Rio Negro Fundo de Investimento Imobiliário de Responsabilidade Limitada (CNPJ 15.006.286/0001-90). Formerly "FII Rio Negro", renamed in Jun/2025 to comply with CVM Resolution 175.
Segment: Brick-and-mortar / Corporate Offices (Offices) · Price R$ 52.27 · P/BV 0.6212 · BV/unit R$ 84.15 · Net assets R$ 225 Mi · 6,391 unitholders · 1 assets
RNGO11 (Rio Negro FII) is a Brazilian REIT in the Brick-and-mortar / Corporate Offices (Offices) segment. Rio Negro Fundo de Investimento Imobiliário de Responsabilidade Limitada (CNPJ 15.006.286/0001-90). Formerly "FII Rio Negro", renamed in Jun/2025 to comply with CVM Resolution 175.
Fund holding a single Class A office complex in Alphaville (Barueri-SP), which has been reducing vacant space with new tenants and adjusting rents for inflation. Note: recent distributions relied on reserves and vacancy, while falling, remains high.
This page gathers the factual snapshot of RNGO11 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 one of the most traditional asset managers in the Brazilian FII market, with over 24 years of operations. It manages dozens of FIIs (RBVA11, RCRB11, RBRS11, TRBL11, RBFM11, RBHY11, RBHG11, etc.) across all sectors. Under its management (since Nov/2016), RNGO11 has navigated vacancy cycles and Covid while maintaining its single asset — Edifício Rio Negro in Alphaville — without leveraging, without issuing new units, and without undertaking aggressive portfolio overhauls. Performance since IPO: +88% vs +212% for the CDI (natural lag for a single-asset office fund during a difficult decade for the sector), but +45.82% over the last 12 months compared to 25.32% for the IFIX (Brazil's listed real-estate fund index), demonstrating that a recovery is underway.Single asset: C.A. Rio Negro (Alphaville/Barueri-SP) — Edifício Padauiri + Edifício Demini + Deck Park + retail stores
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Centro Administrativo Rio Negro (Padauiri + Demini Buildings + Deck Park + Retail) | Alameda Rio Negro, 585 — Alphaville Industrial — Barueri/SP | 100.0% | 0.8217% |
HHI 1.0 — extrema.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
P/BV of 0.62 — the unit trades 38% below the book value per unit of R$ 83.55. A significant discount, but justified by: Demini vacancy (31%), Superlógica's departure, and a short WALE.
last close R$ 52.27 · all-time low R$ 31.39 · high R$ 130.00 · book value per unit R$ 84.15.
Average daily volume (21 sessions) of R$ 250,000 · 12-month average of R$ 280,000.
Low liquidity. A R$ 1M position takes ~20 business days to liquidate without moving the price. Compatible with a satellite allocation (≤ 3% of an FII portfolio).
| Period | What happened |
|---|---|
| IPO and acquisition | Fund established on 04/20/2012, operations began on 01/31/2012. On 06/21/2012, it acquired C.A. Rio Negro (Padauiri + Demini + Deck Park) in Alphaville/Barueri. |
| Rio Bravo management begins | On 11/14/2016, Rio Bravo Investimentos assumes management. Since then, +88% total return vs +164% for the IFIX and +212% for the CDI. |
| Stable DPU around R$ 0.50–0.55/month | Pre-Covid operational stability period. 2017 DPU: R$ 0.55/month average; 2020: R$ 0.45/month. |
| Pandemic impact | Post-Covid vacancy cycle and contract revisions compressed earnings. 2021 average DPU fell to R$ 0.37/month. |
| Stabilization and plug-and-play portfolio renewal | DPU stabilizes at R$ 0.38–0.40/month. Management invests in retrofit works to offer plug-and-play spaces, attracting new tenants (BK Consultoria, JV Transportes, OneKey Payments). |
| Adaptation to CVM Resolution 175 | Fund changes its legal name to 'Rio Negro Fundo de Investimento Imobiliário de Responsabilidade Limitada' (formerly FII Rio Negro). |
| DPU cut to R$ 0.29/month | Cash earnings pressured by grace periods/concessions on new leases + high vacancy in Torre Demini. DPU reduced from R$ 0.40 to R$ 0.29/month — a 28% cut. 2025 distributions totaled R$ 4.04/unit. |
| DPU recovery to R$ 0.48 (+26%) | 1H/2026 rent review and renewal schedule 100% completed with an average adjustment of +10% and 60-month renewals. DPU rises to R$ 0.48/month — the highest level since 2017. |
| Superlógica notifies floor return | Material Fact announces that Superlógica will vacate its current floor in 2H/2026 (3-month rent penalty applied). Tenant negotiating to stay in a smaller space (~339 sqm), without guarantees. Direct risk to Torre Demini. |
| Post-GOL reabsorption: vacancy recedes to 14.33% | Following GOL's departure on Jul 1, 2026 (vacancy rising to 24.84%), Rio Bravo closed new leases quickly. On Jul 24, it signed THERA CORRETORA DE SEGUROS (339 sqm, Torre Demini, plug-and-play, 4 years). Material Fact of Aug 3 confirms vacancy at 14.33% — below the regional Alphaville average (~28-33%). |