion under management, 30+ FIIs listed on B3 (the Brazilian exchange), and 37+ years of experience in alternatives.
Administration remains with Banco Genial S.A. (CNPJ 45.246.410/0001-55), which took over the role previously held by Genial Investimentos CVM in May 2023. The independent auditor is Deloitte Touche Tohmatsu (report approved on March 31, 2026, with no qualifications). The combination of a top-tier manager (Patria-VBI) with a robust administrator (Genial) and a Big Four auditor is the primary pillar of the fund's institutional governance. The total management and administration fee is 0.5% p.a. of market value — a competitive rate for the mall sector.
Portfolio of 14 malls across 7 states, held GLA of 139k sqm, 96.6% occupancy (all-time high), undergoing an aggressive asset recycling cycle under Patria-VBI management — ongoing MOUs for Park Sul sale, Taboão+ purchase, 5 VISC malls, and RBR Malls acquisition.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Madureira Shopping | Estrada do Portela, Madureira, Rio de Janeiro/RJ | 80.0% | 0.95% |
| Maceió Shopping | Av. Comendador Gustavo Paiva, Maceió/AL | 54.2% | 0.99% |
| Rio Anil Shopping | Sao Luis/MA | 45.0% | 0.96% |
| Shopping Park Lagos | Cabo Frio/RJ | 40.0% | 0.98% |
| Boulevard Shopping Feira | Feira de Santana/BA | 30.0% | 0.97% |
| Suzano Shopping | Suzano/SP | 40.0% | 0.98% |
| Shopping Park Sul | Volta Redonda/RJ | 40.0% | 0.95% |
| Campinas Shopping | Campinas/SP | 20.0% | 0.96% |
| Shopping Taboão | Taboão da Serra/SP | 8.0% | — |
| Shopping Metropolitano Barra | Barra da Tijuca, Rio de Janeiro/RJ | — | — |
| Shopping Caxias | Duque de Caxias/RJ | 18.0% | — |
| Shopping Rio2 | Barra/Rio de Janeiro/RJ | — | — |
| Península Open Mall | Barra/Rio de Janeiro/RJ | — | — |
| Shopping Tacaruna | Recife/PE | 7.0% | — |
HHI 0.082 — baixa.
| Breakdown | Share |
|---|---|
| By state | Rio de Janeiro (6 assets) 47.0% · Maceio - AL 17.0% · São Paulo (4 assets) 16.0% · Maranhão - MA 9.0% · Bahia - BA 8.0% · Pernambuco - PE 2.0% |
| By tenant | Dispersed across hundreds of stores — 7 operators (Allos, Ancar Ivanhoe, ArgoPlan, HBR Realty, Proshopping, Syn, Tmall) 100.0% |
| By index | IPCA, Brazil's official inflation index (standard retail lease) 85.0% · IGP-DI / IGP-M (legacy contracts) 15.0% |
The unit trades at R$ 107.35 against a book value of R$ 117.68, representing a 9% discount (recalculated on May 15, 2026 — previously recorded as 7%). A reasonable discount within the segment (IFIX-Shopping median ~0.94x) reflecting: (i) CBRE's Dec/25 reappraisal still being absorbed; (ii) uncertainties regarding the RBR Malls unitholders' meeting; (iii) risk of the 7th offering at R$ 117.28 (~9% above unit price); (iv) Pátria-VBI integration still underway. For long-term investors, it offers a significant margin of safety.
last close R$ 107.35 · all-time low R$ 60.06 · high R$ 132.21 · book value per unit R$ 118.1.
Average daily volume (21 sessions) of R$ 9,400,000 · 12-month average of R$ 3,700,000.
Modest-to-medium liquidity for shopping malls. Recent ADTV (R$ 9.4M/day) supports positions of R$ 1M without difficulty, but the 12m average (R$ 3.7M) is ~3x lower than XPML11. A base of 129k unitholders ensures daily exchange presence.
MALL11/PMLL11 has maintained a consistent and upward trajectory since its IPO in Dec/2017. Launched at an IPO price of R$ 100, it weathered the pandemic (with the dividend yield falling to a historical low of R$ 0.30), recovered progressively between 2021-2023, and expanded net assets from R$ 1.1B (2023) to R$ 1.64B (2025), a +50% growth in two years via its 5th and 6th offerings. The asset has undergone two brand changes (Brasil Plural → Genial Malls in May/2023, and Genial → Patria Malls in Jul/2025), but the CNPJ and strategy's essence remained intact.
