Renamed from RBR Properties on May 11, 2026 — ticker RBRP11 maintained
Segment: Brick-and-mortar — Offices + Logistics (via Brazilian REIT-style fund (FII)) · Price R$ 43.94 · P/BV 0.56 · BV/unit R$ 78.46 · Net assets R$ 956 Mi · 52,621 unitholders · 7 assets
RBRP11 (Patria Properties FII (formerly RBR Properties)) is a Brazilian REIT in the Brick-and-mortar — Offices + Logistics (via Brazilian REIT-style fund (FII)) segment. Renamed from RBR Properties on May 11, 2026 — ticker RBRP11 maintained
Owner of seven office buildings in SP and RJ (with tenants such as Globo and Prevent Senior) and units of the RBRL11 warehouse fund, distributing rents monthly as tax-exempt income. Watch out: two buildings are vacant and the dividend could drop until Patria closes new contracts.
This page gathers the factual snapshot of RBRP11 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 (direct successor to RBR Gestão).
On February 3, 2026, Patria Investments acquired control of RBR Gestão de Recursos. On May 11, 2026, the cycle was legally closed: Patria Gestão (new name of RBR Gestão) was merged into Patria Investments pursuant to arts. 227 and 229 of the Brazilian Corporation Law, which became the direct manager of the fund. In the same act, the fund was renamed to Patria Properties – FII Responsabilidade Limitada, maintaining the ticker RBRP11 and trading name FII RBRP PAX. The bylaws were also amended to expressly provide for the Global Fee with segregation between administration and management, in accordance with new ANBIMA obligations. Patria is Brazil's largest independent Brazilian REIT-style fund (FII) manager (+R$ 38B under management), with 30+ Brazilian REIT-style funds (FIIs) listed on B3. Risk: integration process and potential strategy shift compared to the original RBR management.
See our analysis of Patria Investimentos (direct successor to RBR Gestão) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| River One Building | Rua Gerivatiba, 71/87/95 — Pinheiros, São Paulo/SP | 100.0% | 0.94% |
| Celebration Building | Rua Casa do Ator, 1,155 — Vila Olímpia, São Paulo/SP | 100.0% | 1.0% |
| Delta Plaza Building | Rua Cincinato Braga, 340 — Bela Vista, São Paulo/SP | 51.0% | 0.79% |
| Venezuela Building | Av. Venezuela, 43 — Saúde, Rio de Janeiro/RJ | 100.0% | 0.0% |
| Jacks Rabinovich Building (JR / JC589) | 250m from Av. Faria Lima — Pinheiros, São Paulo/SP | 60.0% | 0.0% |
| Mario Garnero Building — South Tower | Av. Brigadeiro Faria Lima, 1,461 — Pinheiros, São Paulo/SP | 9.0% | 1.0% |
| 24th Floor Castello Branco Building | Av. República do Chile, 230 — Center, Rio de Janeiro/RJ | 4.0% | 1.0% |
| RBR Log FII | — | 19.9% | — |
| XP Malls | — | 0.9% | — |
| FII Torre Norte | — | 0.5% | — |
| FII CENU | — | 0.4% | — |
| CSHG Prime Offices | — | 0.2% | — |
| JC589 Empreendimentos Imobiliários (Jacks Rabinovich Building Special Purpose Entity) | — | 8.6% | — |
| cri-opea-3860 | — | 0.3% | — |
| cri-verticia | — | 1.5% | — |
| cri-virgo | — | 0.7% | — |
HHI 0.1 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast — São Paulo (capital) 92.0% · Southeast — Rio de Janeiro 4.0% · Other states (via RBRL11) 4.0% |
| By tenant | Globo (River One) 20.0% · Prevent Senior (Celebration) 14.0% · Plano&Plano (River One) 9.0% · Side Brazil (River One) 10.0% · Iron Mountain (Castello Branco) 6.0% |
| By index | IPCA 94.0% · IGP-M 6.0% |
P/BV of 0.622 — the fund trades at a 38% discount to its CVM book value (R$ 81.65 in Mar/26).
last close R$ 43.94 · all-time low R$ 28.10 · high R$ 95.00 · book value per unit R$ 78.46.
Average daily volume (21 sessions) of R$ 1,300,000 · 12-month average of R$ 1,500,000.
