Formerly TRX Real Estate FII (CNPJ 28.548.288/0001-52). IPO on October 15, 2019. In March 2026, it incorporated assets from TRXB11 and concluded its 12th offering (62.43 million units). In July 2026, it concluded the indirect acquisition of Hotel Emiliano Rio de Janeiro (R$ 260M), marking the portfolio's first venture into luxury hospitality. In July 2026, it signed a binding proposal for the indirect acquisition of a AAA logistics complex in Guarulhos, São Paulo (3 warehouses: K100, K200, and K300, GLA of 237,390 sqm, leased to Mercado Livre) for R$ 1.435 billion — the largest acquisition in the fund's history; the portfolio now comprises 115 properties with a total GLA of 1,484,861 sqm.
Segment: Brick-and-mortar / Urban income — Multi-category (retail, wholesale, logistics, education, healthcare, bank branches, shopping malls, luxury hospitality) · Price R$ 71.8 · P/BV 0.7397 · BV/unit R$ 97.07 · Net assets R$ 6,06 Bi · 343,736 unitholders · 123 assets
TRXF11 (TRX Real Estate) is a Brazilian REIT in the Brick-and-mortar / Urban income — Multi-category (retail, wholesale, logistics, education, healthcare, bank branches, shopping malls, luxury hospitality) segment. Formerly TRX Real Estate FII (CNPJ 28.548.288/0001-52). IPO on October 15, 2019. In March 2026, it incorporated assets from TRXB11 and concluded its 12th offering (62.43 million units). In July 2026, it concluded the indirect acquisition of Hotel Emiliano Rio de Janeiro (R$ 260M), marking the portfolio's first venture into luxury hospitality. In July 2026, it signed a binding proposal for the indirect acquisition of a AAA logistics complex in Guarulhos, São Paulo (3 warehouses: K100, K200, and K300, GLA of 237,390 sqm, leased to Mercado Livre) for R$ 1.435 billion — the largest acquisition in the fund's history; the portfolio now comprises 115 properties with a total GLA of 1,484,861 sqm.
Leases supermarkets, hospitals, shopping malls, and logistics warehouses to major chains under long-term leases and distributes rental income monthly. Please note: on August 5, 2026, the fund approved its 13th unit offering (up to a +170% increase in the number of units, priced at a premium to market); unitholders have preemptive rights through August 26, 2026.
This page gathers the factual snapshot of TRXF11 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 is one of Brazil's leading brick-and-mortar Brazilian REIT-style fund (FII) managers, specializing in long-term atypical build-to-suit (BTS) and sale-and-leaseback (SLB) contracts with major corporate retailers. It manages over R$ 10 billion in assets across more than 150 properties. In March 2026, the firm hired Paulo Tilkin (formerly with Iguatemi for 11 years) to lead its shopping center strategy and expand its specialized team. BRL Trust DTVM acts as the administrator. In August 2025, Apex Group assumed the role of fiduciary administrator, with no operational impact on unitholders.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Logistics Warehouse Mercado Libre | Guarulhos/SP | 17.6% | — |
