Formerly RBR Plus — renamed to Pátria Plus in Jun/2026. It absorbed RBRF11 in Dec/2025 and shifted management to Pátria in Feb/2026. On June 16, 2026, it sold its entire stake in RBR Malls to PMLL11 for R$ 384.9M (3,282,741 PMLL11 units at R$ 117.28 each), converting its largest illiquid asset into a listed position (CNPJ 41.088.458/0001-21).
Segment: Multi-category / Hybrid (Multi-strategy) · Price R$ 7.24 · P/BV 0.7861 · BV/unit R$ 9.21 · Net assets R$ 1,35 Bi · 126,411 unitholders · 1 assets
RBRX11 (Pátria Plus Multiestratégia Real Estate FII) is a Brazilian REIT in the Multi-category / Hybrid (Multi-strategy) segment. Formerly RBR Plus — renamed to Pátria Plus in Jun/2026. It absorbed RBRF11 in Dec/2025 and shifted management to Pátria in Feb/2026. On June 16, 2026, it sold its entire stake in RBR Malls to PMLL11 for R$ 384.9M (3,282,741 PMLL11 units at R$ 117.28 each), converting its largest illiquid asset into a listed position (CNPJ 41.088.458/0001-21).
Holds units of over twenty real estate funds — shopping malls, warehouses, and office buildings — alongside real estate-backed loans, all under a single ticker managed by Pátria. Note: the manager is restructuring the portfolio, which may cause distribution variance over the next twelve months.
This page gathers the factual snapshot of RBRX11 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 Real Estate (formerly RBR Gestão).
Pátria Real Estate is Brazil's largest independent REIT-style fund manager (R$ 38B in RE; R$ 289B total). In Feb/2026, it assumed direct control of RBR Gestão de Recursos — RBRX11's original manager — concluding a consolidation move announced in Jan/2026. RBR Asset (original) was a boutique founded in 2014 with strong expertise in hybrid real estate funds. The combination gives the fund access to the Pátria platform (CRI origination, institutional deal flow) without losing the RBR team familiar with the portfolio. Risk: management turnover is rarely a neutral event for a REIT-style fund — the first 12 months show the actual direction (more CRIs? more development? portfolio overhaul?). Pátria signaled in Feb/2026 that it will "reduce stabilized brick-and-mortar and expand CRI and development".See our analysis of Pátria Real Estate (formerly RBR Gestão) →
Portfolio post-RBR Malls → PMLL11 conversion (June 16, 2026): ~27% PMLL11 + other REITs + 38% CRIs. Illiquid position eliminated.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Pátria Malls FII (formerly RBR Malls converted on June 16, 2026) | — | 27.0% | — |
| Global Apart FII (Private) | — | 4.5% | — |
| RBR Log FII (Logistics) | — | 4.1% | — |
| RBR Karagounis FII (Corporate Offices) | — | 1.8% | — |
| RBR Desenvolvimento Crédito (Private) | — | 1.7% | — |
| RBR Ship Desenvolvimento (Private) | — | 1.5% | — |
| RBR Desenvolvimento Itaim (Private) | — | 1.0% | — |
| cri-windsock | — | 3.8% | — |
| cri-xplog-s2 | — | 3.5% | — |
| cri-xplog-s4-sub | — | 3.0% | — |
| cri-fgr | — | 2.0% | — |
| cri-plano-e-plano-senior | — | 1.8% | — |
| cri-tarjab-altino | — | 0.7% | — |
| demais-cris | — | 21.4% | — |
| fiis-liquidos-private-restante | — | 26.3% | — |
| Properties for Sale (Kalea Jardins residual) | São Paulo, SP | 100.0% | — |
HHI 0.17 — moderada.
| Breakdown | Share |
|---|---|
| By index | IPCA 56.0% · CDI 41.0% · IGPM 3.0% |
Unit price at R$ 8.26 vs BV of R$ 9.76 = P/BV of 0.85 (15% discount). Positioned below the median of the hybrid segment (0.92). Post-RBR Malls conversion, the actual BV may be higher if the sale price (R$ 385M) exceeds the recorded BV.
last close R$ 7.24 · all-time low R$ 6.81 · high R$ 9.99 · book value per unit R$ 9.21.
