(formerly VBI Agro / formerly Quasar Agro — ticker changed from QAGR11 to PLAG11 on February 4, 2025)
Segment: Brick · Logistics · Agriculture (grain silos and warehouses) · Price R$ 62.98 · P/BV 0.94 · BV/unit R$ 67.01 · Net assets R$ 365 Mi · 13,571 unitholders · 8 assets
QAGR11 (Pátria Logística Agro) is a Brazilian REIT in the Brick · Logistics · Agriculture (grain silos and warehouses) segment. (formerly VBI Agro / formerly Quasar Agro — ticker changed from QAGR11 to PLAG11 on February 4, 2025)
Brazil's only agricultural brick-and-mortar FII: 8 silos and warehouses fully leased to MBRF under IPCA build-to-suit leases with a WALE of 9 years. Note: the fund's entire revenue depends on a single tenant — any issue at MBRF impacts 100% of cash flow.
This page gathers the factual snapshot of QAGR11 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..
Pátria Investimentos assumed management of PLAG11 in two stages: first, VBI Real Estate replaced Quasar Asset on May 27, 2024; subsequently, Pátria acquired 100% of VBI in August/2024, consolidating one of Latin America's largest real estate platforms. The firm is currently Brazil's largest independent FII manager, with R$ 38B in real estate assets (R$ 289B total), 30+ listed FIIs, and 37 years of experience in alternatives.
The management team demonstrated clear execution in 2026 by selling the 4 Belagrícola assets to Coamo at 51% above cost (15.7% p.a. IRR, R$ 8.42/unit gain), eliminating the credit risk of a distressed tenant and raising the DPU from R$ 0.48 to R$ 0.65. Monthly communications are detailed (tracking construction progress percentages unit by unit) and transparency regarding cash usage in management reports is high. Administrator BTG Pactual has remained in place since the IPO.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Uberlândia Silo | Anel Viário Ayrton Senna, 2000 — Distrito Industrial, Uberlândia/MG | 100.0% | 1.0% |
| Paranaguá Distribution Center | Av. Senador Attilio Fontana, 1989 — Parque São João, Paranaguá/PR | 100.0% | 1.0% |
| Nova Ponte Silo | Rodovia MG 190, Km 72 — Nova Ponte/MG | 100.0% | 1.0% |
| Silo Jataí | Rodovia BR 364, Km 203 — Setor Francisco Antônio, Jataí/GO | 100.0% | 1.0% |
| Francisco Beltrão Branch | Rua Barra Mansa, s/n — Pinheirinho, Francisco Beltrão/PR | 100.0% | 1.0% |
| Pato Branco Branch | Rodovia PR 493, 5500 — Fraron, Pato Branco/PR | 100.0% | 1.0% |
| Medianeira Branch | Rua Goiás, 540 — Nazaré, Medianeira/PR | 100.0% | 1.0% |
| Campo Erê Silo | Linha Agroisa, s/n, Margens Rodovia SC 305 — Campo Erê/SC | 100.0% | 1.0% |
HHI 0.146 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 57.8% · Sul 42.2% · Centro-Oeste 14.2% |
| By tenant | MBRF (BRF + Marfrig) 100.0% |
| By index | IPCA 100.0% |
In the June 2026 Management Report, the Fund reports a book value per unit of R$ 67.01 and a market price of R$ 62.98, representing a P/BV of 0.94x — a 6% discount to book value. Binswanger performed a property reappraisal in June 2026 with an average appreciation of +1.62% (Campo Erê +15.1%, Pato Branco +7.2%). The current discount reflects the overall pullback of the IFIX in June 2026 (-1.21%), not a deterioration of fundamentals.
book value per unit R$ 67.01.
Average daily volume (21 sessions) of R$ 1,100,000 · 12-month average of R$ 1,400,000.
Low liquidity for a R$ 340M fund. A R$ 1M position takes ~5 business days to liquidate; R$ 10M takes 2 months. January 2026 saw exceptional volume (ADTV R$ 10.7M) driven by the Coamo announcement — this is not normal.
