Sequóia III Renda Imobiliária Fundo de Investimento Imobiliário — Limited Liability (CNPJ 09.517.273/0001-82) — IPO in February 2021
Segment: Brick-and-mortar Fund / Hybrid (logistics warehouse, grocery retail, contact center, urban commercial, industrial warehouse) · Price R$ 52.5 · P/BV 0.5395 · BV/unit R$ 97.31 · Net assets R$ 162 Mi · 3,961 unitholders · 5 assets
SEQR11 (Sequóia III Renda Imobiliária FII) is a Brazilian REIT in the Brick-and-mortar Fund / Hybrid (logistics warehouse, grocery retail, contact center, urban commercial, industrial warehouse) segment. Sequóia III Renda Imobiliária Fundo de Investimento Imobiliário — Limited Liability (CNPJ 09.517.273/0001-82) — IPO in February 2021
FII with 5 properties in SP, RJ, and RS (logistics warehouses, grocery retail, and back-office), managed by boutique Sequóia Properties with 10 guidances met and disciplined management. Note: St. Marché entered court-supervised reorganization — current rents are being paid, but introduces a new credit risk to the portfolio.
This page gathers the factual snapshot of SEQR11 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: Sequóia Properties.
Boutique asset manager focused on Core Plus and Value-add real estate (logistics, retail, office buildings). Sequóia maintains discipline: 10 guidances met in full, high transparency (monthly calls), conservative allocation stance. Weaknesses: AuM concentrated in a single R$ 163M fund, lean team, dependence on the boutique for any strategic move (follow-on offerings, M&A, portfolio rotation).5 properties (3 warehouses + 1 store + 1 contact center) with 93.3% occupancy and a 3.2-year WAULT. Revenue concentrated in Atento, Roma Oeste, and Magna (~80%). Portfolio with mixed asset quality: 3 AAA-equivalent assets (built-to-suit) and 1 problem asset (Penha 69% vacant).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Jandira Logistics Warehouse | Polo Industrial II Condominium, Jandira/SP | 100.0% | 1.0% |
| Madureira Contact Center | Madureira, Rio de Janeiro/RJ | 100.0% | 1.0% |
| Magna SAP Industrial Warehouse | Santo Antônio da Patrulha/RS | 100.0% | 1.0% |
| Habitarte Store (Brooklin) | Brooklin, São Paulo/SP — ground floor of the Habitarte development | 100.0% | 1.0% |
| Penha Urban Commercial | Penha, Rio de Janeiro/RJ | 50.0% | 0.31% |
HHI 0.246 — moderada.
| Breakdown | Share |
|---|---|
| By state | Sudeste 78.9% · Sul 19.5% |
| By tenant | Atento Brasil 27.3% · Roma Oeste 28.6% · Magna International 19.5% · St. Marché 16.0% · Notre Dame Intermédica 7.0% |
SEQR11 trades at R$ 51.99 (06/01/2026) against a book value of R$ 98.41 (Apr/2026) — a 47.2% discount. The discount has persisted for 4+ consecutive years (since Mar/2022) with a median near 0.60. There is no immediate catalyst for convergence — it depends on a structuring offering or a favorable macro cycle.
last close R$ 52.5 · all-time low R$ 45.00 · high R$ 58.75 · book value per unit R$ 97.31.
Average daily volume (21 sessions) of R$ 54,000 · 12-month average of R$ 62,000.
Critical liquidity. R$ 53k/day. A R$ 100k position takes 9 business days to exit; R$ 500k takes 46 days; R$ 1 million takes ~4 months. For any meaningful position, SEQR11 is a TRAP — anyone who enters must accept holding until the manager grows the fund or liquidates it. This is the fund's primary risk, above all others.| Period | What happened |
|---|---|
| Fund Formation | Fund established on 11/04/2020 with initial net assets of R$ 99.4 million and 671 units |
| B3 Exchange IPO (SEQR11) | Trading began in Feb/2021. Debut price ≈ R$ 100. First 4 properties acquired (Jandira, Madureira, Habitarte Store, Magna SAP) totaling 1,482,052 units and net assets of R$ 156M |
| Penha Acquisition (5th property) | Acquisition of 5th property (Penha, RJ) with a 50% stake — originally built-to-suit for Atento. Net assets rise to R$ 168M, 1,608,552 units |
| Unit Offering (1st offering) | Additional capital raising increasing unit count from 1,608,552 → 1,652,043 (Sept/2023) → 1,665,695 (Dec/2023). BV/unit dropped from R$ 96 → R$ 90 (slight dilution) |
| Atento Departure — Penha Property Vacated | Atento vacates Penha property in March 2024. DPU drops from R$ 0.70 to R$ 0.5583 — a direct reflection of revenue loss. Start of search for a new tenant (change of use to healthcare/education) |
| Notre Dame Intermédica Lease (31% of Penha) | Sequóia signs 15-year lease with Notre Dame Intermédica for 31% of the Penha area (R$ 42k/month). DPU recovers partially to R$ 0.5823 (stable since Oct/2024). The remaining 69% continues in marketing |
| Property Revaluation (+5% in BV) | Ipê Avaliações appraisal report with base date 12/31/2025 revalues the portfolio. BV/unit rises from R$ 92.55 (Sept/25) → R$ 98.05 (March/26) — accounting gain of ~R$ 9M distributed across properties |
| 10th Guidance Issued (1H2026) | Sequóia issues 10th guidance: range of R$ 0.58 to R$ 0.63 per unit for the January–June/2026 period. Maintains a 100% track record of meeting previous guidances (10 out of 10) |