PRINCIPAL REPAYMENT EXECUTED — Sale of properties to HGLG11 (CSHG Logística) for R$ 354.9M completed on May 4, 2026. Principal repayment of R$ 66.33/unit delivered: HGLG11 units credited on July 3, 2026; cash portion of R$ 7.26/unit paid on July 7, 2026. Tax warning: unitholders who failed to report their average purchase price to Vórtx by June 11 had income tax calculated on the historical minimum (R$ 39.81), withholding up to 73.05% of the cash portion. Average purchase price of received HGLG11 units = R$ 151.55. Residual balance of PATL11 awaits final principal repayment following the closure of the 6-month minimum guaranteed income (~Nov/2026). Manager: Pátria-VBI Asset Management.
Segment: Logistics (in liquidation) · Price R$ 64.15 · BV/unit R$ 0.24 · Net assets R$ 1,2 Mi · 33,550 unitholders
PATL11 (Pátria Logística FII) is a Brazilian REIT in the Logistics (in liquidation) segment. PRINCIPAL REPAYMENT EXECUTED — Sale of properties to HGLG11 (CSHG Logística) for R$ 354.9M completed on May 4, 2026. Principal repayment of R$ 66.33/unit delivered: HGLG11 units credited on July 3, 2026; cash portion of R$ 7.26/unit paid on July 7, 2026. Tax warning: unitholders who failed to report their average purchase price to Vórtx by June 11 had income tax calculated on the historical minimum (R$ 39.81), withholding up to 73.05% of the cash portion. Average purchase price of received HGLG11 units = R$ 151.55. Residual balance of PATL11 awaits final principal repayment following the closure of the 6-month minimum guaranteed income (~Nov/2026). Manager: Pátria-VBI Asset Management.
Fund liquidated in May/2026 — held 4 logistics warehouses in RJ, MG, and SP, leased to companies such as BRF and Groupe SEB, and distributed monthly rent as income. Unitholders received HGLG11 units in July 2026 and await the final residual amortization expected in November 2026.
This page gathers the factual snapshot of PATL11 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: Pátria-VBI Asset Management Ltda..
PATL11 was established under the management of Pátria Investimentos Ltda. in Jul/2020 (with a R$ 499M IPO), later transferred to VBI Real Estate Gestão de Carteiras (with the ticker changing to 'PATLOGIS' in Apr/2024), and since 2024 has operated under Pátria-VBI Asset Management Ltda.—a joint venture formed through Pátria's acquisition of VBI.
Pátria-VBI is today one of the largest FII managers in Brazil, with over R$ 80B in assets under management and a portfolio that includes HGLG11 (logistics), LVBI11 (logistics), RBRY11 (paper), PCIP11 (paper), VCJR11 (paper), RBRL11 (urban income), PSEC11 (paper), and others. The very liquidation of PATL11 in favor of HGLG11 is part of a consolidation strategy intended to build the largest logistics Brazilian REIT-style fund (FII)—favorable to unitholders because it eliminates overlap, gains scale, and reduces overhead.
Administration remained with Vórtx DTVM throughout the entire cycle. Auditor: Grant Thornton. No material qualifications in the 2025 financial statements.
4 logistics warehouses in RJ/MG/SP totaling 151.1k sqm — SALE COMPLETED to HGLG11 on May 4, 2026, for R$ 354.9M; portfolio delivered, fund in liquidation phase
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Itatiaia Multimodal Logistics Complex (Block 200 + Intermodal Yard) | Av. Industrial Alda Mendes Bernardes, 1881, Itatiaia, RJ | 100.0% | 1.0% |
| Ribeirão das Neves Refrigerated Warehouse (RDN) | Av. José Carlos Costa, 688, Ribeirão das Neves, MG | 100.0% | 0.846% |
| Postall Warehouse (Jundiaí) | Av. Nossa Senhora Auxiliadora, 831, Jundiaí, SP | 100.0% | 1.0% |
| Solística Warehouse (Jundiaí) | Av. Nossa Senhora Auxiliadora, 901, Jundiaí, SP | 100.0% | 1.0% |
HHI 0.357 — alta.
