Formerly SPX SYN Multiestratégia (renamed in Aug/2025). Established as Brick 90 in Jul/2021 and transferred to SPX in May/2022. CNPJ 43.010.543/0001-00.
Segment: Multi-strategy / Multi-category (CRI-heavy) · Price R$ 7.44 · P/BV 0.7915 · BV/unit R$ 9.4 · Net assets R$ 190 Mi · 20,204 unitholders
SPXS11 (SPX Real Estate Multiestratégia FII) is a Brazilian REIT in the Multi-strategy / Multi-category (CRI-heavy) segment. Formerly SPX SYN Multiestratégia (renamed in Aug/2025). Established as Brick 90 in Jul/2021 and transferred to SPX in May/2022. CNPJ 43.010.543/0001-00.
SPX FII (BTG Pactual administrator) with 72% of net assets in residential development CRIs (CDI+/IPCA+ mix), 13% in FII units, and 13% in cash. Note: 3rd offering of up to 1.79M new units announced in Jul/2026 — restricted to qualified investors, up to 180-day period.
This page gathers the factual snapshot of SPXS11 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: SPX Real Estate Gestão de Recursos.
SPX is one of Brazil's most respected asset management firms, founded by Rogério Xavier (formerly of Banco Pactual) in 2010. Its real estate vertical — now SPX Real Estate Gestão de Recursos (renamed in 2025; formerly 'SPX SYN') — has managed SPXS11 since May/2022 with a multi-strategy mandate. Management fee of 0.80% p.a. (below the median) and a performance fee based on IPCA + IMA-B — a structure aligned with unitholders, though it reduced distributed DPU in Jan/Feb/Apr 2026. Administration by BTG Pactual adds operational solidity.Portfolio: 72% development CRIs, 13% FII units, 2% real estate equities, 13% fixed income cash (Jun/26).
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Development CRI Portfolio (24+ operations) | — | 72.1% | — |
| FII Unit Portfolio (Tactical FoF) | — | 13.2% | — |
| Real Estate Equities Portfolio | — | 2.0% | — |
| Cash in Fixed Income Funds | — | 13.0% | — |
HHI 0.59 — alta.
| Breakdown | Share |
|---|---|
| By state | Brazil (National CRIs — without granular disclosure) 100.0% |
| By index | CDI 47.0% · IPCA 53.0% |
last close R$ 7.44 · all-time low R$ 7.10 · high R$ 10.30 · book value per unit R$ 9.4.
Average daily volume (21 sessions) of R$ 522,339 · 12-month average of R$ 700,000.
Moderate liquidity: 2026 average of R$ 522k/day. June was weaker (R$ 299k/day) — a seasonal pattern. Positions of R$ 100k clear in <1 business day; R$ 1M takes ~5 days. Suitable for retail investors and accounts up to R$ 1M.| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established by BTG Pactual as 'Brick 90' (dormant structure, no subscribed units). |
| ADESÃO DA SPX | Fund is renamed 'SPX SYN Multiestratégia' and management passes to SPX Gestão de Recursos. |
| IPO | 1st public offering: 2 million units at R$ 100/unit (R$ 200M). Coordinated by XP + Genial. |
| 2ª EMISSÃO | Additional fundraising of R$ 77.7M (780,708 units at R$ 99.55) fully subscribed. |
| DESDOBRAMENTO 1:10 | Units split 10-for-1 (from ~R$ 100 to ~R$ 10). Unitholders jump +22% in the month. |
| ESTABILIZAÇÃO | Stable DPU year between R$ 0.091 and R$ 0.101 with progressive allocation in CRIs. |
| REBRAND + CICLO POSITIVO | Renamed to SPX Real Estate. Net income +125% vs 2024 (R$ 29.7M). |
| TAXA DE PERFORMANCE | Performance fee collection compresses DPU in 3 of the first 4 months of the year. |