Max Retail FII (Limited Liability) — in the process of being merged into CPUR11 (Capitânia HBC Renda Urbana), approved on March 10, 2026 (CNPJ 11.274.415/0001-70)
Segment: Brick / Commercial Retail — in the process of a merger · Price R$ 49.39 · P/BV 0.5278 · BV/unit R$ 93.57 · Net assets R$ 105 Mi · 3,414 unitholders · 7 assets
MAXR11 (Max Retail FII) is a Brazilian REIT in the Brick / Commercial Retail — in the process of a merger segment. Max Retail FII (Limited Liability) — in the process of being merged into CPUR11 (Capitânia HBC Renda Urbana), approved on March 10, 2026 (CNPJ 11.274.415/0001-70)
Fund comprising seven retail stores in state capitals such as Manaus, Belém, and Brasília — originally leased to Lojas Americanas —, approved by unitholders to be merged into CPUR11. Be aware: the closing date has not been set, and a good portion of the stores is without a tenant.
This page gathers the factual snapshot of MAXR11 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: BTG Pactual Serviços Financeiros (Administrator) — transitioning to Capitânia.
BTG Pactual Serviços Financeiros has administered MAXR11 since 2010 with passive management (fixed fee of R$ 55k/month adjusted by IGP-M + 0.30% p.a. for registry services). The Fund was created through a monetization transaction of Lojas Americanas properties — all properties were leased to the retailer. Following the outbreak of the Americanas crisis in 2023 and its court-supervised reorganization in 2024, the fund entered portfolio deterioration: it sold Nilópolis (R$ 16.5M in 2024), Maceió (R$ 8M in 2025), and finally unitholders approved the merger into CPUR11 managed by Capitânia in March 2026. The administrator fulfilled its role of winding down the vehicle in an orderly manner, but the deterioration unfolded gradually over 5+ years without effective action regarding vacancy and the relationship with the main tenant.
See our analysis of BTG Pactual Serviços Financeiros (Administrator) — transitioning to Capitânia →
7 commercial properties across 7 states — concentration in Lojas Americanas (court-supervised reorganization)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Lojas Americanas — Belém | Av. Presidente Vargas, 940, Centro, Belém/PA | 100.0% | 1.0% |
| Lojas Americanas — Brasília | Brasília/DF | 100.0% | 1.0% |
| Lojas Americanas — Vitória | Av. Princesa Isabel, 475, Centro, Vitória/ES | 100.0% | 1.0% |
| Lojas Americanas — Taguatinga | Taguatinga/DF | 100.0% | 0.54% |
| Carrefour — João Pessoa | João Pessoa/PB | 100.0% | 0.0% |
| Magazine Torra Torra & Others — Manaus | Av. Eduardo Ribeiro, 442, Centro, Manaus/AM | 100.0% | 1.0% |
| Lojas Americanas — Maceió (SOLD in 2025) | Av. Duque de Caxias, 1,792, Centro, Maceió/AL | 100.0% | 0.0% |
HHI 0.165 — moderada.
| Breakdown | Share |
|---|---|
| By state | Mid-West (DF) 24.5% · Northeast (PB) 20.4% · North (AM, PA) 36.6% · Southeast (ES) 12.5% |
| By tenant | Lojas Americanas S.A. (court-supervised reorganization) 51.9% · Magazine Torra Torra + others (Manaus) 22.5% · VACANT (Carrefour left) 20.4% |
| By index | IGP-M 94.2% · Outros 5.8% |
last close R$ 49.39 · all-time low R$ 56.99 · high R$ 88.00 · book value per unit R$ 93.57.
Average daily volume (21 sessions) of R$ 58,593 · 12-month average of R$ 65,000.
Very low liquidity — a R$ 100k exit consumes 8-9 days of average volume without moving the price. For merger arbitrage, acceptable provided you accept the timeline. For any rapid exit strategy, UNSUITABLE.
| Period | What happened |
|---|---|
| IPO | Fund established by BTG Pactual with 59,245 units to monetize Lojas Americanas properties (typical sale-leaseback). |
| OPERAÇÃO ESTÁVEL | Mature operation phase — regular monthly distributions (~R$ 7-12/unit under the 59,245-unit structure) + semiannual extraordinary distributions (~R$ 35-50/unit in Jun and Dec). |
| DESDOBRAMENTO 1:19 | Unit split at a 1:19 ratio — goes from 59,245 to 1,125,655 units. Unit price drops from ~R$ 1,700 to ~R$ 90. Objective: increase exchange liquidity. |
| CRISE AMERICANAS | Lojas Americanas announces accounting crisis on Jan/11/2023 and enters court-supervised reorganization. Shares plunge 80%+. MAXR11 drops from R$ 88 to a low of R$ 58 in Feb/2023. |
| VACÂNCIA JOÃO PESSOA | Carrefour (tenant of the João Pessoa property, R$ 21.4M net assets) terminates lease early. Penalty of R$ 839k paid to the Fund, but the property remains vacant. |
| VENDA NILÓPOLIS | Sale of Nilópolis (RJ) property approved and executed for R$ 16.5M via Formal Consultation. Total extraordinary distribution of R$ 14.66/unit (profit + amortization). |
| DETERIORAÇÃO | Accounting loss year of R$ 7.67M and BV/unit drop from R$ 103 to R$ 93. Audit shifts from PwC to KPMG. CVM Resolution 175 adopted. |
| INCORPORAÇÃO APROVADA | On Feb/23/2026, Formal Consultation initiates for merger into CPUR11 (Capitânia HBC Renda Urbana). Approved on Mar/10/2026 at R$ 67.00/unit. 2025 FS already prepared on a non-going-concern basis. |