Brick logistics — last-mile / industrial warehouses
Segment: Logistics (Brick) · Price R$ 46.59 · P/BV 0.6076 · BV/unit R$ 76.68 · Net assets R$ 593 Mi · 41,170 unitholders · 5 assets
TRBL11 (Tellus Rio Bravo Renda Logística FII) is a Brazilian REIT in the Logistics (Brick) segment. Brick logistics — last-mile / industrial warehouses
Owner of five logistics and industrial warehouses in the Southeast and Bahia, leased to major companies such as Shopee, Braskem, and Ambev, distributing rent as monthly tax-exempt income. In June 2026, the fund brought vacancy to zero (0%) and completed its transition: extra income from property sales has ended, and recurring distributions shifted to approximately R$ 0.45/unit per month, as confirmed by the manager.
This page gathers the factual snapshot of TRBL11 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: Rio Bravo Investimentos + Tellus (co-management).
Rio Bravo Investimentos + Tellus co-management since 2018. Rio Bravo (which also acts as administrator via its DTVM) is responsible for cash management, investor relations, and capital raising. Tellus handles condominium relations, maintenance, and negotiations with smaller tenants — while prospecting and major contracts are handled jointly. Solid track record: they took over a fund whose history began in 2012 with a very different profile (Multimodal Duque de Caxias) and recycled the portfolio toward a last-mile / logistics thesis near capital cities. Technical communication, explicit guidance per unit, and high transparency in financial statements.
See our analysis of Rio Bravo Investimentos + Tellus (co-management) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Centro Logístico Contagem (CLC) | Contagem/MG — Belo Horizonte Metropolitan Area | 100.0% | 1.0% |
| One Park Industrial | Ribeirão Pires/SP — ABC Paulista Region | 100.0% | 1.0% |
| TRBL Guarulhos I | Guarulhos/SP — São Paulo Metropolitan Area | 100.0% | 1.0% |
| TRBL Guarulhos II (GRU LOG) | Guarulhos/SP — Airport Corridor | 100.0% | 1.0% |
| TRBL Feira de Santana (Ambev) | Feira de Santana/BA | 100.0% | 1.0% |
HHI 0.282 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 93.0% · Nordeste 7.0% |
| By tenant | Shopee Brasil 34.4% · Braskem 22.6% · Ambev 8.6% · Futura Tintas 8.1% · Platinum Log + Dican + Typmann (GRU LOG) 12.2% |
| By index | IPCA 83.0% · IGP-M 17.0% |
P/BV of 0.82 — the fund trades at a meaningful discount to book value. The BV of R$ 80.18 per unit (Apr/26) already incorporates the negative reappraisal of Contagem in Dec/25. The next appraisal report (expected Dec/26) should partially restore Contagem's value, lifting BV per unit. The 18% discount to BV provides a reasonable margin of safety, but also reflects the step-down in recurring DPU expected for 2H/26.
last close R$ 46.59 · all-time low R$ 53.37 · high R$ 102.99 · book value per unit R$ 76.68.
Average daily volume (21 sessions) of R$ 1,100,000 · 12-month average of R$ 800,000.
Fair liquidity — the manager reports an average daily trading volume of R$ 1.53M in Feb/26 (the 12-month average of R$ 765k shows a recent uptick). Positions of up to R$ 500k can be exited in ~2 business days without moving the price. Positions above R$ 5M require 1-2 weeks of careful execution.
| Period | What happened |
|---|---|
| Fund Inception | IPO on Nov 16, 2012, with the acquisition of Multimodal Duque de Caxias (44,100 sqm). Initial focus on heavy/multimodal logistics. |
| Rio Bravo + Tellus co-management takes over | Entry of current co-management and start of portfolio recycling. 2nd offering completed with the acquisition of One Park. |
| 3rd offering — One Park completed | Completion of the 3rd offering and acquisition of the second tranche of One Park (51,100 sqm). |
| International Business Park Acquisition | Acquisition of IBP (52,000 sqm) in the 4th offering. |
| One Park Acquisition (30,700 sqm) + Guarulhos Warehouse | Completion of the 5th offering; acquisition of the third fraction of One Park and the Guarulhos Warehouse (19,700 sqm). |
| 1st installment for CLC Contagem acquisition | Start of the acquisition of Centro Logístico Contagem (121,700 sqm) — operation partially in SPV with usufruct. |
| Completion of CLC + Guarulhos Warehouse construction | Completion of the CLC corporate structure and finalization of fit-out work at the Guarulhos Warehouse. |
| Ticker change to TRBL11 | Formal ticker change to reflect the new post-recycling identity. |
| Sale of Duque de Caxias + IBP | Disposal of Multimodal Duque de Caxias and International Business Park assets (96,100 sqm combined) — exiting the multimodal profile. |
| 6th offering — GRU LOG + Ambev Feira de Santana | Completion of the 6th offering and acquisition of TRBL Guarulhos II (GRU LOG) and the Ambev Feira de Santana warehouse. |
| -28% Contagem asset appraisal write-down | CBRE appraisal from Dec/2025 cuts Contagem's value by -28.27% due to prolonged warehouse vacancy. |
| Receipt of R$ 109M from Duque de Caxias sale | Early receipt of the last 2 installments from the Duque de Caxias sale — capital gain of R$ 47.7M. |
| Contagem Shopee Lease (5 years) + early CRI amortization | Full lease of the Contagem warehouse to Shopee under a typical 60-month contract (starting May/26). Early CRI amortization reduces LTV to 15.62% |