Tellus Properties — Fundo de Investimento Imobiliário — Limited Liability (CNPJ 26.681.370/0001-25). Former name: BRL VII FII (established Nov 25, 2016) → SDI Properties FII (2019, pre-IPO) → Tellus Properties FII (current).
Segment: Brick · Offices · low quality · Price R$ 7.61 · P/BV 0.8002 · BV/unit R$ 9.51 · Net assets R$ 472 Mi · 44,878 unitholders · 6 assets
TEPP11 (Tellus Properties FII) is a Brazilian REIT in the Brick · Offices · low quality segment. Tellus Properties — Fundo de Investimento Imobiliário — Limited Liability (CNPJ 26.681.370/0001-25). Former name: BRL VII FII (established Nov 25, 2016) → SDI Properties FII (2019, pre-IPO) → Tellus Properties FII (current).
A fund that leases office space across 6 prime buildings in São Paulo — Berrini, Faria Lima, Paulista, and Jardins — with active management that buys, renoves, and sells properties. Note: monthly income is expected to decline in the 2nd half of 2026, when the extra gain from a property sale runs out.
This page gathers the factual snapshot of TEPP11 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: Tellus Investimentos e Consultoria Ltda.
Tellus has a proven execution track record: sold Cond. São Luiz in 2025 at an 11% IRR (capital gain of R$ 39.8M over a R$ 171.5M cost acquired in 2020–2021) — a transaction supporting the current DPU of R$ 0.131 through Jul/2026. DPU CAGR of 19.1% since IPO (2019), notable considering the period includes the pandemic plus a full Selic hiking cycle. In April 2026, it classified Torre Sul as stabilized — rare capital discipline in the sector. PRI signatory since 2021. Manager AUM: R$ 6.076B. Other relevant funds: TRBL11 (logistics/offices, R$ 640M), TELM11 (multi-market, R$ 31M), EDFO11 (offices, R$ 49M).See our analysis of Tellus Investimentos e Consultoria Ltda →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Torre Sul | R. James Joule, 65 — Berrini, São Paulo | — | — |
| Passarelli | R. Paes Leme, 524 — Pinheiros, São Paulo | — | — |
| Fujitsu | R. Treze de Maio, 1633 — Paulista, São Paulo | — | — |
| Brigadeiro Faria Lima (BFL) | Av. Brigadeiro Faria Lima, 1355 — Faria Lima, São Paulo | — | — |
| GPA | Av. Brigadeiro Luís Antônio, 3172 — Jardins, São Paulo | — | — |
| Top Center | Av. Paulista, 854 — Paulista, São Paulo | — | — |
Fund's P/BV.
last close R$ 7.61 · all-time low R$ 6.40 · high R$ 9.76 · book value per unit R$ 9.51.
Average daily volume (21 sessions) of R$ 1,810,000 · 12-month average of R$ 2,100,000.
Volume dropped from ~R$ 2.2-2.4M/day to R$ 1.81M/day in Apr/26. Monthly turnover of 8%. Compatible with retail positions up to ~R$ 200k. Institutional investors need to split orders.