Professional Investor FII controlled by TRXF11 (TRXF11 holds 98.92% of the units). It was established on March 16, 2020, and used by TRX as a separate vehicle to raise funds through specific securitizations (SLB with PCAR3/Sendas). In March 2026, TRXF11 concluded its 12th offering (R$ 3.2B), absorbing part of TRXB11's portfolio — TRXB11 remains listed but with a reduced free float (~1.08% of the units, ~R$ 7.2M in market cap).
Segment: Brick-and-Mortar / Development — Multi-category (wholesale retail + supermarket, SLB with PCAR3/Sendas) · Price R$ 185.0 · P/BV 1.7614 · BV/unit R$ 105.03 · Net assets R$ 427 Mi · 906 unitholders · 14 assets
TRXB11 (TRX Real Estate II) is a Brazilian REIT in the Brick-and-Mortar / Development — Multi-category (wholesale retail + supermarket, SLB with PCAR3/Sendas) segment. Professional Investor FII controlled by TRXF11 (TRXF11 holds 98.92% of the units). It was established on March 16, 2020, and used by TRX as a separate vehicle to raise funds through specific securitizations (SLB with PCAR3/Sendas). In March 2026, TRXF11 concluded its 12th offering (R$ 3.2B), absorbing part of TRXB11's portfolio — TRXB11 remains listed but with a reduced free float (~1.08% of the units, ~R$ 7.2M in market cap).
SLB vehicle controlled by TRXF11 (98.92%), 1% free float, artificial P/BV of 1.80 — highly speculative exposure
This page gathers the factual snapshot of TRXB11 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: TRX Gestora de Recursos Ltda..
TRX Gestora de Recursos (CNPJ 13.362.610/0001-87) is one of Brazil's leading BTS/SLB brick-and-mortar FII managers, with offices at Av. Brigadeiro Faria Lima, 2179. It has over R$ 10B under management and +150 properties. In August 2025, Apex Group became the fiduciary administrator — with no operational changes. For TRXB11 specifically, TRX manages the strategy, but decision-making control lies with TRXF11 itself, which holds 98.92% of the units — effectively making TRXB11's retail unitholders minority holders in meetings.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Pão de Açúcar Aracaju | Rua José Seabra Batista, 30 — Jardins, Aracaju/SE | 100.0% | 1.0% |
| Extra Recife | Rua Benfica, 715 — Madalena, Recife/PE | 100.0% | 1.0% |
| Pão de Açúcar Goiânia (Setor Bueno) | Av. T-63 and T-15 — Setor Bueno, Goiânia/GO | 100.0% | 1.0% |
| Pão de Açúcar Goiânia (República do Líbano) | Av. República do Líbano, Quadra 56 — Setor Oeste, Goiânia/GO | 100.0% | 1.0% |
| Assaí Santo André | Av. Capitão Mário Toledo de Camargo, 5855 — Vila Luzita, Santo André/SP | 100.0% | 1.0% |
| Extra Rio das Ostras | Rodovia Amaral Peixoto — Jardim Campomar, Rio das Ostras/RJ | 100.0% | 1.0% |
| Extra Araruama | Rua México, 160 — Centro, Araruama/RJ | 100.0% | 1.0% |
| Assaí Campina Grande (70%) | Av. Assis Chateaubriand, 1110 — Liberdade, Campina Grande/PB | 70.0% | 1.0% |
| Assaí Jequié | Av. César Borges, s/n — São Judas Tadeu, Jequié/BA | 100.0% | 1.0% |
| Assaí Goiânia Independência | Av. Independência, s/n — Setor Central, Goiânia/GO | 100.0% | 1.0% |
| Assaí Goiânia Jardim Europa | Av. Milão, Quadra 50/51 — Jardim Europa, Goiânia/GO | 100.0% | 1.0% |
| Assaí Paulo Afonso | Av. do Aeroporto, 13 — Jardim Bahia, Paulo Afonso/BA | 100.0% | 1.0% |
| Assaí Bauru | Bauru/SP (full address in Annual Report) | 100.0% | 1.0% |
| Assaí Dourados | Dourados/MS (full address in Annual Report) | 100.0% | 1.0% |
| VBI Consumo Essencial FII | — | 5.4% | — |
HHI 0.42 — alta.
| Breakdown | Share |
|---|---|
| By state | Nordeste 39.0% · Centro-Oeste 34.0% · Sudeste 27.0% |
| By tenant | Sendas Distribuidora S.A. (Assaí — ASAI3) 65.9% · Companhia Brasileira de Distribuição (PCAR3 — Pão de Açúcar/Extra) 34.1% |
Units trade at R$ 177.55 against a book value per unit of R$ 98.70 — an 80% premium over net assets.
last close R$ 185.0 · all-time low R$ 104.00 · high R$ 190.00 · book value per unit R$ 105.03.
Average daily volume (21 sessions) of R$ 5,338,830 · 12-month average of R$ 1,850,000.
Average daily trading volume over the last 21 days inflated by trading activity ahead of TRXF11's 12th offering; the 252-day average (~R$ 1.85M) is more representative. Positions > R$ 500 thousand require days to liquidate without moving the price.
| Period | What happened |
|---|---|
| Establishment of TRXB11 | Fund registered on March 16, 2020 (CNPJ 36.368.925/0001-37) as an exclusive SLB vehicle to raise capital through specific securitizations. Initial target audience: Professional Investors. |
| Start of trading on B3 | Units begin trading on August 6, 2020, at R$ 110/unit. Initial DPUs in the R$ 0.40–0.80/unit range. |
| Establishment as a strategic subsidiary of TRXF11 | TRX explained in May 2023 (Management Report and Webcast) that TRXB11 is a vehicle to raise capital via its own securitizations, with TRXF11 as controller. From this point on, the corporate structure is explicitly declared. |
| Unit reaches high of R$ 190 | On August 7, 2024, amid very low liquidity, the unit hit a historical peak of R$ 190 — a P/BV of ~1.60 at the time. |
| 6th Offering and extraordinary distribution (DPU R$ 5.00) | In November 2024, the 6th Offering was approved (333,334 new units at R$ 120.33 + distribution fee). DPU rose to R$ 5.00 in Nov/2024 and R$ 6.16 in Dec/2024 — an extraordinary distribution tied to property sales. |
| MOU to sell Assaí Teresina for R$ 69M (cap rate of 7.85%) | Announcement of the MOU to sell the Assaí Teresina/PI property. Estimated profit of R$ 7.1M (R$ 2.09/unit for TRXB11; R$ 0.46/unit for TRXF11). IRR of 10.5% (131.69% of CDI). |
| MOU to sell Assaí Goiânia Parque Amazônia for R$ 89M | MOU to sell the Assaí Goiânia Parque Amazônia property. Estimated profit of R$ 19M (R$ 5.07/unit for TRXB11; R$ 0.58/unit for TRXF11). IRR of 15% (145% of CDI). Concluded on November 24, 2025. |
| Extraordinary distribution (DPU R$ 6.50) | In November 2025, the DPU jumped to R$ 6.50/unit, reflecting the distribution of profit from the sale of the Assaí Goiânia property + other events. |
| TRXF11's 12th Offering absorbs part of TRXB11's assets | TRXF11 concluded its 12th Offering (R$ 3.2B), absorbing part of TRXB11's assets. From this point forward, TRXF11's control over TRXB11 becomes even clearer. TRXB11 units rise to 4.066M (from 3.746M in Dec/2025). |