O PLAG11 é um fundo que passou por três identidades em 6 anos: nasceu Quasar Agro (QAGR11) em 11/2019, virou VBI Agro em 05/2024, foi rebatizado Pátria Logística Agro em 07/2025 e mudou ticker para PLAG11 em 02/2025. A trajetória de retorno desde o IPO é +91,7% acumulado (11% a.a.), superando IFIX (5,4% a.a.) e CDI bruto (9,7% a.a.). A venda dos 4 silos para a Coamo em jan/2026 foi o evento mais transformador — eliminou risco de crédito da Belagrícola, gerou R$ 8,42/cota de ganho e elevou DPS para R$ 0,65, mas concentrou 100% da receita na MBRF. O ponto de inflexão pendente é o reinvestimento dos R$ 104,8 mi a receber até 2028.
| Period | What happened |
|---|---|
| IPO QUASAR AGRO | The fund starts as QUASAR AGRO (QAGR11), managed by Quasar Asset Management. The 1st Offering raises R$ 504 million at R$ 100/unit across 5.04 million units. Focus: acquisition of agricultural storage real estate. |
| AQUISIÇÕES INICIAIS | Over 9 months, the fund builds its portfolio: Belagrícola assets (Assaí, Cambé, Bela Vista do Paraíso, Sabáudia) in February; BRF assets (Campo Erê, Medianeira, Francisco Beltrão, Pato Branco) in June; BRF assets (Jataí, Nova Ponte, Uberlândia) in August; and the Paranaguá BRF asset in October. |
| AMORTIZAÇÃO EXTRAORDINÁRIA | Extraordinary unit amortization from the 1st Offering totaling R$ 191.5 million — returned R$ 38/unit to investors whose capital was not allocated into properties. Net assets drop from R$ 485M to R$ 295M, and book value per unit falls from R$ 96 to R$ 58. |
| TROCA DE GESTORA | VBI Real Estate replaces Quasar Asset in managing the fund on May 27, 2024. The name changes to 'VBI Agro FII'. The ticker remains QAGR11. VBI brings real estate expertise (focused on shopping malls, offices, and logistics) — the manager's first foray into agricultural assets. |
| CONSOLIDAÇÃO PÁTRIA | Pátria Investimentos completes the acquisition of 100% of VBI Real Estate, establishing itself as Brazil's largest independent real estate platform (R$ 38B AuM). The formal manager becomes 'Pátria — VBI Asset Management Ltda.'. |
| MUDANÇA DE TICKER + 2ª EMISSÃO | On February 4, 2025 , the ticker changes from QAGR11 to PLAG11. On February 27, 2025, the preemptive rights period for the 2nd Offering begins at R$ 60.51/unit — raising up to R$ 29.9M. The CNPJ (corporate taxpayer registry) remains unchanged (32.754.734/0001-52). The ISIN BRQAGRCTF005 is maintained. |
| DENOMINAÇÃO PÁTRIA LOGÍSTICA AGRO | The fund's corporate name is changed from 'VBI Agro FII' to 'PÁTRIA LOGÍSTICA AGRO - FUNDO DE INVESTIMENTO IMOBILIÁRIO - RESPONSABILIDADE LIMITADA', completing its integration into the Pátria platform. Internal restructuring of the management team occurs (departure of certain VBI figures, appointment of Augusto Martins as CEO of Pátria Real Estate Brazil). |
| VENDA COAMO — DIVISOR DE ÁGUAS | On January 26, 2026 , the fund sells the 4 Belagrícola silos (Assaí, Cambé, Bela Vista do Paraíso, Sabáudia) to COAMO (Latin America's largest agricultural cooperative) for R$ 136M . Original acquisition in 2020: R$ 90M → 51% gain (15.7% p.a. IRR, R$ 8.42/unit). Payment structure: R$ 31.2M upfront + 4 semiannual installments of R$ 26.2M (indexed to the CDI) through 2028. Belagrícola exits the port |
| ATUALIZAÇÃO REGULAMENTO (CVM 175) | On May 18, 2026, BTG approved a consolidated Bylaws document adapted to CVM Joint Circular Letter 1/2025, migrating the disclosure of service provider remuneration to the ANBIMA Fee Transparency Tool. Effective starting May 19, 2026, with no change to the amounts paid by unitholders. |
| ABRIL/2026 | April 2026 Management Report: net assets of R$ 359.1M, book value per unit of R$ 65.86, market price of R$ 65.44 (P/BV of 0.99x). 8 assets 100% leased to MBRF, WALE of 9.1 years, 100% IPCA indexation, 0% vacancy. Distribution maintained at R$ 0.65/unit and guided for the semester. During the month, the fund liquidated its remaining position in KNIP to rotate the portfolio and generate cash. Improv |
| ATUAL | June 2026 Management Report: net assets of R$ 365.4M, book value per unit of R$ 67.01 (+1.62% via Binswanger revaluation), market price of R$ 62.98 (P/BV of 0.94x). 8 assets 100% leased to MBRF, WALE of 9.0 years. Management raised guidance to R$ 0.68/unit starting in August/2026. Construction in Jataí/Nova Ponte/Uberlândia: 81.6% completed (Phase 1) — Phase 2 resumes in September/2026. No leverag |