RB CAPITAL RENDA II FUNDO DE INVESTIMENTO IMOBILIÁRIO — FII (CNPJ 09.006.914/0001-34, IPO Nov/2010, management by RB Asset, administration by Banco Daycoval since Sep/2024)
Segment: Brick-and-mortar / Urban income — Hybrid (Big-box store + Distribution center + Office) · Price R$ 35.66 · P/BV 0.4929 · BV/unit R$ 72.35 · Net assets R$ 134 Mi · 7,403 unitholders · 4 assets
RBRD11 (RB Capital Renda II) is a Brazilian REIT in the Brick-and-mortar / Urban income — Hybrid (Big-box store + Distribution center + Office) segment. RB CAPITAL RENDA II FUNDO DE INVESTIMENTO IMOBILIÁRIO — FII (CNPJ 09.006.914/0001-34, IPO Nov/2010, management by RB Asset, administration by Banco Daycoval since Sep/2024)
4-property brick-and-mortar real estate fund (big-box store, logistics warehouse, and premium supermarket) located in Rio de Janeiro, São Gonçalo, Uberlândia, and Natal, unleveraged and with 100% IPCA/IGP-M indexed revenue. Note: Enel's lease in São Gonçalo (61% of revenue) expires in March 2027—the outcome will determine future earnings levels.
This page gathers the factual snapshot of RBRD11 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: RB Asset Management.
RB Asset Management (formerly RB Capital Asset, controlled by the Órama group since 2022) is one of the most traditional independent asset managers in the Brazilian real estate fund market, with over R$ 12B under management. The firm operates in both brick-and-mortar (RBRD11, RBRP11, RBRR11) and real estate credit, with a track record exceeding 15 years. Positive points: transparency in monthly reports, specialized consulting support (CBRE for Natal). Area of note: administrator change in Sep/2024 (Tivio Capital → Banco Daycoval), reflecting operational reorganization.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Enel Distribution Center — São Gonçalo | São Gonçalo — RJ | 100.0% | 1.0% |
| Zona Sul Concept Store — Catete (formerly Hotel Carson's) | Catete Neighborhood, Rio de Janeiro — RJ | 100.0% | 1.0% |
| Ambev Distribution Center — Uberlândia | Uberlândia — MG | 100.0% | 1.0% |
| Natal Big-Box Store (vacant) | Downtown Natal — RN, Rua João Pessoa | 100.0% | 0.0% |
HHI 0.31 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 87.0% · Nordeste 8.4% |
| By tenant | Enel (Ampla) 60.7% · Supermercados Zona Sul 21.0% · Ambev S.A. 18.3% |
| By index | IPCA 79.0% · IGP-M 21.0% |
P/BV of 0.54 = 46% discount to book value of R$ 71.58/unit. Largest discount in the urban-income segment.
last close R$ 35.66 · all-time low R$ 32.80 · high R$ 111.90 · book value per unit R$ 72.35.
Average daily volume (21 sessions) of R$ 100,000 · 12-month average of R$ 77,677.
Low liquidity. A R$ 500k position takes ~25 business days (1 calendar month) to liquidate without moving the price — incompatible with a quick exit. Positions up to R$ 50k are trouble-free.
| Period | What happened |
|---|---|
| 3rd public offering — IPO in Nov/2010 | Fund established in Sep/2007, IPO in Nov/2010 with the 3rd unit offering. Initial acquisition of 4 properties: Ampla (Enel) São Gonçalo, Ambev Uberlândia, and two big-box stores leased to Lojas Leader (Catete-RJ and Natal-RN). |
| Rent paid in full, with a 5% reserve fund (since 2016) | Average DPU of R$ 0.49/month with units at R$ 79–80. The fund began retaining 5% of monthly earnings as a reserve fund (starting Aug/2016). Extraordinary semi-annual distributions of R$ 3.05 (Oct/2017) and R$ 3.26 (Oct/2018) were paid. |
| Lojas Leader lease termination — dual vacancy (Catete + Natal) | In 2020, Lojas Leader (fashion retailer) entered court-supervised reorganization and terminated the leases for the Catete and Natal properties. The fund lost 32-33% of rental revenue. An exceptional extraordinary distribution of R$ 15.4132/unit was paid in Jul/2020 (termination penalty + asset sale), which temporarily mitigated the impact. |
| Period of depressed DPU (R$ 0.02 to R$ 0.30/month) | Following the departure of Lojas Leader, the fund drastically reduced DPU—paying only R$ 0.02-0.07/unit in several months of 2020-2021. Gradual stabilization at R$ 0.30/unit starting Mar/2022. |
| Acquisition of Catete by Zona Sul chain (long standard lease) | The Catete property (formerly Hotel Carson's) secured a standard lease through Oct/2033 with Supermercados Zona Sul. Effective start of operations was conditioned on property renovation. |
| Administrator change — Tivio Capital → Banco Daycoval | At a unitholders' meeting held in Aug/2024 (process initiated in Jul/2024), unitholders approved transferring administration from Tivio Capital DTVM to Banco Daycoval S.A. , effective Sep/02/2024. Operational change without manager replacement (RB Asset remains). |
| DPU recovery to R$ 0.50-0.55 + effective opening of Catete | Completion of Catete's renovation in Mar/2026 allowed the effective opening of the Zona Sul store. DPU stabilized at R$ 0.55/unit since Oct/2025. Extraordinary distribution of R$ 0.66 in Dec/2025 (fiscal semester earnings). Vacancy remains concentrated in Natal. |