Average liquidity (ADTV R$ 1.3M). A R$ 1M position takes ~4 business days to liquidate. Adequate for satellite investors, but not for large institutional funds
| Period | What happened |
|---|---|
| Fund Constitution | Fund constituted on November 11, 2014, managed by RBR Asset Management, focused on commercial properties for lease predominantly in São Paulo and Rio de Janeiro. |
| Commencement of Operations | Fund began operations in Mar/2015 (not yet exchange-listed). |
| Exchange Listing (RBRP11) | Fund listed on B3 in Jul/2018. Initial acquisition of Amauri 305, Celebration, and Delta Plaza buildings following the 4th offering (R$ 480M). |
| River One Acquisition (5th offering R$ 312M) | 5th offering raised R$ 312M and the fund acquired River One Building in Pinheiros (Faria Lima extension). Initiation of the turnkey improvement process. |
| Pandemic + João Dias Divestment | Fund navigates the pandemic period. Sells João Dias Building (installments still receivable to date). Presents River One turnkey project. |
| JC589 Project Filing | Filing of the Jacks Rabinovich Building (JC589) project — a development 250m from Faria Lima, designed by Perkins&Will. Lease of 8,400 sqm at River One. |
| River One Leasing Accelerates (19,345 sqm) | Fund leases 19,345 sqm at River One in Feb/Aug/Sep/Dec 2024 (including Globo, Plano&Plano, Side Brazil, PTW). Total divestment of Pravda and Mykonos buildings and partial divestment of CEMG. |
| Sale of Logistics Portfolio to XPLG11 | In Dec/2025, RBR Log (RBRL11) sells its direct logistics portfolio to XP Log (XPLG11). RBRP11 begins accounting only for the direct corporate portfolio, maintaining logistics exposure via RBRL11 units. |
| Estácio's Exit from Edifício Venezuela | Tenant Estácio vacates Edifício Venezuela (RJ), bringing the asset to 100% physical vacancy. Commercial team initiates talks with potential new tenants. |
| Partial CVM Extension at Delta Plaza | Tenant CVM partially extends for 6 months one of the 3 occupied floors; the remainder is vacated, raising Delta Plaza's vacancy. |
| Delivery of Jacks Rabinovich | Occupancy permit (Habite-se) for Jacks Rabinovich Building (JC589) issued in Oct/2025. Development cost of R$ 17k/sqm, against a regional market price of R$ 32k/sqm. |
| Patria Takes Over Management (RBR Acquisition) | On February 3, 2026, Patria Investments takes direct control of RBR Gestão de Recursos, assuming management of RBRP11. Patria is Brazil's largest independent FII manager (R$ 38B AuM, 30+ FIIs). |
| Asset Reappraisal — BV/unit R$ 84.57 (Manager) | Fair value adjustment of properties in the Feb/2026 Management Report (base date Feb 27): manager's BV/unit at R$ 84.57. Mar/26 Structured Monthly Report reconciled to R$ 81.65 (CVM appraisal). P/BV remains ~0.62 thanks to an equivalent drop in unit price. |
| Cash Jumps to R$ 32.6M (João Dias + Somos Proceeds) | Item 9 of the Mar/26 Monthly Report shows R$ 32.57M (vs R$ 10.82M in Dec/25). Collection of installment payments from the sales of the João Dias and Somos buildings triples the liquidity buffer. Sustainability of the R$ 0.40 DPU reinforced for 100+ months. |
| Annual Unitholders' Meeting Convened — Approval of 2025 Financial Statements | On May 21, 2026, BRL Trust convenes an Annual Unitholders' Meeting (non-in-person formal consultation) to deliberate on the approval of the Financial Statements and Independent Auditors' Report for the fiscal year ended December 31, 2025. Voting closes on June 22, 2026, at 6 PM via the Cuore platform (doc 1200823). The financial statements audited by KPMG (clean opinion, ID 1145930) show net asset |
| Consolidated Patria Properties Bylaws Published | On May 11, 2026, the final Bylaws (ID 1186162, 39 pages) of the fund under the name 'Patria Properties – FII Responsabilidade Limitada' are signed and filed on May 12, 2026. New fee structure: Management fee 0.15% (0.19% due to having >300 unitholders) of Market Value, minimum R$ 15k/month; Performance fee 20% over IPCA + IMA-B 5 ANBIMA Yield (formerly IPCA + fixed 6%). Minimum distribution of 95% |