Tordesilhas EI Fundo de Investimento Imobiliário Responsabilidade Limitada
Segment: Hybrid (CRI + FII + fractional ownership equity) · Price R$ 1.02 · P/BV 0.0278 · BV/unit R$ 36.72 · Net assets R$ 213 Mi · 46,674 unitholders · 2 assets
TORD11 (Tordesilhas EI FII) is a Brazilian REIT in the Hybrid (CRI + FII + fractional ownership equity) segment. Tordesilhas EI Fundo de Investimento Imobiliário Responsabilidade Limitada
A fund mixing real estate loans (CRIs) with direct equity stakes in resorts and subdivisions, investing in tourism and residential development projects. Be aware: a large portion of the CRIs stopped paying interest, audits have been qualified for two years, and units trade at very low volume on the exchange.
This page gathers the factual snapshot of TORD11 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: R Capital Asset Management Investimentos.
R Capital took over TORD11 in 2021, inheriting the portfolio from Hectare Capital. Niche-focused on fractional ownership and land subdivision, it also operates the funds Lote M², XBXO11 (RCap 1810), and SRVD11 (Serra Verde) — all held by TORD11. It has waived the management fee since Apr/2024 (including 1H2026 in a formal bylaws amendment in Jan/2026), showing implicit recognition of distress. However, the quality of investments under its management has disappointed: the write-down of Resort do Lago and Kawana Residence in 2024 was of unprecedented magnitude, and the qualified audit for 2 consecutive years (including a disclaimer of opinion on R CAP 1810 FII) raises a severe red flag regarding governance.
See our analysis of R Capital Asset Management Investimentos →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Lote M² FII (R Capital management) | — | 26.7% | — |
| IC Loteamentos e Recebíveis FII | — | 3.7% | — |
| Serra Verde FII (R Capital management) | — | 0.9% | — |
| RCap 1810 FoF (R Capital management) | — | 0.8% | — |
| Devant FoF FII | — | 0.3% | — |
| wam-holding-sub | — | 20.5% | — |
| gpk-sub | — | 13.0% | — |
| hope-sr | — | 4.5% | — |
| hope-sub | — | 2.0% | — |
| loteamentos-goias-mez | — | 0.9% | — |
| pride-ii-sub | — | 0.5% | — |
| quatto-atlantis-sub | — | 0.4% | — |
| hf-engenharia-sub | — | 0.4% | — |
| recanto-passaros-sub | — | 0.4% | — |
| brasil-parques-sub | — | 0.3% | — |
| araguaina-park-sub | — | 0.3% | — |
| hf-engenharia-sr | — | 0.1% | — |
| Makaira Beach Resort | Atalaia Island — Canavieiras/BA | 100.0% | — |
| Ondas Praia Resort | Porto Seguro/BA | 30.0% | — |
HHI 0.13 — moderada.
| Breakdown | Share |
|---|---|
| By state | Northeast (BA) 13.7% · Southeast (SP) 41.2% · Midwest (GO+MT) 13.7% · Sul (PR+RS) 24.3% · North (PA+TO) 0.8% |
| By index | IPCA+ 97.0% · INPC+ 0.9% · PreFixado 2.1% |
P/BV of 0.037 = units are trading at 3.7% of declared book value.
last close R$ 1.02 · all-time low R$ 0.63 · high R$ 13.00 · book value per unit R$ 36.72.
Average daily volume (21 sessions) of R$ 15,391 · 12-month average of R$ 22,000.
Exit unfeasible for positions above R$ 50k without accepting an additional 5-15% discount in book-crossing auctions
| Period | What happened |
|---|---|
| Capital raising and aggressive growth | Fund incepted on 08/30/2019 with R$ 19M and 1.9M units. In 2 years it grew to R$ 461M and 35M units via 5 offerings. Peak DPU in Sep/2021 = R$ 0.20/unit (R$ 1.20 post-split equivalent). The fund was managed by Hectare Capital until 2021. |
| Pre-deterioration plateau | NAV stabilized at ~R$ 470-500M. DPU ranged between R$ 0.07 and R$ 0.17/unit monthly. January/2022: acquisition of SERRAVD TD for R$ 111M (manager R Capital). Early signs of saturation in the fractional ownership segment — declining sales in developments held via Land Tordesi. |
| Suspension of distributions and asset sales | February/2023: LAST monthly distribution (R$ 0.05/unit). Since then, 23 months without distributions. May/2023: notice shows that cash shortages make the continuation of developments unviable. On 03/26/2024, SPE Land Tordesi sold Resort do Lago (cost R$ 79.2M) for R$ 4.6M and Kawana Residence (cost R$ 38.4M) for R$ 5.4M. |
| Public crisis: qualification, headline, and forced reverse split | Sep/2024: Conatus auditor issues a QUALIFIED opinion for the second consecutive year on the 2023 financial statements (Land Tordesi without financial statements, R CAP 1810 with a disclaimer, Serra Verde with a qualification). Oct/2024: Estadão publishes an article 'FII sells properties for dirt cheap' prompting an official letter from B3. Nov/2024: unit drops below R$ 1.00. Jan/2025: CVM orders a |
| Post-split in a new freefall | Post-split the unit opened at ~R$ 3.80 but plunged again: R$ 2.60 (Oct/2025), R$ 2.20 (Nov/2025), R$ 1.97 (early 2026), R$ 1.35 (May/2026). DPU stabilized at R$ 0.01/unit monthly (~R$ 0.06 pre-split equivalent). 7 of the 12 CRIs in extended grace periods; CRI Solar das Águas had a compulsory buyback approved in Nov/2025. |