BTG Pactual — Hospital Lourdes (Rede D'Or Jabaquara)
Segment: Brick — Healthcare · Price R$ 171.08 · P/BV 0.6756 · BV/unit R$ 253.21 · Net assets R$ 327 Mi · 5,217 unitholders · 1 assets
NSLU11 (FII Hospital Nossa Senhora de Lourdes) is a Brazilian REIT in the Brick — Healthcare segment. BTG Pactual — Hospital Lourdes (Rede D'Or Jabaquara)
Owner of Hospital Nossa Senhora de Lourdes (Jabaquara, São Paulo), leased to Rede D'Or — Brazil's largest private hospital network — for 30 years, with tax-exempt monthly income. Be aware: dividends were inflated by one-off payments from the 2025 lawsuit settlement and will not recur.
This page gathers the factual snapshot of NSLU11 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 DTVM.
BTG Pactual is one of Brazil's largest FII administrators, featuring centralized fiduciary management and a robust compliance structure. For NSLU11, it acts as both administrator and manager — it is a defined-management fund (not active), with a mandate summarized as 'maintain the lease of Hospital Lourdes'. It handled the negotiation process for the historic agreement with Rede D'Or in 2025 transparently (Material Fact Notices at each stage, formal unitholder consultation).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Hospital e Maternidade Nossa Senhora de Lourdes (Rede D'Or — Jabaquara Unit) | Rua das Perobas, 342/344 — Jabaquara, São Paulo/SP | 100.0% | 1.0% |
HHI 1.0 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By tenant | Rede D'Or São Luiz 100.0% |
| By index | IPCA 100.0% |
Fund's P/BV.
last close R$ 171.08 · all-time low R$ 137.52 · high R$ 288.99 · book value per unit R$ 253.21.
Average daily volume (21 sessions) of R$ 160,000 · 12-month average of R$ 280,000.
Low liquidity, but improving. Trading volume in Mar/2026 was R$ 3.48M (17,728 units), above the historical average of R$ 2.2M/month observed in Feb/26. Recent daily average ~R$ 160k — typical for a small Brazilian REIT-style fund (FII) (5,194 unitholders). Execution windows require breaking up orders for block sizes above R$ 50k without moving the price.
| Period | What happened |
|---|---|
| Establishment and IPO | Fund established on 03/21/2006 and commenced operations on 04/28/2006. CVM approved operations on 04/20/2006. Raised R$ 154.6M to acquire 100% of Hospital Nossa Senhora de Lourdes (founded in 1958). Administrator: BTG Pactual. |
| Rede D'Or acquires hospital operations | In April 2012, Rede D'Or São Luiz acquired Hospital Nossa Senhora de Lourdes — the hospital became the Jabaquara Unit of the network. Pre-existing tenant changed hands without lease alterations. |
| Initiation of rent review lawsuits | Rent Review Lawsuit (Process 1079521-12.2016.8.26.0100) — fund challenges the value of percentage rent. Dispute drags on for years. |
| 3rd offering and payment of R$ 27M | Fund raises R$ 21.5M in the 3rd offering (148,486 units at R$ 145.37). Total units rise from 1,144,800 to 1,293,286. In March 2022, it pays R$ 27.1M referring to the sentence enforcement of the 2016 Review Lawsuit (R$ 16.4M from new capital + R$ 8.2M from retained distributions + R$ 2.5M from reserves). |
| New Rede D'Or lawsuit and fund enforcement action | January/2024: Rede D'Or files a new lawsuit attempting to void the percentage rent clause. December/2024: Fund files an enforcement action claiming R$ 167.3M in differences between minimum rent paid and 8% percentage rent on gross revenue (period from Jun/2017 to Apr/2024). |
| HISTORIC AGREEMENT — resolution of the dispute | September/2025: start of negotiations. October/2025: homologation of the Transaction Term — Rede D'Or pays R$ 155.8M (R$ 46.7M upfront + R$ 109M in 180 IPCA-adjusted monthly installments). New lease signed with a 30-year term, rent of R$ 1.84M/month adjusted by IPCA, no review for the first 9 years, no percentage rent. |
| Receipt of upfront payment and extraordinary amortization | February/2026: fund receives R$ 31.4M from released judicial deposits, pays success fees (R$ 11.5M total), and distributes to unitholders: R$ 21.6M as extraordinary amortization (R$ 16.69/unit on 03/31/2026) + R$ 9.8M as income. Liquidity cash drops to R$ 182.6k. BV/unit drops from R$ 216.73 (Dec/25) to R$ 173.50 (Mar/26) — an effect of amortization and property revaluation. |
| Stabilized operations — first cycle of the new lease | Monthly revenue stabilized at R$ 2.44M (R$ 1.84M rent + R$ 605k settlement installment). Expected recurring DPU of R$ 1.72-1.82/unit. Pending receipt of another R$ 2.4M from residual judicial deposits. |