TGAR11 — whose full name is TG Ativo Real Real Estate Investment Fund — Limited Liability — is a closed-end real estate development fund listed on B3 since August 2017. It does not lease warehouses or buy office floors: in practice, it works as a listed homebuilder and land developer, investing in residential projects at different stages — from buying the land to selling the units and collecting the installments.
The portfolio is concentrated in land lots in the interior of Brazil, which account for roughly 61% of net assets, followed by vertical development (26%), timeshare (10%) and a small slice of shopping malls and real estate credit (CRIs). In June 2026, the fund totals 171 assets spread across 20 states and 104 municipalities, from Maranhão to Santa Catarina, with a strong presence in the Midwest — Goiás and Mato Grosso concentrate about 44% of the geographic exposure.
The fund's CNPJ is 25.032.881/0001-53. Unitholders' liability is limited to the subscribed amount, a protection reinforced by the adaptation to CVM 175 in June 2025.
TGAR11's price is updated in real time during the B3 trading session, and you can find the most recent value at the top of this page. The reference unit for this analysis, as of June 9, 2026, was R$ 53.54.
The most revealing indicator of the moment is not the price itself, but the relationship between the market price and the book value per unit: the so-called P/BV. With the unit around R$ 53-54 and a book value (BV) of R$ 109.71 per unit — calculated from the April 2026 Management Report and audited by KPMG — the P/BV was at 0.49 to 0.47, one of the largest discounts in the entire IFIX. In practice, the market was paying about R$ 0.47 for each R$ 1.00 of estimated equity.
This discount is real — and there is a reason for it. The book value of a development fund is not the price of idle land: it is the present value of a portfolio of receivables with long maturities, sensitive to interest rates. With the Selic at 14.75%, the market re-discounts these flows at rates higher than those embedded in the appraisal, generating a structural discount. To understand whether the discount is an opportunity or a trap, see the full TGAR11 analysis.
TGAR11 once traded above R$ 144 per unit in January 2021, at the peak of the REIT cycle. From 2022 on, with the Selic climbing, the market price retreated consistently, reaching an all-time low of R$ 51.55 on June 8, 2026 — a drop of more than 64% from the peak and 44% in 2026 alone. The price has high historical volatility: the 12-month annualized standard deviation is around 23%, which places the fund in the high-volatility category for the REIT universe.
TGAR11's net assets are approximately R$ 2.605 billion, making it the largest residential-development REIT in the IFIX by scale. There are 23.57 million units issued (13th offering, completed in 2024) and 144,117 unitholders as of March 2026 — a 11% drop in twelve months, reflecting the exit of investors who bought above R$ 90 and realized a loss.
The portfolio's internal composition splits the equity into eight categories. The largest slice, at 70.6% of net assets, is in a portfolio of performed-equity receivables — projects already sold and awaiting the flow of installments from buyers. Another 13.8% is in equity under development — projects still under construction or with sales in progress. The landbank (land bought for future developments) represents 4.1%, and CRIs, 3.4%. A small portion is allocated to malls, cash and fixed-income funds.
The single largest asset is Aqualand, in Salinópolis (PA), a timeshare resort at 9.33% of net assets — about R$ 243 million. It is 54% sold and 77% of works complete, with an expected IRR of 19.8% per year above inflation, but also the highest delinquency in the portfolio (7.28% in the timeshare segment).
In land lots, the largest complexes are Cipasa Consolidated (a portfolio of more than 20 developments in São Paulo state, 6.15% of net assets) and Nova Colorado Consolidated (24+ land lots in the Northeast, Luar de line, 3.51% of net assets). Also notable are Jardim Europa in Formosa-GO (5.1% of net assets, 93% sold, works complete) and Setor Solange in Trindade-GO (4.6% of net assets, 71% sold).
On the whole, works are 94% complete and sales 76% made, with a portfolio of already-contracted receivables of R$ 2.61 billion and a sales value (VGV) in inventory and landbank of R$ 4.58 billion. The portfolio's consolidated real IRR is 14.36% per year above inflation.
TGAR11 is managed by TG Core Asset Ltda. (CNPJ 13.194.316/0001-03), a manager specialized in real estate development with a focus on the interior of Brazil, operating since 2013. The person responsible for management is Pedro Ernesto Bites Leão, who became known in the REIT community for the 90-minute live broadcast on the Professor Baroni channel in January 2026, when he transparently explained the unit's drop and the guidance revision. The manager holds quarterly webcasts and publishes detailed monthly management reports by development.
Administration is the responsibility of Vórtx DTVM Ltda. (CNPJ 22.610.500/0001-88), and the financial statements are audited by KPMG Auditores Independentes, which issued an unqualified opinion for the 2025 fiscal year — with the equity method of the SPEs flagged as a key audit matter, which is expected given the 88% weight of net assets in that category.
The effective total fee is around 1.50% per year, below competitors such as MFII11 (2.00%) and in line with URPR11 (1.50%). The performance charge over CDI draws criticism from unitholders — especially in the context of the plan to raise the CRI allocation — since it would be easy to beat CDI with high-grade credit without generating differentiated value.
Income payment occurs on the 10th business day of the following month. The announcement is made on the last business day of the month. For details on historical dividends and DY by month, visit the TGAR11 dividends page. For the risk analysis and buy-or-sell recommendation, see the analysis page.
TGAR11's price is updated in real time during the B3 trading session and shown at the top of this page. The reference unit on June 9, 2026 was R$ 53.54, with a P/BV of 0.49 — 51% below the estimated book value of R$ 109.71.
Neither one in the conventional sense. TGAR11 is a real estate development fund: it invests in SPEs that build land lots, vertical developments and a timeshare resort, receiving dividends from the SPEs as projects are sold and installments are paid. It has real physical backing (brick), but the revenue comes from long-term receivables.
The portfolio has 171 assets across 20 states and 104 Brazilian municipalities, most of them land lots in the interior of the country. The largest are Cipasa (SP), Nova Colorado (NE), Jardim Europa (GO) and Aqualand (PA).
The manager is TG Core Asset Ltda. (CNPJ 13.194.316/0001-03), specialized in real estate development since 2013. The administrator is Vórtx DTVM and the auditor is KPMG, with an unqualified opinion in 2025.
The effective total fee is approximately 1.50% per year: 0.22% administration plus 1.28% management. There is also a performance fee of 30% over the excess of 100% of CDI, voluntarily reduced from 50% in 2020.