Patria Malls Fundo de Investimento Imobiliário – Limited Liability (CNPJ 26.499.833/0001-32, IPO December 14, 2017)
Segment: Brick-and-mortar / Shopping Centers (active management) · Price R$ 100.83 · P/BV 0.8345 · BV/unit R$ 120.83 · Net assets R$ 2,14 Bi · 136,382 unitholders · 18 assets
PMLL11 (Patria Malls FII) is a Brazilian REIT in the Brick-and-mortar / Shopping Centers (active management) segment. Patria Malls Fundo de Investimento Imobiliário – Limited Liability (CNPJ 26.499.833/0001-32, IPO December 14, 2017)
Owns stakes in 18 shopping centers across seven states, generating rental income distributed monthly as tax-exempt income to individual investors. Note: part of the distribution still relies on reserves, but recurring cash earnings are on an upward trajectory (R$ 0.87/unit in Jun/2026).
This page gathers the factual snapshot of PMLL11 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: Patria - VBI Asset Management.
Brazil's largest independent FII manager. In 2024, Patria absorbed VBI's real estate operations (Patria-VBI Asset Management) and subsequently incorporated RBR Asset in 2025/2026, cementing its position as an industry giant. The Patria group currently manages R$ 309 billion (vs R$ 289B reported prior to the Apr/2026 Management Report). Among listed FIIs, the team manages PMLL11, ABCP11 (following a recent manager change), BTAL11, OUFF11, FCFL11, RBVA11, BTLG11, among others. Solid track record in malls: PMLL11 rose from R$ 0.36/unit (Dec/2019, pandemic trough) to R$ 1.00 (Mar/2026), with NOI growing consistently over the past 4 years.
18 malls following RBR Malls + Curitiba incorporation; Park Sul sold (Jul 29, 2026)
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Madureira Shopping | Rio de Janeiro, RJ | 80.0% | 0.95% |
| Maceió Shopping | Maceió, AL | 54.0% | 0.99% |
| Shopping Pátio Higienópolis | São Paulo, SP | 7.0% | — |
| Shopping Eldorado | São Paulo, SP | 4.3% | — |
| Shopping Plaza Sul | São Paulo, SP | 10.0% | — |
| Shopping Curitiba | Curitiba, PR | 13.3% | — |
| Rio Anil Shopping | São Luís, MA | 45.0% | 0.94% |
| Shopping Park Lagos | Cabo Frio, RJ | 40.0% | 0.99% |
| Boulevard Shopping Feira | Feira de Santana, BA | 30.0% | 0.97% |
| Suzano Shopping | Suzano, SP | 40.0% | 0.97% |
| Shopping Park Sul | Volta Redonda, RJ | 40.0% | 0.96% |
| Campinas Shopping | Campinas, SP | 20.0% | 0.97% |
| Península Open Mall | Rio de Janeiro, RJ | 100.0% | 1.0% |
| Shopping Metropolitano Barra | Rio de Janeiro, RJ | 20.0% | 0.93% |
| Shopping Taboão | Taboão da Serra, SP | 16.6% | 0.985% |
| Caxias Shopping | Duque de Caxias, RJ | 18.0% | 0.96% |
| Rio2 Shopping | Rio de Janeiro, RJ | 100.0% | 0.98% |
| Shopping Tacaruna | Recife, PE | 7.0% | 0.93% |
HHI 0.085 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 62.1% · Nordeste 34.9% · Norte/CO/Sul 0.0% |
P/BV of 0.94 — modest discount to book value. Above the regional peer median (0.78) but close to premium peers (HSML11 0.93, HGBS11 1.01).
last close R$ 100.83 · all-time low R$ 65.46 · high R$ 130.41 · book value per unit R$ 120.83.
Average daily volume (21 sessions) of R$ 3,900,000 · 12-month average of R$ 4,200,000.
Liquidity is moderate. ADTV stood at R$ 3.9M/day (Jun/2026)—down from R$ 5.4M/day previously (post-offering and general IFIX correction of -1.2% in June). A R$ 1M position can be liquidated in ~1.3 business days. The fund's size (NAV of R$ 2.10B) supports structural liquidity.| Period | What happened |
|---|---|
| IPO and initial formation | IPO on December 14, 2017 , with 1.86 million units and an initial NAV of R$ 177M. The initial portfolio was concentrated in a few assets, with distributions per unit (DPU) ranging from R$ 0.48 to R$ 0.67. Initial book value per unit was R$ 95. |
| Expansion (2nd and 3rd public offerings) | Units jumped from 1.86 million to 7.5 million by the end of 2019. Following acquisitions of new shopping centers, NAV multiplied 4× to R$ 798M. DPU stabilized at R$ 0.60/month. |
| COVID-19 crisis | Shopping centers closed for months. DPU plummeted to R$ 0.11–R$ 0.15 (May–Jul/2020). Vacancy rose and delinquency spiked. Gradual recovery began in Sep/2020 with reopenings. |
| Post-COVID recovery and expansion | DPU climbed gradually from R$ 0.48 (Oct/2020) to R$ 0.80 (Dec/2023). A 4th public offering in 2022 doubled NAV to R$ 1.1B. NOI consistently grew 6–8% YoY. |
| 5th/6th public offerings and active recycling | The 5th offering (Mar/2024) raised the unit count to 12.97 million. Acquisition of Rio Anil Shopping in Jan/2025 was financed via 3 CRIs. The 6th offering took place in Mar/2025 (units increased to 13.98 million). |
| Capital discipline + R$ 1.00 DPU + robust pipeline | Sale of Boulevard Bauru for R$ 91.5M (14% p.a. IRR, +R$ 0.58/unit in profit), increasing the stake in Suzano by 15%. DPU rose to R$ 1.00/month in Jan/2026. MoU for Shopping Jardim Sul (Feb/2026, 19%, 11.6% yield) . Unitholders' meeting (AGE) in Mar/2026 voted to acquire RBR Malls (Eldorado + Plaza Sul + Pátio Higienópolis). On April 15, 2026 , an MoU was signed to purchase 5 shopping centers from |