Shopping Pátio Paulista Fundo de Investimento Imobiliário Responsabilidade Limitada (CNPJ 59.090.726/0001-05). Single-asset: 17.08% of Shopping Pátio Paulista (São Paulo/SP) in coinvestment with Iguatemi.
Segment: Malls (single-asset) / Multi-strategy ANBIMA · Price R$ 9.8 · P/BV 1.0082 · BV/unit R$ 9.72 · Net assets R$ 496 Mi · 131 unitholders · 1 assets
SHPP11 (Shopping Pátio Paulista FII) is a Brazilian REIT in the Malls (single-asset) / Multi-strategy ANBIMA segment. Shopping Pátio Paulista Fundo de Investimento Imobiliário Responsabilidade Limitada (CNPJ 59.090.726/0001-05). Single-asset: 17.08% of Shopping Pátio Paulista (São Paulo/SP) in coinvestment with Iguatemi.
Satellite position for direct exposure to Pátio Paulista — no diversification, liquidity limited by design
This page gathers the factual snapshot of SHPP11 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: Capitânia Alternatives S.A..
Capitânia Alternatives S.A. (CNPJ 41.475.648/0001-00, headquartered at Av. Brig. Faria Lima 1,485 in SP) is the alternative asset management arm of the Capitânia group, authorized by the CVM as a portfolio manager on 05/17/2022 (Declaratory Act 19,844). The Capitânia group is one of Brazil's most traditional independent managers in private credit and real estate structuring, with listed funds such as SPVJ11, CPTS11, and CPTI11. At SHPP11, Capitânia acts as the financial manager, while operational management of the mall is handled by Iguatemi (the controlling operator). The challenge here is less about manager execution and more about the timeline of acquisition obligations (R$ 140M pending) and DPU stabilization under the new regime.Single-asset fund: 17.08% of Shopping Pátio Paulista + LCI/Government Bond reserve to honor acquisition installments
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Shopping Pátio Paulista | R. Treze de Maio, 1947 — Bela Vista, São Paulo/SP | 17.1% | 0.992% |
HHI 1.0 — extrema.
| Breakdown | Share |
|---|---|
| By state | Southeast (São Paulo-SP) 100.0% |
| By index | IGP-M/IPCA (mall contract standard) 100.0% |
P/BV of 1.08 — fund trading at an 8% premium over net asset value. Unusual for a Brazilian regional shopping mall in a 14.75% Selic environment. Reflection of the thin order book (only 122 unitholders) rather than a valuation thesis.
last close R$ 9.8 · all-time low R$ 9.10 · high R$ 11.00 · book value per unit R$ 9.72.
Average daily volume (21 sessions) of R$ 50,000 · 12-month average of R$ 30,000.
Extremely low liquidity. Trading sessions of 50-500 units/day. A R$ 50k position = 25 business days without moving price. INCOMPATIBLE with quick exit.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Formation: BTG Pactual administrator + Capitânia Alternatives manager. 1st Offering to professionals. |
| ENTRADA DA AQUISIÇÃO | Payment of 70% for the 17.08% stake in Pátio Paulista in coinvestment with Iguatemi. |
| 2ª EMISSÃO + IPO | Effective start + 2nd Offering to qualified investors. |
| B3 + DAÇÃO SPE | Start of trading on B3 and contribution of SPE units. |
| CONSOLIDAÇÃO IGUATEMI | Completion of structure + operational transition to Iguatemi. |
| 1º TRIMESTRE INTEGRAL | First full operational quarter. |
| FORMALIZAÇÃO TAXAS | Compliance with CVM Circular Letter 3/2024. |
| NORMALIZAÇÃO DO DPS | DPU retreats to a sustainable level. |
| 1ª PARCELA PAGA | Maturity of 2nd installment (15% of acquisition). |