Mauá Capital's Multi-strategy FII (CNPJ 36.655.973/0001-06) — formerly named Mauá Capital High Yield FII
Segment: Hybrid / Multi-strategy (Multi-category) · Price R$ 8.03 · P/BV 0.7911 · BV/unit R$ 10.15 · Net assets R$ 1,13 Bi · 94,310 unitholders · 1 assets
MCRE11 (Mauá Capital Real Estate FII) is a Brazilian REIT in the Hybrid / Multi-strategy (Multi-category) segment. Mauá Capital's Multi-strategy FII (CNPJ 36.655.973/0001-06) — formerly named Mauá Capital High Yield FII
Fundo gerido pela Mauá Capital que mistura crédito imobiliário (CRIs), um galpão logístico no Rio de Janeiro e cotas de outros FIIs para distribuir renda mensal isenta de IR. Fique atento: o galpão está com 11,6% de vacância e o guidance de dividendo foi ajustado para R$ 0,10/cota no 2º semestre de 2026.
This page gathers the factual snapshot of MCRE11 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: Mauá Capital Real Estate (JiveMauá platform).
Mauá Capital Real Estate Ltda (CNPJ 04.608.171/0001-59) is the real estate arm of Grupo Mauá Capital, an asset manager registered with CVM since 2006 and currently operating on the joint JiveMauá platform (following the 2024 merger between Jive and Mauá). The firm has a strong track record in custom CRI structuring and structured fund development, with offices at Av. Faria Lima 1485 — Torre Norte, 18th floor.
The team manages the entire Mauá family in the listed market (MCRE11, MCLO11, MMPD11, Mauá Prop, Mauá Cap REC) and acts as both structurer and sponsor for acquired CRIs. Fiduciary administration and custody are provided by BTG Pactual. In 2025, all 11 of MCRE11's CRI operations remained 100% current on payments, and a major restructuring was executed (consolidating 4 fragmented CRIs into a single IPCA+10% series in Feb/26, generating a R$ 19.1M gain).
The weak points are the complexity of the fee structure (management + administration + performance) and the substantial share of net assets in the manager's own structured funds, creating governance risks that require monitoring.
See our analysis of Mauá Capital Real Estate (JiveMauá platform) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CD Santa Cruz | Estrada da Lama Preta, 2,705 — Santa Cruz/RJ | 100.0% | 1.0% |
| cri-la-shopping | — | 12.0% | — |
| cri-pulverizados | — | 9.7% | — |
| cri-home-equity | — | 7.6% | — |
| cri-vitacon | — | 5.5% | — |
| cri-ibl | — | 4.7% | — |
| cri-business-park | — | 2.7% | — |
| cri-msb-axis | — | 1.7% | — |
| cri-renda-residencial | — | 0.6% | — |
| TRX Real Estate FII (Mauá Urban Income) | — | 15.2% | — |
| Mauá Capital Logistics FII | — | 8.3% | — |
| Mauá Capital Properties FII | — | 2.9% | — |
| Blue Cap Logistics Development FII | — | 0.5% | — |
| Mauá Capital MPD FII (São Paulo residential) | — | 0.3% | — |
| Basket of 16 liquid FIIs (VGRI11, ORCE11, ALZC11, VRTA11, RBRY11, PSEC11, KNIP11, MCCI11, PATL11, JSRE11, and others) | — | 6.5% | — |
HHI 0.0641 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 83.0% · Sul 8.0% · Centro-Oeste 6.0% · Nordeste 2.0% · Norte 1.0% |
| By tenant | Logistics Operator (CD Santa Cruz) 100.0% |
| By index | IPCA+ 88.0% · CDI+ 12.0% |
A P/BV of 0.92 indicates an 8% discount to the book value of R$ 10.22/unit. It aligns with the hybrid bucket median (0.895), reflecting the maturity of the thesis and market recognition of DPU stability.
last close R$ 8.03 · all-time low R$ 7.61 · high R$ 12.0 · book value per unit R$ 10.15.
Average daily volume (21 sessions) of R$ 3,250,000 · 12-month average of R$ 3,500,000.
Good liquidity—R$ 3.25M/day on average allows a R$ 1M position to be liquidated in ~1.5 business days without pushing down the price. For R$ 10M, it would take ~15 business days (still manageable). Easily fits into core portfolio allocations of up to R$ 500k.
| Period | What happened |
|---|---|
| IPO in June 2021 — R$ 354M raised | MCRE11 (originally Mauá Capital High Yield FII) launched its IPO on June 14, 2021, raising R$ 354 million through 3.537 million units at R$ 100 each. Initial mandate: high-yield CRIs + FII units. |
| First phase: high yield with DPS of R$ 1.30-1.50 | Throughout 2021-2023, the fund operated with monthly DPS between R$ 1.30 and R$ 1.50/unit (on 3.58M units, equivalent to ~R$ 0.13-0.15 on the current scale). Net assets remained stable between R$ 354-380M. |
| Unit split and follow-on offerings (1:31) | In December 2023, the fund executed follow-on offerings and a unit split, increasing the number of units from 3.58M to 111.6M — a factor of approximately 31x. Book value per unit dropped from R$ 98 to R$ 9.88 (March 2024), enabling greater liquidity and broader access. |
| Acquisition of CD Santa Cruz (June 2024) | The fund consolidated the acquisition of the CD Santa Cruz logistics warehouse in Rio de Janeiro for approximately R$ 89 million. In December 2024, a new appraisal raised the value to R$ 186 million — a positive revaluation of R$ 97M. |
| DPS stabilizes at R$ 0.10-0.11/unit (August 2024) | Following the split and diversification, the fund adopted DPS stabilization as an explicit philosophy. Since March 2024, it has consistently paid R$ 0.10 (4 months) or R$ 0.11 (all other months), with no significant fluctuations. |
| Sale of BTS portfolio to TRXF11 (December 2025) | In December 2025, MCRE11 sold a portfolio of 4 retail stores (supermarkets) in São Paulo to TRXF11 in exchange for TRXF11 units at book value. Capital gain of R$ 25M (R$ 0.23/unit) to be recognized as TRXF11 units are sold over time. |
| Consolidation of 4 fragmented CRIs (February 2026) | In February 2026, four fragmented CRIs (144, 272, 312, and 314) were consolidated into a new single-series CRI of R$ 62.8M yielding IPCA+10% p.a. , with the possibility of a performance-linked bonus. The restructuring generated a capital gain of R$ 19.1 million (R$ 0.17/unit) for the month. |
| Bylaws Amendment (April 2026) | On April 6, 2026, a Private Instrument of Bylaws Amendment was executed to adjust operational aspects. There were no changes to the investment policy or fee structure. |