| TRXB11 | — | 11.7% | — |
| TR2 EMPREENDIMENTOS | — | 4.5% | — |
| K100 Logistics Warehouse - Guarulhos/SP | Guarulhos/SP | 4.1% | — |
| CLSM11 | — | 3.5% | — |
| Ânima College – Canoas/RS | Canoas/RS | 3.5% | — |
| Ânima College – Porto Alegre/RS | Porto Alegre/RS | 3.5% | — |
| BTG PACTUAL RENDA METROPOLITANA FII RL | — | 3.4% | — |
| FORTE MAR EMPREENDIMENTOS | — | 3.1% | — |
| HIRE11 - HIRE FII | — | 3.0% | — |
| Grupo Mateus Store - Salvador/BA | Salvador/BA | 2.8% | — |
| CPSH11 - FII CPSH | — | 2.5% | — |
| EZTB11 | — | 2.5% | — |
| K300 Logistics Warehouse | Guarulhos/SP | 2.5% | — |
| LOG Recife II | Jaboatão dos Guararapes/PE | 2.5% | 100% |
| Shopee Logistics Warehouse - Londrina/PR | Londrina/PR | 2.5% | — |
| CRI CRI_24E3617804 - OPEASEC · 334th issuance, 2nd series | — | 2.4% | — |
| Leroy Merlin Store – Salvador/BA | Salvador/BA | 2.3% | — |
| K200 Logistics Warehouse - Guarulhos/SP | Guarulhos/SP | 2.2% | — |
| TRXY11 | — | 2.1% | — |
| Assaí Interlagos Store – São Paulo/SP | São Paulo/SP | 2.0% | — |
| TR6 EMPREENDIMENTOS IMOBILIARIOS LTDA | — | 1.9% | — |
| Albert Einstein Hospital – São Paulo/SP* | São Paulo/SP | 1.5% | — |
| Assaí Store – Cotia/SP | Cotia/SP | 1.5% | — |
| TR9 EMPREENDIMENTOS IMOBILIARIOS LTDA | — | 1.4% | — |
| Atacadão Store - Mossoró/RN | Mossoró/RN | 1.4% | — |
| Obramax Store – São Gonçalo/RJ | São Gonçalo/RJ | 1.4% | — |
| Mercado Libre Logistics Warehouse – Araucária/PR | Araucária/PR | 1.3% | — |
| Assaí Store - Goiânia/GO | Goiânia/GO | 1.3% | — |
| Shopping Via Pampulha – Belo Horizonte/MG | Belo Horizonte/MG | 1.3% | 97% |
| Obramax Store – Suzano/SP | Suzano/SP | 1.3% | — |
| Assaí | Paulo Afonso/BA | 1.2% | — |
| Cruzeiro do Sul College – Guarulhos/SP | Guarulhos/SP | 1.2% | — |
| Obramax Store – Piracicaba/SP | Piracicaba/SP | 1.2% | — |
| Assaí Store – São Bernardo do Campo/SP | São Bernardo do Campo/SP | 1.2% | — |
| Cogna College – Campinas/SP | Campinas/SP | 1.2% | — |
| Albert Einstein Pinheiros Hospital – São Paulo/SP | São Paulo/SP | 1.1% | — |
| Shopping Via Barreiro – Belo Horizonte/MG | Belo Horizonte/MG | 1.1% | 94.6% |
| TR14 EMPREENDIMENTOS IMOBILIARIOS | — | 1.1% | — |
| TR8 EMPREENDIMENTOS IMOBILIARIOS LTDA | — | 1.1% | — |
HHI 0.0679 — low.
| Breakdown | Share |
|---|---|
| By state | Sudeste 51.8% · Nordeste 23.0% · Centro-Oeste 5.6% · Norte 5.1% · Sul 8.7% · Outros 5.8% |
| By tenant | Mercado Livre 18.2% · Assaí Atacadista 9.7% · Grupo Mateus 9.3% · Pão de Açúcar (PCAR3) 5.7% · Albert Einstein Hospital 8.6% · Sírio-Libanês 3.6% |
| By index | IPCA 81.0% · IGP-M 6.1% · IGP-DI 2.4% · Outros 10.5% |
P/BV of 0.89 on BV/unit of R$ 95.75 (Jun/26). The book discount exists, but BV carries properties appraised before the expansion cycle and does not deduct financial expenses coming in starting Dec/2026 — read this figure with that caveat, not as an automatic margin of safety.
last close R$ 71.8 · all-time low R$ 68.97 · high R$ 117.20 · book value per unit R$ 97.07.
Average daily volume (21 sessions) of R$ 22,940,000 · 12-month average of R$ 13,000,000.
