(formerly Santander Agências Fund; active management by Rio Bravo since May/2018)
Segment: Brick — Urban Income / Street Retail (Active Management) · Price R$ 8.67 · P/BV 0.8133 · BV/unit R$ 10.66 · Net assets R$ 1,76 Bi · 93,092 unitholders · 74 assets
RBVA11 (Rio Bravo Renda Varejo - Brazilian REIT-style fund (FII) with limited liability) is a Brazilian REIT in the Brick — Urban Income / Street Retail (Active Management) segment. (formerly Santander Agências Fund; active management by Rio Bravo since May/2018)
Owner of 74 commercial properties across 8 states leased to supermarkets, wholesale grocers, universities, high-street stores, and bank branches, distributing rental income monthly. Note: some tenants are banks closing branches, and a major retail chain is restructuring debt through the courts.
This page gathers the factual snapshot of RBVA11 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: Rio Bravo Investimentos.
Rio Bravo Investimentos is an independent Brazilian asset manager founded in 1999, with a solid track record in brick-and-mortar FIIs (RBVA11, RCRB11, RBRS11), logistics (TRBL11), residential real estate, and real estate credit (RBHY11, RBHG11). Paulo Bilyk has served as CEO/CIO since inception.
For RBVA11, management became active in May 2018, executing a strategy to transform the former Santander Agências Fund (a single-tenant banking fund) into a diversified street-retail portfolio. Proven execution track record: 30 divestments since 2019 totaling R$ 291.8M with R$ 95.8M in accumulated profit, and an average IRR above 10% p.a.
Points to consider: medium-sized manager (not a top-3 firm like Pátria/Kinea/HGCH), transparent investor relations structure with quarterly webcasts and detailed reports, and a competitive management fee (0.651% p.a. of market value).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Assaí - Jardim Apolo - São José dos Campos/SP | Avenida Jorge Zarur, 100 | 100.0% | 1.0% |
| Assaí - Guarulhos/SP | Avenida Salgado Filho, 1301 — Centro | 100.0% | 1.0% |
| Centauro - Av. Paulista 1,227 - São Paulo/SP | Av. Paulista, 1,227 | 100.0% | 1.0% |
| Cogna - Centro - Betim/MG | Avenida Presidente Kubitschek, 227, Centro | 100.0% | 1.0% |
| Cogna - São Bernardo do Campo/SP | Avenida Doutor Rudge Ramos, 1501, Rudge Ramos | 100.0% | 1.0% |
| Vacant - Av. Paulista 436 - São Paulo/SP | Av. Paulista, 436 | 100.0% | 0.0% |
| Renner - Oscar Freire - São Paulo/SP | Rua Oscar Freire, 585, Jardins | 100.0% | 1.0% |
| Cogna - Turu - São Luis/MA | Avenida São Luís Rei de França, 32, Turu | 100.0% | 1.0% |
| Santander - Centro - Jundiaí/SP | R Barao de Jundiai 884 | 100.0% | 1.0% |
| Cogna - Jardim Europa - Cuiabá/MT | Avenida Manoel José de Arruda, 3100 | 100.0% | 1.0% |
| GPA - Tatuapé - São Paulo/SP | Rua Serra do Japi, 647 | 100.0% | 1.0% |
| Cogna - Santo André - Santo André/SP | Rua Coronel Abílio Soares, 163, Centro | 100.0% | 1.0% |
| Santander - Centro - Santo André/SP | Rua. Sem. Flaquer, 305 | 100.0% | 1.0% |
| Santander - Liberdade - São Paulo/SP | Av. Liberdade, 151 | 100.0% | 1.0% |
| Pernambucanas - Franca - São Paulo/SP | Rua Major Claudiano, 1800, Loja, Centro | 100.0% | 1.0% |
| GPA - Brooklin - São Paulo/SP | Av. Padre Antônio Jose Dos Santos, nº 872 | 100.0% | 1.0% |
| Super Nosso - Centro - Belo Horizonte/MG | Av. João Pinheiro, 500 | 100.0% | 1.0% |
