High-grade IPCA+ paper fund (Brazilian REIT-style fund) originated by RBR Asset (2022) and acquired by Patria Investimentos in Feb/2026, following the purchase of RBR Gestão de Recursos. Reorganization CONVOKED (Material Fact Notice ID 1298559, Aug 21, 2026): sale of all assets to PCIP11 at book value, replacement of administrator INTRAG with Apex Group, and liquidation of RPRI11 — formal consultation open until Sep 18, 2026. Funds involved: PCIP11, RBRR11, VCJR11.
Segment: Paper — High-Grade CRI (Multicategory IPCA+) · Price R$ 71.44 · P/BV 0.7188 · BV/unit R$ 99.39 · Net assets R$ 345 Mi · 4,588 unitholders
RPRI11 (RBR Premium Recebíveis Imobiliários FII) is a Brazilian REIT in the Paper — High-Grade CRI (Multicategory IPCA+) segment. High-grade IPCA+ paper fund (Brazilian REIT-style fund) originated by RBR Asset (2022) and acquired by Patria Investimentos in Feb/2026, following the purchase of RBR Gestão de Recursos. Reorganization CONVOKED (Material Fact Notice ID 1298559, Aug 21, 2026): sale of all assets to PCIP11 at book value, replacement of administrator INTRAG with Apex Group, and liquidation of RPRI11 — formal consultation open until Sep 18, 2026. Funds involved: PCIP11, RBRR11, VCJR11.
Lends money to dozens of companies backed by real estate collateral via inflation-linked CRIs and distributes the interest received as income exempt from Brazilian income tax. Note: Patria has already CALLED a unitholder meeting (consultation through Sep 18, 2026) to sell all assets to PCIP11 at book value, exchange your units for PCIP11 units, and liquidate RPRI11 — and failure to report your acquisition cost to the new administrator (Apex Group) may result in higher income taxes.
This page gathers the factual snapshot of RPRI11 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 (Real Estate).
Patria is Brazil's largest independent FII manager and one of Latin America's largest alternative asset managers, with 37+ years of operations. In Feb/2026, Patria took direct control of RBR Gestão de Recursos, absorbing RBR Asset's senior team and its funds (RPRI11, RBRR11, and other vehicles). RBR, founded in 2013 and led by Renato Chapchap, built a solid reputation in high-grade paper and brick-and-mortar FIIs (RBRR, RBRP, RBRY, etc.) — technical expertise is preserved within the new structure. Management of Patria's high-grade IPCA+ platform also includes PCIP (consolidation of CVBI/PLCR/BARI in 2025) and VCJR (acquired in Jul/2025). Risk: the announced strategy to potentially consolidate the 4 FIIs may trigger unit swaps and risk profile shifts, though justified by cost reduction and economies of scale.96% in CRIs / Structured Operations, 94% IPCA+, 3 CRIs on watchlist (12.1% of NAV), MTM rate IPCA+11.4% p.a. — imminent consolidation general unitholders' meeting
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Casas AAA FII (Structured Operation) | — | 7.4% | — |
| Windsock CRI | — | 9.8% | — |
| Tarjab Altino IPCA CRI | — | 6.6% | — |
| CRI Intecom | — | 5.7% | — |
| MRV IV Portfolio CRI (Series III) | — | 5.3% | — |
| CRI Landsol | — | 4.7% | — |
| MK IPCA II Pulverized CRI | — | 6.3% | — |
| Yuca Augusta I CRI | — | 4.4% | — |
| Paes & Gregori Itaim CRI | — | 3.8% | — |
| CRI SKR | — | 4.3% | — |
| CRI Cury | — | 4.2% | — |
| CRI CB II | — | 3.3% | — |
| CRI Órigo | — | 3.6% | — |
| CRI FGR | — | 3.1% | — |
| CTA II FII (Structured Operation — formerly Mora CRI) | — | 0.8% | — |
| Remaining 18 CRIs (each <2.5% of NAV) | — | 30.3% | — |
HHI 0.045 — baixa.
| Breakdown | Share |
|---|---|
| By state | São Paulo (SP) 51.1% · Pulverized (multi-state) 27.4% · Minas Gerais (MG) 5.4% · Ceará (CE) 6.9% · Goiás (GO) 3.4% · Paraíba/SP 5.8% |
| By index | IPCA 91.0% · CDI 9.0% |
last close R$ 71.44 · all-time low R$ 75.99 · high R$ 103.8 · book value per unit R$ 99.39.
Average daily volume (21 sessions) of R$ 600,000 · 12-month average of R$ 400,000.
Liquidez baixa-média. Posições| Period | What happened |
|---|---|
| IPO | Establishment as a High-Grade CRI FII focused on IPCA+. |
| CONSTRUÇÃO | Initial allocation period. Portfolio built with high-quality IPCA+ CRIs. |
| DEFLAÇÃO TÉCNICA | Inflation decelerates (from ~10% to ~3.5% p.a.). DPS declines proportionally. |
| ESTABILIDADE | Matured portfolio. Stable distribution regime of R$ 1.05/unit for 8 consecutive months. |
| PRESSÃO IPCA | Selic rising + inflation accelerating again. DPS rises to a peak of R$ 1.20. |
| TROCA DE GESTÃO | Patria acquires a controlling stake in RBR Gestão de Recursos and absorbs RPRI11. |
| PRIMEIRO RG SOB PATRIA | Patria publishes its first full Management Report and announces a consolidation assessment. |