Renamed in Mar/2026 after Pátria assumed direct control of RBR Gestão de Recursos on Feb 2, 2026. In Feb/2026, it completed the sale of 100% of its physical portfolio (5 warehouses + 1 light GLA, R$ 689M) to XPLG11 — in Dec/2025 the fund still held R$ 634M in Accounts Receivable (sale installments) and NAV of R$ 714M, with XPLG11 units effectively delivered only in Feb/2026 (Monthly Report Dec/25 ID 1205359). In Apr/2026, the DPS cut to R$ 0.60/unit was materialized (from R$ 0.75 previously), aligning the distribution with recurring revenue (XPLG distributions + rebate). Mandate in transformation: ~89% of NAV in XPLG11 units. CNPJ 35.705.463/0001-33.
Segment: Logistics (in transition) · Price R$ 70.7 · P/BV 0.7431 · BV/unit R$ 95.14 · Net assets R$ 636 Mi · 16,746 unitholders
RBRL11 (Pátria Logística II FII (formerly RBR Log)) is a Brazilian REIT in the Logistics (in transition) segment. Renamed in Mar/2026 after Pátria assumed direct control of RBR Gestão de Recursos on Feb 2, 2026. In Feb/2026, it completed the sale of 100% of its physical portfolio (5 warehouses + 1 light GLA, R$ 689M) to XPLG11 — in Dec/2025 the fund still held R$ 634M in Accounts Receivable (sale installments) and NAV of R$ 714M, with XPLG11 units effectively delivered only in Feb/2026 (Monthly Report Dec/25 ID 1205359). In Apr/2026, the DPS cut to R$ 0.60/unit was materialized (from R$ 0.75 previously), aligning the distribution with recurring revenue (XPLG distributions + rebate). Mandate in transformation: ~89% of NAV in XPLG11 units. CNPJ 35.705.463/0001-33.
Sold all warehouses in Feb/2026 and currently concentrates its net assets in XPLG11 units while Pátria looks for new properties. Stay tuned: distributions dropped with the asset sale, and the fund will only return to normal once recycling is complete — which could take over a year.
This page gathers the factual snapshot of RBRL11 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 Investimentos (Real Estate).
Patria is Brazil's largest independent real estate fund manager (R$ 38B+ in Real Estate, +30 listed real estate funds) and one of Latin America's largest alternative asset managers. On Feb 2, 2026, it took direct control of RBR Gestão de Recursos, assuming management of RBRL11, RBRX11, RBRY11, and RBRP11. Patria's reputation is strong (track record with HGLG11, HGCR11, KNRI11), but RBRL11 inherits an unresolved issue: the sale transaction to XPLG11 (structured by RBR prior to migration) must be divested at a favorable time. Pátria also proposed regulatory amendments in Apr/2026 to loosen restrictions on transactions between in-house funds — a vote of confidence will depend on execution.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| XP Log FII | — | 88.2% | — |
| Itaú Soberano Fixed Income Fund + LTNs (Treasury Bills) | — | 7.1% | — |
| cri-rb-capital-19l0907914 | — | 2.7% | — |
| cri-opeasec-22l1086421 | — | 1.5% | — |
| CL Imigrantes V — Maria Loprete (minority stake of 2.82%) | Rua Maria Loprete, s/n — São Bernardo do Campo/SP | 2.8% | 0.0% |
HHI 0.7783 — extrema.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By tenant | XPLG11 look-through 100.0% |
| By index | IPCA (XPLG11 look-through) 85.0% · IGP-M (XPLG11 look-through) 10.0% · Outros 5.0% |
The P/BV of 0.84 (R$ 84.80 / R$ 101.31) reflects the discount for transition risk. However, note that the current NAV values XPLG11 at an average cost of R$ 102.53/unit — if XPLG11 remains below that level when RBRL11 sells, the NAV will drop to reflect the loss. The 'real' P/BV considering XPLG11 at market value (R$ 100.59) would be ~0.86.
last close R$ 70.7 · all-time low R$ 60.12 · high R$ 100.00 · book value per unit R$ 95.14.
| Period | What happened |
|---|---|
| IPO and initial formation | IPO on Jan 2, 2020 (following establishment in Nov/2019), 1st offering of R$ 180M. Acquisition of 50% of WT RBR Log Warehouse, Itapevi I, and Resende I; acquisition of Hortolândia I and II. |
| Growth via offerings | 2nd offering of R$ 147M (Sep/2020) and 3rd offering of R$ 260M (Sep/2020), reaching net assets of R$ 605M. Acquisition of Extrema II Warehouse in Dec/2020. 4th offering of R$ 111M in 2021. Divestment of Resende I with an IRR of 19.75% p.a. — first major return to unitholders. |
| Operational stabilization | Renegotiations of term liabilities, minority acquisition of CL Imigrantes I (May/2022). Divestment of Itapevi I in 2023 (IRR of 20% p.a.). Portfolio stabilized at 6 warehouses (Extrema I, Extrema II, Hortolândia I, Hortolândia II, WT RBR Log, CL Imigrantes V). |
| Active management: tenant replacement and partial sale | Lease termination and 100% re-leasing of Hortolândia II (zero vacancy). Partial divestment of 22.5% of WT RBR Log (IRR of 12.5% p.a.). Mar/25: expansion of Vulcabras at Extrema II (replacing Belmicro). Stable DPS at R$ 0.72-0.77. |
| Letter of intent with XPLG11 (recycling trigger) | On Jun 30, 2025, RBRL11 signed a Letter of Intent with XPLG11 to sell the entire portfolio for R$ 688.9M (cap rate of 9.24%). Beginning of the portfolio recycling process. |
| Definitive sale to XPLG11 (R$ 689M) | On Dec 19-22, 2025, a material fact notice announced the completion of the sale of the 5 logistics warehouses to XPLG11 for R$ 689M (final price). Payment structured in installments: cash + debt assumption + XPLG11 units. Announced intrinsic valuation: R$ 110.81/unit (25.6% premium over the market price of R$ 88.20). |
| Pátria assumes management and closes XPLG11 sale | February 2, 2026: Pátria directly takes control of RBR Gestão de Recursos , assuming management of RBRL11. Feb/2026: financial completion of the sale to XPLG11 — RBRL receives R$ 630M in XPLG11 units at an adjusted average cost of R$ 102.53/unit. Gross profit from the sale: R$ 45M (R$ 6.73/unit); net profit after mandatory expenses: R$ 23.9M (R$ 3.57/unit). |
| DPS decline signal + bylaws meeting | Mar/26: Pátria announces that the R$ 0.75 DPS 'is not sustainable without drawing on reserves'; expectation of adjustment to ~R$ 0.60/unit starting Apr-May/2026. Apr/26: Extraordinary General Meeting to amend the Bylaws — loosening restrictions for 'conflicted assets' (transactions between Pátria funds) and changing the announcement date to the last business day of the month. |
| Pending recycling — sale of XPLG11 units? | Pátria chose NOT to sell the XPLG11 units at R$ 100.59 (below the average cost of R$ 102.53). Recycling into new warehouses depends on XPLG11 returning above R$ 102.53. No defined timeline. Unitholders must choose between waiting for execution or migrating to XPLG11 or a direct logistics peer. |