Recommendation: SELL · Rating 2.8/10
Our current reading of MAXR11 is SELL, with a score of 2.8/10. This score comes neither from the manager nor the administrator: it is Rico aos Poucos' editorial assessment, built from the documents the fund files with the CVM. Below is what supports it — and what argues against it.
Last (3rd of 3) and SELL. Fund at the end of its useful life: merger into CPUR11 already approved (March 10, 2026) and 2025 financial statements prepared on a non-going-concern basis. Only 36% occupancy plus 26% under a gratuitous bailment agreement (non-paying), concentration in Lojas Americanas (court-supervised reorganization), a loss of R$ 7.67M in 2025, and negligible trading volume (~R$ 58k/day). It lags behind BNFS11 (also fragile, but still a going concern) and falls well behind JASC11 (the group's only healthy operation). The P/BV of 0.53 is irrelevant in light of the terminal event.Safety in a REIT is not yes or no — it is how much risk you accept. MAXR11 has a alto risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 3.5 |
| Price volatility | 2.5 |
| Distribution volatility | 5.0 |
| Liquidez | 5.0 |
| Underlying asset risk | 5.0 |
| Financial/leverage risk | 1.0 |
Track CPUR11 BV/unit monthly
Indicates that a significant portion of rent receivable from the main tenant is provisioned as a loss — a sign that the court-supervised reorganization...
Inspection reports show properties with water leaks, stains, vegetation on the roof, exposed cable trays. The tenant...
5 of the 7 properties are located in capitals of the North (Manaus/Belém), Northeast (João Pessoa), and Mid-West (Brasília/Taguatinga). These...
The merger may generate a taxable event for corporate investors. For individual investors, keeping units within CPUR11 maintains tax exemption, but it is prudent...
Monitor the progress of cases 0015289-95.2022.8.26.0100 and 0044116-48.2024.8.26.0100 via TJSP. Future publication of the veil-piercing appellate decision will indicate whether the Fund will recover the receivables.
The Manaus property, which accounts for approximately 22.5% of net assets, relies on a small number of subtenants, and P. Chen's storefront seal due to registry irregularities exposes the operational fragility of this revenue stream. If regularization stalls, there is a risk of delinquency or lease termination, further eroding the 36% of the area effectively generating rent. For a fund nearing the end of its useful life and operating on a non-going-concern basis, any revenue deterioration directly impacts the liquidation value relative to the merger's R$ 67.00/unit valuation.
The Fund protected itself contractually via a counter-notification assigning responsibility to the tenant, and has implemented support measures (specialized service providers, contact with SEFAZ, and clarification protocols). The imminent merger into CPUR11 at R$ 67.00/unit is expected to transfer this operational risk to the absorbing fund before it materializes significantly.
| Scenario | Description |
|---|---|
| Merger executed under the terms approved within 6 months | Merger Date by Oct/2026 with stable CPUR11 units → unitholders receive the equivalent of R$ 67.00 in CPUR11 units. Gross return of ... |
| CPUR11 depreciates prior to the Merger Date | CPUR11 drops 5% before closing — MAXR11 unitholders receive more CPUR11 units (lower exchange price) and the relative gain increases. |
| CPUR11 appreciates significantly prior to the Merger Date | If CPUR11 rises 10%+ prior to the Date — MAXR11 unitholders receive fewer CPUR11 units and the R$ 60 → R$ 67 spread becomes neutral or negative... |
| Merger is delayed to 2027+ or renegotiated | No defined timeline for the Merger Date. If closing takes 12+ months, the opportunity cost versus the 14.5% Selic rate makes the trade... |
| Additional portfolio revaluation reduces the effective merger price | The 2025 financial statements already reduced book value by 10%. If new appraisals in 2026 (semi-annual Binswanger) bring further reductions, the final economic comparison ma... |
| Americanas crisis worsens prior to the merger | Americanas defaults on its court-supervised reorganization installments — MAXR cash drops — monthly distributions zeroed out until the Merger Date... |
MAXR11 (Max Retail FII) is a classic case of a legacy retail FII nearing the end of its useful life. Launched in 2010 by BTG Pactual to securitize 8 properties com...
The 2023-2026 trajectory was one of gradual divestment: Americanas court-supervised reorganization + reorganization agreement (R$ 367k in 48 installments) → vacancy in João Pessoa due to Carrefour's departure (2024) → sale of ...
The remaining portfolio (7 properties, 47k sqm) is operationally compromised: 38% vacancy, 26% bailment, with only 36% generating rent. The primary tenant is undergoing court-supervised reorganization and...
For investors: today's thesis is merger event arbitrage — buying at R$ 60.11 aiming for the agreed R$ 67.00 (+11.5%). Risk: undefined Merger Date timeline + exchange ratio...
Current recommendation: SELL. Rating 2.8/10. Warning: this fund is being wound down. In March 2026, unitholders approved its merger into CPUR11 (another commercial property Brazilian REIT-style fund (FII) managed by Capitânia), with a conversion value of R$ 67.00 per unit — MAXR11 will cease to exist as an independent…
Our current read on MAXR11 is “SELL”. Rating 2.8/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Max Retail FII include: MERGER APPROVED — fund at the end of its useful life; 38% vacancy and 26% bailment (non-paying); Concentration in Lojas Americanas (court-supervised reorganization) with precarious maintenance; Loss of R$ 7.67M in 2025 and BV/unit down 10.5% for the year.
MAXR11 is suitable for: Corporate event arbitrageurs willing to trade with an 11% spread over a 3-9 month horizon Investors who already own CPUR11 and want to increase exposure via the merger premium Current unitholders who entered earlier — holding until the Merger Date makes sense