| Vacant - Ouvidor - Rio de Janeiro/RJ | Av. Rio Branco, 115 | 100.0% | 0.0% |
| Ed. Olivetti Paulista - São Paulo/SP | Av Paulista 447 Loja | 100.0% | 1.0% |
| Caixa - Centro - Nova Iguaçu/RJ | Av. Marechal Floriano Peixoto, nº 2.370 | 100.0% | 1.0% |
| Caixa - 14 bis - Rio de Janeiro/RJ | Av. Marechal Câmara, nº 160 | 100.0% | 1.0% |
| Santander - São Mateus - São Paulo/SP | Av. Mateo Bei 3286 | 100.0% | 1.0% |
| Itaú - Leblon - Rio de Janeiro/RJ | Av. Afrânio de Melo Franco, 131 - Leblon | 100.0% | 1.0% |
| GPA - Rebouças - São Paulo/SP | Pinheiros Rebouças area | 100.0% | 1.0% |
| Caixa - Ipanema - Rio de Janeiro/RJ | Rua Visconde de Pirajá, nº 127 | 100.0% | 1.0% |
| Remaining 50 properties (aggregated) | Diverse — street retail, bank branches, stores, and BTS | 100.0% | 0.93% |
| Portobello SPV (100% SPGM FII) - Av. Gabriel Monteiro da Silva 1,838 sqm | Av. Gabriel Monteiro da Silva, São Paulo/SP | 100.0% | 1.0% |
| FII Legatus Shopping | — | 2.4% | — |
| FII Pátio Higienópolis | — | 1.5% | — |
HHI 0.082 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 86.7% · Nordeste 7.5% · Centro-Oeste 4.7% · Sul 1.1% |
| By tenant | Caixa Econômica Federal 21.0% · GPA (Pão de Açúcar) 14.0% · Cogna Educação (Kroton) 13.0% · Santander 10.0% · Pernambucanas 6.0% · Assaí 5.8% |
| By index | IPCA 67.2% · IGP-M 32.8% |
P/BV of 0.93 represents a mild 7% discount to the BV per unit of R$ 10.69. In line with urban rental peers (median 0.97).
last close R$ 8.67 · book value per unit R$ 10.66.
Average daily volume (21 sessions) of R$ 1,510,283 · 12-month average of R$ 1,999,917.
Reasonable liquidity. Average daily trading volume of R$ 1.5M (21-day) supports positions up to R$ 500k in 1-2 days; R$ 1M blocks require 3-4 days to liquidate without moving the price. Adequate for retail investors, marginal for institutional funds.
| Period | What happened |
|---|---|
| Origin as Fundo Santander Agências | Established on Nov 1, 2012, under passive management as a sale-and-leaseback vehicle for Santander bank branches. A single-tenant bank fund with predictable but concentrated revenue. |
| Transition to Rio Bravo active management | In May/2018, the bylaws were amended to active management, with a mandate for sectoral diversification. In Jun/2019, the first 1:10 unit split took place. Beginning of the bank portfolio recycling. |
| Repositioning and offerings | A sequence of 4 offerings (2nd, 3rd, 4th) enabling the acquisition of high-street retail properties, and leverage via 2 series of CRIs (Brazilian real-estate receivables certificates) structured with GPA leases. Acquisition of properties in Tatuapé, Guarulhos, São José dos Campos, Santo André, and São Bernardo do Campo. |
| 5th offering and incorporation of RBED11 | The 5th unit offering in Sep/2024 enabled the absorption of the 7 properties from FII RBED11 (Cogna/Kroton — universities). In May/2025, a second 1:10 split occurred (unit price from R$ 90 to R$ 9). Bylaws updated to comply with CVM Resolution 175. |
| Portobello BTS and 6th offering | In Mar/2026, the Portobello BTS (Gabriel Monteiro Silva) was inaugurated — a premium flagship store in São Paulo under an atypical 20-year lease. The 6th offering is underway for 3 acquisitions (cap rate of 8-12.5%). A Panvel lease in Curitiba marked entry into the pharmaceutical sector. |