Diversified sale-leaseback with repurchase option (CNPJ 28.267.696/0001-36)
Segment: Hybrid / Multi-Strategy (Sale-Leaseback) · Price R$ 96.76 · P/BV 0.9297 · BV/unit R$ 104.08 · Net assets 533305566 · 34,114 unitholders · 8 assets
RZAT11 (Riza Arctium Real Estate FII) is a Brazilian REIT in the Hybrid / Multi-Strategy (Sale-Leaseback) segment. Diversified sale-leaseback with repurchase option (CNPJ 28.267.696/0001-36)
Hybrid brick REIT with a 10% real rate and asset protection through acquisition discount
This page gathers the factual snapshot of RZAT11 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: Riza Asset Management.
Riza Asset (formerly Riza Capital) is an independent manager focused on real estate credit, sale-leaseback, and structured strategies. RZAT11 is the firm's main brick REIT and adopts a unique strategy: acquiring properties at a discount through sale-leaseback transactions. The firm has a solid track record in RZAG11 (CRA), RZAK11 (CRI), RZTR11 (agricultural land), and RZLC11 (logistics).
In RZAT11, management has shown discipline: three early buybacks executed with extraordinary gains, a negotiated lease termination with Aliança Agrícola (R$ 1.79M security deposit appropriated + R$ 13.29M contractual indemnity not yet recognized), and two new asset sales announced in Apr/26.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Cervejaria Cidade Imperial | Rodovia BR-364 (Juscelino Kubitschek), Frutal — MG | 100.0% | 1.0% |
| Complexo Logístico Aspam | Av. Perimetral Norte, 10.002, Vila João Vaz — Goiânia/GO | 100.0% | 1.0% |
| Splice Indústria | Av. 31 de Março, Votorantim — SP | 100.0% | 1.0% |
| Garagem Rápido Araguaia | Av. Presidente JK, 260, Jardim Presidente — Goiânia/GO | 100.0% | 1.0% |
| Atacadão Dia a Dia | Setor Habitacional Mestre d'Armas, Planaltina — DF | 100.0% | 1.0% |
| Posto Rede Monte Carlo (Mirassol) | Av. Santos Dumont, 4235 — Mirassol/SP | 100.0% | 1.0% |
| Armazém Frigorificado Comfrio | Rod. BR-020, 527 — Caucaia/CE | 100.0% | 1.0% |
| Pátio Andorinha Transportes (Campo Grande) | Av. Costa e Silva, 1275 — Campo Grande/MS | 100.0% | 1.0% |
HHI 0.4492 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 71.1% · Centro-Oeste 19.3% · Nordeste 3.2% |
| By tenant | Cidade Imperial (brewery) 65.2% · Aspam (logistics/aviation) 11.4% · Splice Indústria 7.4% · Rápido Araguaia (transit) 5.2% · Comfrio Logística 3.5% · Atacadão Dia a Dia 3.3% |
| By index | IPCA 100.0% |
P/BV of 0.93 calculated on the unit price of R$ 97.29 (01/06/26) and the normalized book value per unit of R$ 104.08 (Apr/26, after write-down of receivables from completed sales). The Mar/26 BV (R$ 125.93) was inflated by R$ 150M in receivables and is no longer the relevant reference.
last close R$ 96.76 · all-time low R$ 79.5 · high R$ 110.5 · book value per unit R$ 104.08.
| Period | What happened |
|---|---|
| DPS R$ 1.70 + guidance R$ 1.65-1.75 | Related to the Apr/26 result (R$ 3.83/unit generated, with R$ 12.6M in other income from asset sales), the fund distributed R$ 1.70/unit in May/26. Management projects R$ 1.65-1.75 over the coming months due to non-recurring gains, maintaining R$ 2.75/unit in reserved cash. Book value per unit normalized to R$ 104.08 after write-down of receivables. |
| Fund inception | Original REIT incorporation (under a different name and manager). The fund has operated since 2017 but the current sale-leaseback strategy began in Dec/2019. |
| Riza Asset takes over management | Fund management transferred to Riza Asset (formerly Riza Capital). Strategic repositioning toward sale-leaseback with repurchase option begins. |
| Initial acquisitions and first capital raises | The fund acquires 5 properties in Jun/2021: Comfrio (Caucaia-CE), Rede Monte Carlo (Mirassol and Rio Claro-SP), and Andorinha Transportes (Campo Grande-MS and São Paulo-SP). Total ~R$ 70M. Net assets reach R$ 165M with 1.6M units after the capital raise. |
| Major capital raises — Aspam and Cidade Imperial | Oct/2021: acquisition of Aspam (R$ 68M). Dec/2021: acquisition of Cervejaria Cidade Imperial for R$ 150M , the fund's largest asset. Net assets jump to R$ 253M. |
| Consolidation and unit split | In 2022 additional capital raises bring the total to 3.7M units with R$ 371M in net assets. Acquisitions of Splice (Jan/2023) and Atacadão Dia a Dia. DPS fluctuates between R$ 0.73 and R$ 1.32 depending on IPCA. |
| Stabilization and new acquisitions | In 2024: acquisitions of Atacadão Dia a Dia (Mar/2024) and Aliança Agrícola (Nov/2024). The fund grows to 4.2M units and R$ 423M in net assets after a new capital raise. DPS stabilizes at R$ 1.00-1.10/month. |
| Lease termination with Aliança Agrícola | The fund completed the termination of the atypical lease with Aliança Agrícola (Porto dos Gaúchos-MT). A R$ 1.79M security deposit was appropriated (R$ 0.42/unit) and a contractual indemnity of R$ 13.29M (R$ 3.14/unit) was recognized, the latter not yet recorded due to uncertainty of recovery . Repurchase option mechanism: amounts above R$ 38.5M (inflation-adjusted) will be split 50/50 between the |
| Completion of two asset sales — R$ 69.5M | In Apr/2026 the fund completed : (1) sale of the Aliança Agrícola property (Porto dos Gaúchos-MT) to C.Vale for R$ 53M — gain of R$ 8.75M = R$ 2.06/unit ; (2) early repurchase of the Rio Claro-SP property by Rede Monte Carlo for R$ 16.5M (acquired for R$ 15M) — gain of R$ 1.5M = R$ 0.34/unit . Portfolio reduced to 8 properties. |
| Extraordinary DPS of R$ 1.40 — highest in 4 years | On 23/04/2026 the fund paid R$ 1.40/unit for Mar/2026 — a 40% increase vs. Mar/26 (R$ 1.00) and the highest distribution since 2022 . It reflects the Feb/2026 result (R$ 1.54/unit generated) reinforced by the Aliança termination and accumulated surplus. |
| Bylaws updated — compliance with CVM Circular Letter No. 1/2025 | On 14/05/2026 the administrator filed a new Amendment to the Bylaws (ID 1198458), with a consolidated Bylaws document (ID 1198459) and market notice (ID 1198460). The change is exclusively formal: disclosure of Essential Service Provider fees is now made through the ANBIMA Tool (Fee Transparency Platform) , replacing the former 'Fee Summary'. The administrator declared that no changes were made to |