Multi-strategy Development FII (Subdivided Lots + Real Estate Development + Timeshare + CRIs)
Segment: Hybrid / Real Estate Development · Price R$ 43.9 · P/BV 0.4064 · BV/unit R$ 108.03 · Net assets R$ 2,55 Bi · 132,351 unitholders · 171 assets
TGAR11 (TG Ativo Real FII) is a Brazilian REIT in the Hybrid / Real Estate Development segment. Multi-strategy Development FII (Subdivided Lots + Real Estate Development + Timeshare + CRIs)
Develops subdivisions and master-planned neighborhoods across Brazil's interior and distributes sales profits as monthly income
This page gathers the factual snapshot of TGAR11 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: TG Core Asset Ltda..
TG Core Asset (CNPJ 13.194.316/0001-03) is a management firm specialized in real estate development across Brazil's interior since 2013, operating as part of the Trinus.Co Group (founded by Diego Siqueira; partners include André Street and Headline XP). Administered by Vórtx DTVM, audited by KPMG (unqualified opinion in 2025; EY through 2024). Stated investment funnel rigor: 1,870 developments analyzed in 2023, with 47 approved and integrated. Active communication during the 2026 crisis: live broadcasts (Pedro Ernesto in January; Matheus Siqueira, Investor Relations Director, on June 10 at Funds Explorer), clarification notices on June 25, responses to B3 inquiries on June 11, and the formalization of management fee discounts on proprietary funds within the bylaws (July 10 Material Fact Notice). The governance drawbacks: SPV valuation reports are not published, and the same economic group sits on all sides of transactions (management, the Trinus platform monitoring ~300 SPVs, and now the TG Eurogarden Master FII which received R$ 36.9M from TGAR) — critics point out conflicts of interest, while management counters by citing unqualified audits. Solid track record in development, with recent asset recycling at 21–25% p.a. IRRs validating valuations. Not a top-tier market player in FIIs.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Jardim Europa | Formosa/GO | 5.1% | — |
| Solange Sector | Trindade/GO | 4.9% | — |
| Pérola do Tapajós | Itaituba/PA | 3.9% | — |
| Cidade Viva Campo Verde | Campo Verde/MT | 2.6% | — |
| Park Jardins | Açailândia/MA | 2.4% | — |
| Cidade Nova I | Davinópolis/MA | 2.3% | — |
| Cidade Nova II | Davinópolis/MA | 1.8% | — |
| Cipasa Consolidated (20+ developments in SP) | SP (various municipalities) | 6.2% | — |
| Nova Colorado Consolidated (Luar de... 24 NE developments) | BA, PE, AL, PB, SE (various municipalities) | 3.5% | — |
| Gran Life Medical | Anápolis/GO | 2.7% | — |
| Aura Resort Residence | Chapecó/SC | 2.5% | — |
| Parque dos Ingleses Londres | Sorocaba/SP | 1.5% | — |
| Aqualand | Salinópolis/PA | 9.7% | — |
| Braviello | Sorriso/MT | 0.8% | — |
| Gallery Residence | Goiânia/GO | 0.8% | — |
| Brasil Center Shopping | Valparaíso/GO | 2.6% | — |
| Park Bahia | Luís Eduardo Magalhães/BA | 0.4% | — |
| Urbic Signature Jardins | São Paulo/SP | 1.0% | — |
| cri-new-york-fortaleza | — | 1.6% | — |
| cri-cumaru-golf | — | 0.9% | — |
| cri-visconde-sorocaba-senior | — | 0.7% | — |
| cri-frutal-pulverizado | — | 0.2% | — |
| cri-gvi-gramado | — | 0.2% | — |
| Paramis Hedge Fund | — | 0.2% | — |
| Rec Multi-strategy | — | 0.1% | — |
| Open K Real Estate Assets and Receivables | — | 0.0% | — |
| Brio Structured Credit | — | 0.0% | — |
| Alphaville S.A. | BR (listed company) | 0.1% | — |
| FII TG Eurogarden Master (subordinated subclass) | — | 1.5% | — |
| cri-masterplan-sorriso | — | 0.1% | — |
| cri-visconde-sorocaba-sub | — | 0.1% | — |
| cri-green-life-sc | — | 0.0% | — |
HHI 0.0287 — baixa.
| Breakdown | Share |
|---|---|
| By state | Mid-West (GO/MT/MS) 44.1% · North (PA/MA/TO/RO/AP) 18.4% · Southeast (SP/MG/RJ/ES) 22.9% · Sul (SC/RS) 5.8% · Northeast (BA/CE/PB/PE/AL/SE/PI) 7.0% · Outros 1.8% |
| By index | IPCA 78.1% · CDI 21.9% |
last close R$ 43.9 · all-time low R$ 48.21 · high R$ 127.51 · book value per unit R$ 108.03.
Average daily volume (21 sessions) of R$ 7,870,000 · 12-month average of R$ 5,600,000.
Very good liquidity for an FII: R$ 7.87M/day (Feb/26). A R$ 1M position can be exited in less than 1 business day, R$ 10M in ~6 days. Compatible with any meaningful position size. TGAR11 is included in the IFIX (1.42%), XPFT (2.91%), XPFI (1.17%), and SUNO30 (3.33%) indexes.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Inception of FII TG Ativo Real as a closed-end fund (CVM 472), focusing on upcountry real estate development in Brazil. B3 listing in August 2017. |
| CRESCIMENTO ACELERADO | Multiple unit offerings (1st-9th), portfolio grew from R$ 10M to R$ 1+B. Net assets multiplied 100x in 4 years. |
| PICO E CONSOLIDAÇÃO | Portfolio reaches ~159 assets. Book value per unit reaches R$ 133 (Dec/2022). DPU stable at R$ 1.32-1.43 in the final months of 2023. |
| 13ª EMISSÃO E TRANSIÇÃO | 13th offering (R$ 514M, Jun/2024) raises net assets to R$ 2.71B. DPU stabilized at R$ 1.00/unit for 10 months (Mar-Dec/2025). Adaptation to CVM Resolution 175 (Jun/2025). |
| CRISE DE PRECIFICAÇÃO E CORTE DE DPS | Unit price drops from R$ 93 (Dec/25) to ~R$ 70 (-25%) in Jan-Apr/26. Guidance revised to R$ 0.70-1.00. DPU cut to R$ 0.71-0.72. |