| Breakdown | Share |
|---|---|
| By state | Rio de Janeiro (Itatiaia) 40.8% · Minas Gerais (Ribeirão das Neves) 35.1% · São Paulo (Jundiaí) 4.6% |
| By tenant | Groupe SEB 31.0% · BRF (Brasil Foods) 30.0% · Multiterminais 8.5% · Xerox 2.5% · Solística (FEMSA) 4.6% · Postall 0.0% |
| By index | IPCA 100.0% |
Fund's P/BV.
last close R$ 64.15 · all-time low R$ 39.81 · high R$ 72.48 · book value per unit R$ 0.24.
| Period | What happened |
|---|---|
| IPO | PATL11 debuted on Aug 14, 2020, raising R$ 499.2M at R$ 100/unit, with 4,991,535 units and 6,072 initial unitholders. Immediate acquisition of the Itatiaia Complex (RJ) + RDN Warehouse (MG) totaling R$ 401.7M. |
| EXPANSÃO | Acquisition of the Postall and Solística warehouses in Jundiaí (SP) for R$ 51.1M in Sep/2021. Unitholders surge from 6k to 14k. DPU stabilizes at R$ 0.57. |
| CRUZEIRO | Full operational phase. DPU rises to R$ 0.58. Unitholders grow to 24k. Net assets stable at ~R$ 489M. |
| ALTA DPS + REAJUSTE | DPU increases to R$ 0.60 starting Feb/2023 (IPCA inflation adjustments). Anomaly: Jun/2023 DPU R$ 0.54 (one-off adjustment). Trading range R$ 95–105. |
| TROCA DE GESTORA + PRESSÃO | Management formally transfers from Pátria to VBI Real Estate (ticker name changes to PATLOGIS in Apr/2024). Negative real estate property revaluation of R$ 10.6M. DPU drops to R$ 0.57 in May/2024. Market price plunges from R$ 71 to R$ 47. |
| REAVALIAÇÃO BRUTAL + CONSOLIDAÇÃO | Negative 2025 revaluation of R$ 38M (cap rate rises from 7.75-8.00% to 8.75-9.25%). Book value per unit falls from R$ 96.33 to R$ 89.05. However, market price recovers from R$ 44 to R$ 66 (+50%) amid expectations of the mega-merger. Unitholders surge from 25.5k to 33.4k in Mar/2026. Two extra distributions of R$ 0.70 (Jun/Dec) support the dividend yield. |
| ASSEMBLEIA APROVA VENDA | Unitholders' meeting approves the full sale of all 4 properties to HGLG11 for R$ 354.9M and the subsequent dissolution of the fund. The transaction is part of the Pátria mega-merger, which also consolidates LVBI11 and 2 other funds into HGLG11. |
| VENDA CONCLUÍDA | Sale of the 4 properties to HGLG11 COMPLETED. PATL11 receives 2,130,508 HGLG11 units (R$ 166.58/unit) settled via credit offset. Final capex of R$ 1.1M (vs R$ 4.2M estimated at the unitholders' meeting). Physical properties leave PATL11's balance sheet. Confirmed by the Apr/2026 Management Report (ID 1189509). |
| ÚLTIMO PREGÃO | May 11, 2026 — final trading session occurred . PATL11 units no longer trade on the exchange. From May 12 to June 11, 2026, unitholders must report their average cost to Vórtx to ensure the correct withholding income tax (IRRF) calculation (failing which, it will be calculated using the lowest historical price of R$ 40.02). The final monthly distribution of R$ 0.57/unit was also paid on May 11, 20 |
| DIVULGAÇÃO DO VALOR DA AMORTIZAÇÃO | Following the calculation of average costs by unitholders (June 12-29) and applicable withholding income tax (IRRF), the exact amount and composition of the partial amortization will be disclosed to the market via a Material Fact Notice. It will detail: (i) how many HGLG units are delivered per PATL unit; (ii) the cash amount per PATL unit; (iii) withheld income tax (if applicable). |
| AMORTIZAÇÃO PARCIAL EM DUAS ETAPAS | Confirmed schedule: July 3, 2026 = delivery of HGLG11 units to unitholders (asset portion); July 7, 2026 = payment of the cash portion (after withholding income tax deductions). The remaining balance will proceed to final liquidation over the following months (unused guaranteed minimum rent (RMG) balance + any tail). |