FII REC Renda Imobiliária - Limited Liability (formerly UBS BR Office)
Segment: Offices · Price R$ 32.17 · P/BV 0.3582 · BV/unit R$ 89.8 · Net assets R$ 767 Mi · 45,969 unitholders · 7 assets
RECT11 (REC Renda Imobiliária) is a Brazilian REIT in the Offices segment. FII REC Renda Imobiliária - Limited Liability (formerly UBS BR Office)
Owner of seven high-end office buildings across four cities (São Paulo, Rio de Janeiro, Brasília, and Curitiba), leased to major tenants including Telefônica, Corteva/CTVA, TCS, and Amil, which distributes rental receipts as monthly income. Note: today's R$ 0.45 distribution is partly sustained by interest income from property sales — once this temporary cash flow exhausts (estimated in 2028), rental-only income will settle at ~R$ 0.37/unit, putting downward pressure on distributions.
This page gathers the factual snapshot of RECT11 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: REC Gestão de Recursos.
REC Gestão acts as the investment consultant for RECT11 (administration is handled by BRL Trust DTVM). It is a boutique manager specialized in FIIs, with R$ 3.5B under management. As a sign of commitment, REC suspended 100% of its own compensation (consulting fee of 1% p.a. of NAV, ~R$ 7.7M/year) between May/2025 and Jun/2026 — the retained cash went toward amortizing CRIs.
The downside: portfolio management in recent years faced pressure — fluctuating vacancy, sales near appraisal value (without a premium), and falling DPS. On the positive side, it executed 4 asset sales in 2025-26 as planned and successfully renegotiated the Barra CRI (12-month grace period).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Barra da Tijuca Corporate | Av. Ayrton Senna, 2200, Barra da Tijuca - Rio de Janeiro/RJ | 34.9% | 0.944% |
| Evolution Corporate | Alameda Xingu, 512, Alphaville - Barueri/SP | 20.3% | 1.0% |
| Canopus Corporate Alphaville | Av. Tamboré, 267, Alphaville - Barueri/SP | 17.4% | 0.833% |
| Parque Cidade Corporate Tower B | SHCS Q.6 BL A, Asa Sul - Brasília/DF | 8.9% | 1.0% |
| Parque Ana Costa | Av. Ana Costa, 433 - Santos/SP | 6.5% | 1.0% |
| Complexo Madeira | Alameda Madeira, 328, Alphaville - Barueri/SP | 5.8% | 0.812% |
| Corporate Emiliano | Rua Emiliano Perneta, 480, Centro - Curitiba/PR | 6.3% | 1.0% |
| Breakdown | Share |
|---|---|
| By state | Rio de Janeiro - Barra 34.9% · Alphaville/Barueri (SP) 43.4% · Brasília (DF) 8.9% · Curitiba (PR) 6.3% · Santos (SP) 6.5% |
Fund's P/BV.
book value per unit R$ 89.8.
| Period | What happened |
|---|---|
| UBS BR Office IPO | Initial offering raises R$ 120.5M at R$ 100/unit. Administered by BRL Trust, managed by UBS Brasil. Focus on commercial offices. |
| 2nd and 3rd offerings | Additional capital raise of R$ 423M through Mar/2020 for the acquisition of Barra da Tijuca, Evolution, and other assets. |
| Peak dividend | Monthly distribution of R$ 0.81/unit in the early post-IPO months. Unit price above R$ 100. |
| Management transition UBS → REC | REC Gestão assumes as investment consultant. Renamed to FII REC Renda Imobiliária. |
| 7th and final offering | +364k units, total of 8,543,493. Capital raised for the acquisition of Cidade Matarazzo and Av. Europa. |
| DPS cut to R$ 0.40 | Vacancy pressure in Alphaville and rising costs of IPCA-indexed debt lead to a distribution cut from R$ 0.54 → R$ 0.40. |
| New cut to R$ 0.36-0.37 | Second round of declines. The market begins pricing the fund below R$ 50/unit. |
| REC suspends its own consulting fee | To support deleveraging, REC retains 50% of its compensation for 12 months (positive impact of R$ 0.04/unit). |
| Cidade Matarazzo Sale (Torre Rio Claro) | 8 units for R$ 90M (cap rate 7.55%). R$ 35M upfront, remainder in 180 installments at IPCA + 7.5%. Above the Dec/24 appraisal (R$ 87.5M). |
| REC extends fee retention to 100% through Jun/2026 | Notice dated 12/03/2025: consulting fee retention increases from 50% to 100% with the deadline extended to Jun/26. |
| 4 sales: Parque Ana Costa, Canopus, Cidade Matarazzo, and Av. Europa | Active deleveraging plan. R$ 108M in receivables from these sales, yielding IPCA + 7.5%. |
| Engagement of XP as market maker | First market maker contract — an attempt to improve liquidity. |
| DPS maintained at R$ 0.45 and vacancy stable at 8.2% | April 2026 Management Report confirms DPS of R$ 0.45 (DY 1.15% p.m./13.85% annualized), NAV of R$ 766.7M, and occupancy of 91.75%. Lease termination at Parque Ana Costa (Beelieve) was immediately replaced by a new lease with Pacific (4 years), keeping the property 100% occupied. Management continues selling assets in line with appraisals to amortize liabilities. |
| 15th addendum at Evolution + end of REC fee retention | Elo Participações signs 15th addendum: relocates from the 11th floor to the 2nd floor of Evolution (878 sqm new + 879 sqm returned). A ~4-month transition temporarily lifts occupancy to 92.8%. At the same time, June 2026 marks the final month of 100% retention for the REC consulting fee — starting July 2026, cash available for distribution drops by ~R$ 0.075/unit. |