PLAG11 — Pátria Logística Agro FII

Formerly Quasar Agro FII (QAGR11) — managed by Quasar Asset until May 2024, then VBI Real Estate (acquired by Patria in 2024). Legal name: VBI AGRO – FII RL (CNPJ 32.754.734/0001-52)

Segment: Brick · Others · high quality · Price R$ 61.2 · P/BV 0.9171 · BV/unit R$ 66.73 · Net assets R$ 364 Mi · 13,407 unitholders · 8 assets

What is PLAG11

PLAG11 (Pátria Logística Agro FII) is a Brazilian REIT in the Brick · Others · high quality segment. Formerly Quasar Agro FII (QAGR11) — managed by Quasar Asset until May 2024, then VBI Real Estate (acquired by Patria in 2024). Legal name: VBI AGRO – FII RL (CNPJ 32.754.734/0001-52)

Owner of 8 storage silos leased to BRF with long leases adjusted by IPCA inflation — predictable monthly income without dependence on crops or commodity prices. Note: all revenue comes from a single company — if BRF fails to renew its leases in 2035, the fund loses its income entirely.

This page gathers the factual snapshot of PLAG11 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.

PLAG11 numbers in 2026

Net assets: R$ 364 Mi
Book value per share: R$ 66.73
Number of shareholders: 13,407
Assets in portfolio: 8
Gross leasable area: 43,912 sqm built area
Occupancy: 100.0%
WAULT (years): 9.2

Fees

Management Fee: 1,00% a.a.
Performance Fee: Não há
Investment Management Fee (Patria–VBI): Inclusa
Minimum Monthly Administration Fee: R$ 30 mil

Manager

Management: Pátria – VBI Asset Management Ltda..

Pátria Investimentos is one of Latin America's largest alternative asset managers, with over R$ 289 billion in assets under management, 37+ years of history, and a presence across 4 continents. In Real Estate, it is Brazil's largest independent FII manager, with R$ 38 billion under management and 30+ listed FIIs. Its real estate operations stem primarily from the full acquisition of VBI (completed in 2024, after Patria acquired a 50% stake in 2022). The VBI team remained unchanged, ensuring continuity. PLAG11 (which still operates under the legal name VBI Agro) has been managed by the original VBI Real Estate team since May 27, 2024 — delivering a management performance of +76.6% cumulative (+36.4% p.a.). Responsible executive: Gustavo Cotta Piersanti.

Assets under management (Patria): R$ 289 Bi
PL PLAG11: R$ 360 Mi
Management performance (since May 27, 2024): +76.6% cumulative / +36.4% p.a.

See our analysis of Pátria – VBI Asset Management Ltda. →

PLAG11 portfolio: what the fund invests in

Portfolio post-Belagrícola sale (Jan/2026): 8 agro-industrial silos 100% leased to AAA-rated BRF, atypical leases with a 9.2-year WALE

Asset	Location	% of NAV	Occupancy
Uberlândia Silo	Uberlândia — MG	100.0%	1.0%
Paranaguá Silo	Paranaguá — PR	100.0%	1.0%
Nova Ponte Silo	Nova Ponte — MG	100.0%	1.0%
Silo Jataí	Jataí/GO	100.0%	1.0%
Francisco Beltrão Branch	Francisco Beltrão — PR	100.0%	1.0%
Pato Branco Branch	Pato Branco — PR	100.0%	1.0%
Medianeira Branch	Medianeira — PR	100.0%	1.0%
Campo Erê Silo	Campo Erê/SC	100.0%	1.0%
Kinea Índices de Preços FII	—	1.3%	—

Concentration and diversification

HHI 0.149 — moderada.

Breakdown	Share
By state	Sul (PR+SC) 42.2% · Southeast (Minas Gerais) 43.6% · Midwest (Goiás) 14.2%
By tenant	BRF / MBRF S.A. 100.0%
By index	IPCA 100.0%

Price, P/BV and book value

The P/BV of 0.98 shows that units trade practically at book value. Compared to peers (median 0.95), PLAG11 commands a slight premium justified by its AAA BRF tenant and 9.2-year WALE.

last close R$ 61.2 · all-time low R$ 39.71 · high R$ 70.0 · book value per unit R$ 66.73.

Liquidity and trading

Average daily volume (21 sessions) of R$ 5,980,000 · 12-month average of R$ 1,900,000.

Good liquidity post-Belagrícola sale: Mar/2026 ADTV of R$ 7.2M (exceptional). The 12-month average stands at R$ 1.9M — prior to the sale, the fund had intermediate liquidity. A R$ 1M position can be exited in <1 business day.

PLAG11 track record

PLAG11 was launched in 2019 as a seed fund (Quasar Agro), capitalized yet lacking full capital allocation. In Feb/2021, it returned R$ 38/unit (R$ 191M) for failing to allocate all funds within the deadline, reducing net assets to R$ 295M. Under Quasar, it built a portfolio split between Belagrícola and BRF. The transition to VBI/Patria in May/2024 brought discipline: a 10-year BRF lease renewal (Dec/2024), its 1st post-transition offering (Jul/25), and ultimately the sale of the Belagrícola properties in Jan/2026 with a 51% gain and a 15.7% p.a. IRR — a transaction that eliminated all credit risk from its primary counterparty and raised the DPU from R$ 0.48 to R$ 0.65. Today, the fund stands as a rare case of an agricultural brick-and-mortar fund with a single AAA tenant, zero debt, a 9.2-year WALE, 0% vacancy, and dry powder to redeploy (R$ 51.8M in cash + R$ 104.8M in receivables).

Period	What happened
Quasar Agro IPO	Launched as QAGR11, raising R$ 483M at R$ 100/unit.
PRIMEIROS APORTES	Start of acquisitions — 8 silos in Paraná (Belagrícola) for R$ 90M.
AMORTIZAÇÃO R$ 38/COTA	Extraordinary partial principal repayment of R$ 38 per unit — return of unallocated capital.
ESTABILIDADE OPERACIONAL	Complete portfolio stabilized with BRF + Belagrícola; DPU rises gradually from R$ 0.38 to R$ 0.43.
MUDANÇA PARA VBI	Unitholders approve replacing manager Quasar with VBI Real Estate.
RENOVAÇÃO BRF +10 ANOS	Early renewal of 3 BRF leases representing 35% of revenue.
1ª EMISSÃO PÓS-VBI	Share offering to extend cash reserves following management change — units increase from 5,040,000 to 5,452,634.
VENDA BELAGRÍCOLA	Sale of 4 Belagrícola properties for R$ 136M (cost R$ 90M) — eliminated credit risk of the tenant undergoing out-of-court reorganization.
DPS R$ 0,65	Operational repositioning completed. DPU rises from R$ 0.48 to R$ 0.65/unit for the half-year.