Exceptional liquidity. Top 5 among Brazilian FIIs. A R$ 1M position can be sold in less than 1 hour of trading without moving the price.
| Period | What happened |
|---|---|
| IPO on B3 at R$ 100/unit | Launched as a retail build-to-suit brick-and-mortar FII, focusing on sale-and-leaseback transactions with grocery retail chains. |
| COVID-19 pandemic — distributions per unit temporarily reduced (R$ 0.34–0.45) | The fund faced revenue pressure in August-September 2020 amid isolated lease renegotiations. By October 2020, distributions per unit had recovered to R$ 0.70/unit. |
| Formation of TRXB11 (subsidiary housing securitizations) | Creation of TRX Real Estate II as a separate vehicle to raise capital via specific securitizations, subsequently fully absorbed into TRXF11. Detailed further in the May 2023 Management Report. |
| Acquisitions of Mercado Livre (Araucária/PR) and Hlog Cabreúva properties | Reinforcement of logistics holdings with high-grade warehouses leased to AAA tenants. |
| Extraordinary distribution — R$ 2.50/unit | Capital gains from asset sales plus consolidated reserves from the second half of 2024. |
| Extraordinary distribution — R$ 1.51/unit (first half of 2025) | Capital gains plus semi-annual reserves. |
| 12th Unit Offering (R$ 3.2 billion) | Launch of the 12th unit offering to absorb TRXB11 and finance acquisitions. Prospectus amended on October 15, 2025 (ID 1015047). |
| MoU with Atacadão for 7 properties (R$ 297 million) | Execution of a memorandum of understanding for the sale-and-leaseback of 7 Atacadão stores for R$ 297.16 million, featuring 15-year atypical leases. Notice dated November 6, 2025 (ID 1029899). |
| MoU for the sale of 9 properties for R$ 672 million (capital gains) | TRXF11 and TRXB11 to sell 9 properties (Sam's Club, Carrefour, Grupo Mateus, Sendas) for R$ 672 million. Estimated profit of R$ 230 million (R$ 7.08 per TRXF11 unit). Notice dated December 18, 2025 (ID 1065623). |
| Acquisition of Sírio-Libanês Hospital — "O Parque" Complex | Acquisition of office floors leased to Sírio-Libanês for a total of R$ 328.4 million (R$ 219.4 million purchase price + R$ 109 million in construction). Atypical build-to-suit lease through February 2054, with an 8% p.a. cap rate and an initial termination penalty of R$ 180 million. |
| Completion of the 12th Unit Offering — 62.43 million units | Total capital increased to R$ 6.24 billion; unitholder count reached 270 thousand. Paulo Tilkin (formerly with Iguatemi for 11 years) assumed leadership of the shopping center strategy. |
| Completion of the Sírio-Libanês acquisition (9 floors in Torre Orvalho) | On May 29, 2026, the acquisition of 9 floors in the "O Parque" Complex was concluded for R$ 219 million plus an estimated R$ 109 million in capex. Atypical lease contract with Sírio-Libanês through 2054. Trophy tenant; property count increased from 122 to 124. |
| MoU for the sale of 2 GPA properties (Goiânia/GO) — R$ 74 million, profit of R$ 24.5 million | On May 20, 2026, an MoU was signed for the sale of 2 retail assets leased to Grupo Pão de Açúcar in Goiânia/GO. Value of approximately R$ 74 million, net profit of R$ 24.5 million (R$ 0.39/unit). Reduces concentration in PCAR3 and generates capital for asset recycling. Extraordinary dividend estimated for June (R$ 1.30–1.80/unit) partially funded by this capital gain. |
| Completion of the acquisition of Hotel Emiliano Rio de Janeiro (R$ 260 million) | Concluded the indirect acquisition of Hotel Emiliano (3804 Atlântica Ave., Copacabana/RJ) via Forte Mar Empreendimentos S.A. for a total of R$ 260 million (R$ 30.56 million in units + R$ 114.72 million in cash + R$ 114.72 million payable within up to 6 months). Lease contract: 20 years (10 atypical + 10 standard). TRXF11's inaugural hospitality investment — portfolio expands to 125 properties. |
| Indirect acquisition of the Guarulhos/SP logistics complex (R$ 1.435B) | SPA signed for the acquisition of 3 AAA warehouses (K100, K200, K300) in Guarulhos/SP, with a total GLA of 237,390 sqm and Mercado Livre as anchor tenant (10-year atypical leases). K200 already delivered (May/2026), K100 partial delivery in Jul/2026 and complete in Oct/2026, K300 under development (forecasted for Aug/2027, conditional). Total value of R$ 1.435 billion payable in 4 semiannual insta |