(formerly TRNT11 — TRX Realty Trust)
Segment: Brick-and-Mortar FII - Shopping Center (Single-Asset Premium) · Price R$ 2475.0 · P/BV 0.9541 · BV/unit R$ 2594.11 · Net assets R$ 672 Mi · 2,951 unitholders · 1 assets
PQDP11 (Parque Dom Pedro Shopping Center FII) is a Brazilian REIT in the Brick-and-Mortar FII - Shopping Center (Single-Asset Premium) segment. (formerly TRNT11 — TRX Realty Trust)
Surgical bet on 25.78% of Parque Dom Pedro — asset quality vs total concentration binary risk
This page gathers the factual snapshot of PQDP11 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 (Administrator) + Aliansce (Operator).
PQDP11 is administered by BTG Pactual Serviços Financeiros DTVM (CNPJ 59.281.253/0001-23, authorized by CVM on March 20, 2006). The administrator handles fiduciary oversight, while portfolio management is, in practice, passive (single asset). Responsible executive: Gustavo Cotta Piersanti (BTG partner, MD Partner — Head of Fund Services since January 31, 2023).
Mall operations are managed by Aliansce Assessoria Comercial e Serviços Ltda., a holding company belonging to the Aliansce Sonae group (controlled by Sonae Sierra do Brasil + Aliansce — one of Brazil's largest mall operators), providing professional commercial management (tenant mix, marketing, expansion). The independent auditor is KPMG. The combination of BTG (administrator) and Aliansce (operator) is widely recognized in the market as an institutional-quality structure — this is not a case of amateur management or frequent turnover.
See our analysis of BTG Pactual Serviços Financeiros (Administrator) + Aliansce (Operator) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Shopping Parque Dom Pedro | Av. Guilherme Campos, 500 — Santa Genebra Neighborhood, Campinas/SP | 25.8% | 0.9935% |
HHI 0.7312 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By tenant | Various (382 stores, no tenant >10% of revenue) |
The unit trades at R$ 2,594.99 vs. a book value of R$ 2,641.04, a discount of only 2%. P/BV is in line with multi-asset premium mall peers (HGBS11 0.96; VISC11 0.93; HSML11 0.91; MALL11 0.93) — the market assigns neither a premium for single-asset quality nor a discount for single-asset binary risk.
last close R$ 2475.0 · all-time low R$ 1600.00 · high R$ 3990.00 · book value per unit R$ 2594.11.
Average daily volume (21 sessions) of R$ 970,000 · 12-month average of R$ 850,000.
Moderate liquidity. Daily volume of ~R$ 970 thousand in Mar/26 limits larger positions — R$ 1M takes ~5 business days to liquidate without moving the price. Expensive unit price (R$ 2,595) reduces the retail individual investor base, concentrating trading among institutional and qualified investors.
PQDP11 has a 17-year history, but only truly became a single-asset fund following the partial spin-off in June 2024, which reduced net assets by 60.06% and transferred assets to PDP Allos and PDP Investment Fund. The motivation was to mitigate tax risks raised by the R$ 135.8M Tax Assessment Notice (March/2023), under a structure where the fund was simultaneously a unitholder of FII SHDP and a direct property owner.
Following the spin-off, the fund began holding a direct 12.005% stake in the mall (no longer holding SHDP units). In December/2025, the position more than doubled to 25.78% via an acquisition financed by the 5th offering. CARF ruled unanimously in the fund's favor in 4Q2024 (with an appeal pending) and adaptation to CVM 175 modernized the bylaws. For investors, PQDP11 today is a surgical bet on a single exceptional mall (vacancy 0.66%, sales R$ 2.29B/year), with no intra-fund diversification — a pure-play on Parque Dom Pedro.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on June 16, 2009, under ticker TRNT11 (TRX Realty Trust), with an initial multi-asset net asset value. Administered by BTG Pactual Serviços Financeiros DTVM, under Law 8,668/93 and ICVM 472. |
| FOCO EM PARQUE DOM PEDRO | Fund concentrates its strategy on stakes in Parque Dom Pedro Shopping. Initially via units of FII Shopping Parque Dom Pedro (FII SHDP) and an ideal fraction of the property. |
| AUTO DE INFRAÇÃO RFB | Federal Revenue issues a Tax Assessment Notice of R$ 135.8M (corporate income tax, social contribution on net income, PIS, COFINS) against the fund, alleging non-compliance with Art. 2 of Law 9,779/1999. Concurrently, FII SHDP (invested fund) is also assessed for R$ 399.6M. Risk of taxation as a corporate entity. |
| AGE DE CISÃO | On April 30, 2024, majority unitholders (60.06%) request a unitholder meeting to partially spin off the fund. Agenda: maintain ideal fraction in the property + reduce tax risk. |
| CISÃO PARCIAL APROVADA | On June 3, 2024, the unitholder meeting approves with 60.307% of the votes a partial spin-off based on the May 31, 2024 position. Net assets are reduced by 60.064% and 151,242 units are canceled. Assets transferred to PDP Allos and PDP Investment Fund. PQDP ceases to be a unitholder of FII SHDP and comes to hold a direct 12.005% stake in the property. |
| VITÓRIA NO CARF | In 4Q2024, CARF rules unanimously in favor of the fund in contesting the Tax Assessment Notice. The administrative decision is still subject to appeal, but the tax outlook improves substantially. |
| ADAPTAÇÃO CVM 175 | On April 10, 2025, bylaws adapted to CVM Resolution 175. Fund transitions to a 'single class of units' with limited liability for unitholders. No impact on investment policy or fee structure. |
| 5ª EMISSÃO | On August 21, 2025, a Material Fact Notice announces a new unit offering to fund the continuation of construction approved at the 2022 unitholder meeting. Offering proceeds earmarked for mall expansion and revitalization. |
| AQUISIÇÃO +13,7% | Per the December 2025 Material Fact Notice and unitholder meeting approval, the fund acquires an additional 13.7% ideal fraction of the property. Stake in Parque Dom Pedro Shopping goes from 12.005% to 25.78%. Transaction financed by a new offering, creating a R$ 199M liability (Acquisition Obligations). |
| POSIÇÃO ATUAL | Units at R$ 2,594.99 (P/BV 0.98), with net assets of R$ 571.6M and 3,007 unitholders. 12-month average DPU of R$ 19.86 and dividend yield of 9.18%. Vacancy of only 0.66%, 2025 total sales of R$ 2.29B, and NOI/sqm (100%) of R$ 192. Revitalization construction (Colinas entrance) in final phase. |