MCLO11 — Mauá Capital Logística FII

Classe Única do Mauá Capital Logística Fundo de Investimento Imobiliário — Responsabilidade Limitada (CNPJ 57.466.934/0001-30) — IPO on January 6, 2025

Segment: Brick / Logistics (single-tenant Casas Bahia + Capital Brasileiro warehouses) · Price R$ 10.45 · P/BV 0.7545 · BV/unit R$ 13.85 · Net assets R$ 1,73 Bi · 288 unitholders · 4 assets

What is MCLO11

MCLO11 (Mauá Capital Logística FII) is a Brazilian REIT in the Brick / Logistics (single-tenant Casas Bahia + Capital Brasileiro warehouses) segment. Classe Única do Mauá Capital Logística Fundo de Investimento Imobiliário — Responsabilidade Limitada (CNPJ 57.466.934/0001-30) — IPO on January 6, 2025

A fund that owns four logistics warehouses purchased from Casas Bahia itself and leased back to it under long-term inflation-adjusted leases, with properties fully occupied. Note: nearly all revenue depends on a single tenant undergoing operational recovery, so the fund's health mirrors that of the retailer.

This page gathers the factual snapshot of MCLO11 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.

MCLO11 numbers in 2026

Net assets: R$ 1,73 Bi
Book value per share: R$ 13.85
Number of shareholders: 288
Assets in portfolio: 4
Gross leasable area: 628k sqm of built area (1.83 million sqm of land area)
Occupancy: 100.0%

Fees

Administration Fee (XP): 0,14% a.a.
Advisory Fee (Mauá): 1,00% a.a.
Performance fee: 20% over IPCA+9%

Manager

Management: Mauá Capital Real Estate (part of the JiveMauá group).

Mauá Capital is an independent Brazilian asset manager founded in 2008 that merged with Jive in 2024 to form the JiveMauá group — one of the country's largest independent alternative asset managers. The Real Estate arm (responsible for MCLO11) has a track record in structured real estate funds, primarily paper FIIs (MCCI11, MCRE11). MCLO11 is its first large-scale brick-and-mortar logistics FII, featuring an opportunistic pre-existing portfolio acquisition thesis executed in January 2025.

Fundada em: 2008 (Mauá) / 2024 (JiveMauá merger)
MCLO assets: R$ 1,72 bi
AuM grupo: R$ 14+ billion (Real Estate + credit + private equity)

See our analysis of Mauá Capital Real Estate (part of the JiveMauá group) →

MCLO11 portfolio: what the fund invests in

Portfolio of 4 single-tenant logistics warehouses acquired on 01/30/2025 in a single transaction (R$ 1.07 billion acquisition + R$ 40 million in property transfer tax/notary fees). Revalued at +53% at year-end 2025.

Asset	Location	% of NAV	Occupancy
Jundiaí Logistics Warehouse (Casas Bahia)	Rodovia Anhanguera, km 52+350m and Rodovia Presidente Tancredo Neves, km 58, Bai	100.0%	1.0%
Duque de Caxias Logistics Warehouse (Casas Bahia)	Av. Automóvel Clube, 7,543, Jd. Imbarie, Duque de Caxias/RJ	100.0%	1.0%
Cajamar Logistics Warehouse (Capital Brasileiro)	Via de Acesso Sul Km 34, Rodovia Anhanguera, extension Km 34+368 to Km 35, Bairr	100.0%	1.0%
Ribeirão Preto Logistics Warehouse (Casas Bahia)	Av. Patriarca, No. 5355, Parque Ribeirão Preto, CEP 14031-580, Ribeirão Preto/SP	100.0%	1.0%
Alicerce Desenvolvimento Imobiliário FII	—	1.5%	—

Concentration and diversification

HHI 0.348 — alta.

Breakdown	Share
By state	Southeast (São Paulo state) 73.2% · Southeast (Rio de Janeiro state) 26.0%
By tenant	Casas Bahia S.A. (Grupo Casas Bahia) 78.0% · Capital Brasileiro (Automotive Sector) 22.0%
By index	IPCA 100.0%

Price, P/BV and book value

Unit price at R$ 9.73 vs BV of R$ 13.79 — a 29% discount to equity revalued by Colliers in Dec/2025.

last close R$ 10.45 · all-time low R$ 9.21 · high R$ 10.55 · book value per unit R$ 13.85.

Liquidity and trading

Average daily volume (21 sessions) of R$ 413,401 · 12-month average of R$ 600,000.

Low liquidity — fund restricted to Qualified Investors limits the natural buyer pool. A R$ 100k position takes ~1 business day to exit without moving the price; R$ 1M takes ~12 days. Volume is higher in windows near distribution dates.

MCLO11 track record

MCLO11 did exactly what it promised in the prospectus: it bought a ready-made, cash-generating logistics portfolio. The problem is that the performance fee of 20% over IPCA+9% on NAV is triggered by the accounting revaluation of the properties — meaning that even without the manager selling anything, Colliers' appraisal turned a non-cash gain into a R$ 101 million cash obligation. Investors who entered at the IPO received a great DPU (R$ 0.87 in 2025), but watched the unit price fall alongside the adjustment of the recurring dividend to R$ 0.07. The thesis from here on is simple: real sustainable DPU ≈ R$ 0.07-0.08/unit, reflecting an 8.5% cap rate on current book value.

Period	What happened
ESTRUTURAÇÃO	Fund establishment, CVM registration, offering restricted to Qualified Investors.
IPO + AQUISIÇÃO	Effective commencement of operations, exchange listing, and immediate acquisition of the portfolio.
OPERAÇÃO ESTÁVEL	First half of operations with growing DPU driven by contractual adjustments.
REAVALIAÇÃO PELA COLLIERS	Colliers appraisal reports record cap rate compression and raise NAV by +53%.
FECHAMENTO COM DUAS CARAS	Accounting result of R$ 623 million (95% non-cash revaluation) + investment in Alicerce.
PAGAMENTO DA PERFORMANCE FEE	Payment of performance fee and adjustment of DPU to a sustainable level.