Development fund established in 1995 for the Panamby Project in São Paulo — CNPJ 00.613.094/0001-74. After more than 30 years, it operates in residual/liquidation mode with negative net assets.
Segment: Development for Sale (ANBIMA) · Price R$ 24.75 · P/BV -0.71 · BV/unit R$ -34.71 · Net assets R$ -26.33M · 513 unitholders
PABY11 (Panamby Real Estate Fund (FII)) is a Brazilian REIT in the Development for Sale (ANBIMA) segment. Development fund established in 1995 for the Panamby Project in São Paulo — CNPJ 00.613.094/0001-74. After more than 30 years, it operates in residual/liquidation mode with negative net assets.
Fund established in 1995 to develop the Panamby Project in SP. After 31 years, it is in a residual phase with no income-generating properties: it pays no dividends, its net asset value is negative (-R$ 34.71 per unit), and there is virtually no secondary market. It is unsuitable for income investors.
This page gathers the factual snapshot of PABY11 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: Plural S.A. Banco Múltiplo (administrator).
The administrator of PABY11 is Plural S.A. Banco Múltiplo (formerly Plural, currently operating via genial.com.vc). No separate manager was identified in available sources — passive management by the administrator itself is assumed. Given the fund's residual state (negative net assets, no distributions, few unitholders), the administrator's role is essentially maintenance and an eventual liquidation process. The fixed fee of R$ 20,000/month applies regardless of positive or negative net assets, further straining the fund's financial position.| Breakdown | Share |
|---|---|
| By state | São Paulo — Santo Amaro / Morumbi |
last close R$ 24.75 · all-time low R$ 9.43 · high R$ 43.00 · book value per unit R$ -34.71.
Average daily volume (21 sessions) of R$ 842.
Virtually zero liquidity. A R$ 10,000 position would take about 12 business days to sell without impacting the price. Any position above R$ 5,000 is considered illiquid in this fund.
PABY11 was established in 1995 for the development of the Panamby Project in São Paulo. After more than 30 years, the project appears to have completed its development and sales cycle, leaving the fund with only residual assets and liabilities. Negative net assets indicate that remaining obligations exceed remaining assets — a situation that makes capital recovery unlikely for unitholders who invested over the years. There is no public schedule for liquidation or resumption of activities.
| Period | What happened |
|---|---|
| INÍCIO DO FUNDO | Establishment of the Panamby Real Estate Fund with an indefinite term. |
| DESENVOLVIMENTO | Development phase of the Panamby real estate project. |
| STATUS RESIDUAL | Fund in residual phase with negative net assets, no earnings distributions, and virtually zero trading volume. |