Management executed significant asset recycling in Jan/2026: it sold 35% of Boulevard Bauru at a 14% p.a. IRR (R$ 91.5M) and invested R$ 51.1M to increase its stake in Suzano Shopping to 40%, capturing a profit of R$ 0.58/unit and raising the monthly distribution from R$ 0.86 to R$ 1.00. The next inflection point is the ongoing AGE to approve the acquisition of RBR Malls FII (Eldorado, Plaza Sul, and Pátio Higienópolis in SP) — a transaction that, if approved, would elevate the portfolio to 17 shopping malls, featuring a more premium profile while lowering leverage from 10.2% to 8.3%.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on October 19, 2016, as Malls Brasil Plural FII, structured as a closed-end condominium with an indefinite term. Initial administration by Genial Investimentos CVM (formerly Brasil Plural CVM). Manager: BRPP Gestão de Produtos Estruturados. |
| IPO | Start of operations on December 14, 2017, with the acquisition of Maceió Shopping (54.2% for R$ 170M). Ticker MALL11 at R$ 100.00 per unit. Inclusive initial offering volume lower, with progressive capital raising in subsequent offerings. |
| EXPANSÃO PORTFÓLIO | Strategic acquisitions: Shopping Park Sul (40% for R$ 111M in Dec/19), Park Lagos (40% for R$ 92M in Dec/19), and Suzano Shopping (25% for R$ 77.5M in Nov/19), consolidating presence in RJ and SP. |
| PANDEMIA / RESILIÊNCIA | COVID-19 shut down shopping malls across Brazil. Monthly distribution fell to R$ 0.30-0.55 (2020-2021), reflecting rent discounts and falling occupancy. Progressive recovery throughout 2021/22, with occupancy returning to 95%+. |
| EMISSÃO CRI MADUREIRA | Structuring of the Madureira Series 470 CRI (Brazilian real-estate receivables certificate), in the amount of R$ 102.8 million, indexed to IPCA + 6.50% with a 15-year term, to refinance the majority acquisition of Madureira shopping mall (80% stake). |
| REBRANDING 1: GENIAL MALLS | At the unitholders' meeting (AGE) on May 2, 2023, the following were approved: (i) the change of the corporate name to Genial Malls FII; (ii) the replacement of the administrator, passing from Genial Investimentos CVM to Banco Genial S.A. — a company of the same group. CNPJ and asset structure preserved. |
| 5TH AND 6TH OFFERINGS | Significant capital raising in two consecutive offerings. 5th offering fully subscribed in 2024 (R$ 473M, 3,848 thousand units). 6th offering in 2024-2025 (additional R$ 121M, 1,007 thousand units). Units issued jumped from 9.1M (Dec/23) to 13.98M (Dec/25). |
| RIO ANIL ACQUISITION + CRIs | Acquisition of a 45% stake in Rio Anil Shopping (São Luís/MA) financed via 3 series of CRIs: IPCA+7.95% (10 years), IPCA+7.95% (12 years), and CDI+1.95% (7 years), totaling R$ 65.6M in outstanding balance. |
| REBRANDING 2: PATRIA MALLS | On July 21, 2025, name changed to Patria Malls FII and ticker changed from MALL11 to PMLL11. Management passed to Patria - VBI Asset Management, the result of the Patria/VBI merger — one of the largest FII managers in Brazil, with R$ 38B under management. |
| REAVALIAÇÃO CBRE -4,7% | CBRE's annual appraisal indicated an average devaluation of 4.7% in real estate assets, with Madureira (-13.1%) and Metropolitano Barra (-13.0%) being the most affected. Fair value adjustment of -R$ 86.5M in the year (non-cash impact). Book value per unit closed 2025 at R$ 117.32. |
| RECICLAGEM SUZANO/BAURU | Conclusion of the transaction involving (i) the acquisition of an additional 15% of Suzano Shopping for R$ 51.1M (totaling 40%) and (ii) the sale of 35% of Boulevard Shopping Bauru for R$ 91.5M. The transaction generated a profit of R$ 0.58/unit (nominal IRR ~14% p.a.). Monthly distribution rose to R$ 1.00. |
| AGE | RBR MALLS | Extraordinary unitholders' meeting called to approve (i) the acquisition of all units of RBR Malls FII (which holds Shopping Eldorado, Plaza Sul, and Pátio Higienópolis in SP) and (ii) modernization of the bylaws (authorized capital up to R$ 30B, unit buyback, surety/guarantee, waiver of redemption rights). |
| MOU VISC | 5 SHOPPINGS | On April 16, 2026, an MOU was signed for the acquisition of stakes in 5 VISC11 malls for R$ 257.1M: 12% of Prudenshopping (Presidente Prudente/SP), 14% of Shopping Granja Vianna (Cotia/SP), 10% of Natal Shopping (Natal/RN), 15% of North Shopping Maracanaú (Maracanaú/CE), and 5% of Shopping Plaza Sul (São Paulo/SP). Expected yield: 10.4% p.a. in the first 2 years and a stabilized cap rate of 9.4% p |
| RECICLAGEM PARK SUL → TABOÃO | On April 24, 2026, an MOU was signed for the sale of the entire 40% stake in Shopping Park Sul (Volta Redonda/RJ) for R$ 159.5M: R$ 84.1M via a swap for an additional 8.56% of Shopping Taboão (Taboão da Serra/SP) and R$ 75.4M in cash. Estimated cash gain of R$ 13.2M (R$ 0.94/unit) — selling price 31% above invested capital and 25% above the appraisal report. The transaction reinforces the exit fro |
| 7ª EMISSÃO | ATÉ R$ 1,08 BI | On May 13, 2026, announcement of the 7th public offering (with restricted efforts, targeting professional investors) of up to 8.53 million new units at R$ 117.23 + distribution fee of R$ 0.05 = subscription price of R$ 117.28/unit. Base capital raising of R$ 1B, which may reach R$ 1.08B with an additional allotment of up to 8%. Current unitholders will have preemptive rights (factor 0.61008319712 |
| AGE APROVA RBR MALLS | On June 1, 2026, the unitholders' meeting (AGE) approved the acquisition of all units of FII RBR Malls (~R$ 389M via unit credit, without cash outflow), incorporating Shopping Eldorado, Shopping Pátio Higienópolis (occupancy ~99%, NOI/sqm R$ 471, sales/sqm R$ 4,579 — one of the highest in Brazil), and Plaza Sul in SP into the portfolio. The conflict-of-interest acquisition proposal was rejected (m |
| ATUAL | Unit trading at R$ 105.67 (P/BV ~0.90, given book value per unit ~R$ 117.23). Distribution of R$ 1.00/unit maintained. Net assets of ~R$ 1.64 billion, 132,907 unitholders, 17 shopping malls following the approval of the RBR Malls incorporation at the June 1, 2026 AGE. Portfolio gains Shopping Eldorado, Pátio Higienópolis, and Plaza Sul (SP), reducing concentration in RJ. |