Prime corporate office fund in São Paulo. Two assets in Itaim Bibi/Nova Faria Lima (Metropolitan and Platinum buildings). Management transitioned from RBR Asset to Patria on Feb 3, 2026 (Patria acquired control of RBR).
Segment: Brick-and-mortar / Prime offices (Nova Faria Lima — SP) · Price R$ 63.14 · P/BV 0.6152 · BV/unit R$ 102.64 · Net assets R$ 465 Mi · 4,355 unitholders · 2 assets
TOPP11 (RBR Top Offices FII) is a Brazilian REIT in the Brick-and-mortar / Prime offices (Nova Faria Lima — SP) segment. Prime corporate office fund in São Paulo. Two assets in Itaim Bibi/Nova Faria Lima (Metropolitan and Platinum buildings). Management transitioned from RBR Asset to Patria on Feb 3, 2026 (Patria acquired control of RBR).
Two AAA offices in São Paulo, 12.9k sqm, 100% IPCA-indexed leases, and 2% vacancy. The short-term liability was settled, replaced by a 5-year CRI at IPCA + 8.9% p.a. whose carry reduces the yield from R$ 0.84 to R$ 0.45/unit starting September 2026.
This page gathers the factual snapshot of TOPP11 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: Patria Investimentos (direct management of RBR Gestão de Recursos).
On Feb 3, 2026, Patria took direct control of RBR Gestão de Recursos Ltda, assuming management of TOPP11. Patria is Brazil's largest independent FII manager (R$ 38B+ under management, 30+ FIIs listed on B3). RBR was a boutique SP premium office manager — now gaining institutional scale. The operational team (50+ professionals) was retained. Risk: mandate conflict with other house office FIIs (BRCR11, AAA Corporate).See our analysis of Patria Investimentos (direct management of RBR Gestão de Recursos) →
Pure portfolio of prime offices: 2 neighboring assets in Itaim Bibi / Nova Faria Lima, both AAA, with 33 diversified tenants.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Metropolitan Building | Rua Amauri, 255 — Itaim Bibi, São Paulo/SP | 100.0% | 1.0% |
| Platinum Building | Rua Jerônimo da Veiga, 384 — Itaim Bibi, São Paulo/SP | 100.0% | 1.0% |
HHI 0.68 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 100.0% |
| By tenant | Hejoassu Administração (Votorantim FO) 12.9% · Votorantim S.A. 8.6% · Anima Investimentos 5.7% · Pragma Asset Management 5.0% · Vinland Capital 5.0% |
| By index | IPCA 61.0% · IGP-M 39.0% |
| By contract type | Típico 100.0% · Atípico 0.0% |
P/BV of 0.62 calculated using a quote of R$ 65.51 (May/13/26) and book value per unit of R$ 106.26 (Mar/26). A 38% discount to book value—the deepest in the São Paulo prime office segment. Main cause: short-term liability of R$ 278M maturing on April 30, 2026.
last close R$ 63.14 · all-time low R$ 64.49 · high R$ 102.01 · book value per unit R$ 102.64.
Average daily volume (21 sessions) of R$ 400,000 · 12-month average of R$ 600,000.
Low liquidity. A R$ 500k position takes ~6 business days to liquidate without moving the price. Incompatible with quick exits or sizes > R$ 1M.
| Period | What happened |
|---|---|
| IPO | Launch of RBR Top Offices FII raising R$ 452.8M at R$ 100/unit from 5,101 investors. |
| AQUISIÇÃO METROPOLITAN + PLATINUM | Completion of first asset acquisitions. Seller: HGPO11. |
| OPERAÇÃO ESTABILIZADA | Start of full operations. DPU stabilized at R$ 0.84/unit. |
| AJUSTE CONTÁBIL VP | At KPMG's request, the Apr/26 installment was marked to present value — BV/unit adjusted. |
| RENOVAÇÃO METROPOLITAN +9,2% | Key Metropolitan lease renewed for 5 years. Platinum lease at R$ 410/sqm (record high). |
| PATRIA ASSUME GESTÃO | Patria takes control of RBR. Manager change with no immediate operational alteration. |
| VENCIMENTO PARCELA — EVENTO CRÍTICO | 04/30/2026: 2nd installment of R$ 278M matures. CRI (Brazilian real-estate receivables certificate) expected for refinancing. |