Average daily volume (21 sessions) of R$ 3,246,675 · 12-month average of R$ 2,400,000.
Exceptional liquidity for the segment — R$ 3.2M/day places RBRX11 among the 25 most liquid funds in the IFIX. Positions of R$ 500k can be exited in under 1 business day without moving the price.
| Period | What happened |
|---|---|
| RBRX11 IPO — multi-strategy properties fund | Commencement of operations on June 28, 2021 under RBR Asset management (founded in 2014). Broad mandate: real estate, SPEs, private equity (FIPs), REITs, CRIs, LCIs. |
| First Monthly Report — BV R$ 91.31 | First Structured Monthly Report in June/2022: NAV R$ 40.5M, 443,750 units, BV R$ 91.31, 1 unitholder. Initial capital-raising phase. |
| Unit split (~1:15) | Between Dec/2023 and Mar/2024, the fund executed a unit split. BV dropped from R$ 96.58 (1.88M units) to R$ 9.48 (29.47M units) — a ratio of ~15:1. DPUs adjusted from R$ 1.00-1.17 to R$ 0.09-0.11. |
| Stable regime post-split — DPU R$ 0.09-0.11 | Fund operated in a stabilized regime during 2024-2025: NAV ~R$ 280-290M, 29.47M units, DPU fluctuating between R$ 0.08-0.11. Unitholders grew from 11.7k (Mar/24) to 14.8k (Sep/24). |
| RBRF11 merger — NAV jumps 5x | In Dec/2025, RBRX11 absorbed RBRF11 (also managed by RBR). NAV surged from R$ 284M (Sep/25) to R$ 1.41B (Dec/25). Units jumped from 29.47M to 146.35M. Unitholders: 10.7k → 115.8k in a single quarter. |
| Management change — Pátria controls RBR | On Feb 3, 2026, Pátria Investments acquired control of RBR Gestão de Recursos, taking over management of RBRX11. Brazil's largest independent REIT-style fund manager (R$ 38B in RE). Retained the RBR team, but signaled a repositioning: "reduce stabilized brick-and-mortar, expand CRI and development". |
| Retained earnings reserve R$ 0.11/unit | NAV R$ 1.44B, BV R$ 9.84, 125.1k unitholders. DPU stable at R$ 0.09/unit. Management signals sufficient levels to maintain it through the semester. Tarjab Altino CRI added to Watchlist. |
| Cash drops R$ 20M in one month + Management Report confirms reserve at R$ 0.07/unit | Management Report April/2026 details: cash earnings R$ 0.08/unit (REITs R$ 5.8M + CRI R$ 5.6M + extra R$ 2.2M RDLI); DPU distributed R$ 0.09/unit → R$ 0.01/unit drawn from reserves. Retained earnings at the end of April: R$ 0.07/unit. Cone Refrigerado CRI increased by +R$ 22.9M (total R$ 41.5M). PMLL11 unitholders' meeting open until May/2026. Tarjab current on watchlist. IFIX +1.5% in the month; |
| May/2026 — DPU of R$ 0.09 paid on May 22 (referencing April/26) | DPU of R$ 0.09/unit for April/2026, announced around May 15 and paid on May 22, 2026. Reserves entered May at R$ 0.07/unit. The September/2026 tipping point remains on the radar — fees revert to 1.00% and execution of Pátria's repositioning will determine whether R$ 0.09 is sustainable or drops to R$ 0.08. |
| RBR Malls → PMLL11 sale: illiquid asset turns into listed units | On June 16, 2026, Pátria Plus completed the sale of all RBR Malls units to PMLL11 for R$ 384,999,765.49 (3,282,741 PMLL11 units at R$ 117.28/unit). The fund's largest illiquid asset was converted into a listed position. May/2026 DPU: R$ 0.09/unit, paid June 23, 2026. Official name renamed: Pátria Plus Multiestratégia Real Estate FII. |