Former TRX Real Estate FII (CNPJ 28.548.288/0001-52). IPO on Oct 15, 2019. In Mar/2026, it incorporated assets from TRXB11 and completed its 12th offering (62.43M units). In Jul/2026, it completed the indirect acquisition of Hotel Emiliano Rio de Janeiro (R$ 260M), marking the fund's first entry into luxury hospitality. In Jul/2026, it signed a CVC for the indirect acquisition of an AAA logistics complex in Guarulhos/SP (3 warehouses K100/K200/K300, GLA 237,390 sqm, tenant Mercado Livre) for R$ 1.435B — the largest acquisition in the fund's history; the portfolio now stands at 115 properties with a GLA of 1,484,861 sqm.
Segment: Brick-and-mortar / Urban Income — Multi-category (retail, wholesale, logistics, education, health, agencies, 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, health, agencies, shopping malls, luxury hospitality) segment. Former TRX Real Estate FII (CNPJ 28.548.288/0001-52). IPO on Oct 15, 2019. In Mar/2026, it incorporated assets from TRXB11 and completed its 12th offering (62.43M units). In Jul/2026, it completed the indirect acquisition of Hotel Emiliano Rio de Janeiro (R$ 260M), marking the fund's first entry into luxury hospitality. In Jul/2026, it signed a CVC for the indirect acquisition of an AAA logistics complex in Guarulhos/SP (3 warehouses K100/K200/K300, GLA 237,390 sqm, tenant Mercado Livre) for R$ 1.435B — the largest acquisition in the fund's history; the portfolio now stands at 115 properties with a GLA of 1,484,861 sqm.
Leases supermarkets, hospitals, malls and logistics warehouses to large chains under long contracts and distributes rents monthly. Note: on August 5, 2026 the fund approved the 13th issuance (up to +170% in unit count, at a price above market); unitholders have pre‑emptive rights until 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 the main managers of brick-and-mortar REITs in Brazil, specialized in long atypical contracts (BTS and SLB) with large chains. It has +R$ 10B under management and +150 properties. In Mar/2026 it brought in Paulo Tilkin (11 years at Iguatemi) to lead the Shopping Centers thesis, expanding the specialized team. The administrator is BRL Trust DTVM. In Aug/2025 Apex Group became the fiduciary administrator — with no operational change for the unitholder.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Sírio-Libanês Hospital — "O Parque" Complex | Brooklin, near Av. Chucri Zaidan — São Paulo/SP | 100.0% | 1.0% |
| Hotel Emiliano Rio de Janeiro (via Forte Mar Empreendimentos e Participações S.A.) | Av. Atlântica, 3804, Copacabana, Rio de Janeiro/RJ | 100.0% | 1.0% |
| Hospital Albert Einstein Parque Global (em obra — entrega jul/26) | Marginal Pinheiros, 14,500 — Real Parque, São Paulo/SP | 100.0% | 1.0% |
| Mercado Livre Warehouse — Araucária/PR | Av. Cézar Hasselmann, 499-497, Fazenda Velha, Araucária/PR | 100.0% | 1.0% |
| Leroy Merlin Salvador/BA | Av. Antonio Frederico Cabral, 1300, Salvador/BA | 100.0% | 1.0% |
| Corporate Garden — Link School (São Paulo/SP) | Av. Brigadeiro Luís Antônio, 5083 | 100.0% | 1.0% |
| ViaBrasil Shopping — Belo Horizonte/MG | Av. Afonso Vaz de Melo, 640, Belo Horizonte/MG | 100.0% | 0.8715% |
| São Luís Shopping — São Luís/MA | Av. Prof. Carlos Cunha, 1000, São Luís/MA | 17.0% | 0.9394% |
| BLCA11 | — | 0.2% | — |
| CPUR11 | — | 1.9% | — |
| IBBP11 | — | 0.9% | — |
| TRXY11 | — | 0.9% | — |
| PQAG11 | — | 0.5% | — |
| Guarulhos AAA Logistics Complex (K100, K200, K300) — via Matriz Log REIT | Av. Paschoal Thomeu, 25,545 — Guarulhos/SP | 50.0% | 0.7164% |
HHI 0.142 — baixa.
| 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 the BV/unit of R$ 95.75 (Jun/26). The book discount exists, but the BV carries properties valued before the expansion cycle and does not discount the financial expense that starts from Dec/2026 — read the number with this caveat, not as an automatic margin of safety.
last close R$ 71.8 · all-time low R$ 88.01 · 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 Brazilian FIIs. R$ 1M position exits in less than 1 hour of trading without moving price.
| Period | What happened |
|---|---|
| IPO on B3 at R$ 100/unit | Launched as a brick-and-mortar BTS (build-to-suit) retail FII (Brazilian REIT), focused on sale-and-leaseback of grocery chains. |
| COVID Pandemic — DPS (distribution per unit) temporarily reduced (R$ 0.34-0.45) | Fund faced revenue pressure in Aug-Sep/2020 with spot renegotiations. By Oct/2020, it resumed DPS of R$ 0.70/unit. |
| Constitution of TRXB11 (subsidiary with securitizations) | Creation of TRX Real Estate II as a separate vehicle to raise capital with specific securitizations, fully incorporated into TRXF11. Deep dive explained in the May/23 Management Report. |
| Acquisitions of Mercado Livre (Araucária/PR) and Hlog Cabreúva | Logistics reinforcement with high-grade warehouses from AAA tenants. |
| Extraordinary distribution — R$ 2.50/unit | Capital gains from asset sales + consolidated reserve from 2H2024. |
| Extraordinary distribution — R$ 1.51/unit (1H2025) | Capital gains + semi-annual reserve. |
| 12th Unit Offering (R$ 3.2B) | Launch of the 12th offering to incorporate TRXB11 and finance acquisitions. Prospectus modification on October 15, 2025 (ID 1015047). |
| MOU with Atacadão for 7 properties (R$ 297M) | Signing of Memorandum of Understanding for sale-and-leaseback of 7 Atacadão stores for R$ 297.16M, with 15-year atypical lease. Notice November 6, 2025 (ID 1029899). |
| MOU sale of 9 properties for R$ 672M (capital gains) | TRXF11 + TRXB11 would sell 9 properties (Sam's Club, Carrefour, Grupo Mateus, Sendas) for R$ 672M. Estimated profit R$ 230M (R$ 7.08/unit TRXF11). Notice December 18, 2025 (ID 1065623). |
| Acquisition of Sírio-Libanês Hospital — "O Parque" Complex | Acquisition of office buildings leased to Sírio-Libanês for R$ 328.4M total (R$ 219.4M payment + R$ 109M works). Atypical BTS until Feb/2054, 8% p.a. cap rate. Initial termination penalty of R$ 180M. |
| Conclusion of 12th Offering — 62.43M units | Total capital rose to R$ 6.24B; 270k unitholders. Paulo Tilkin (11 years Iguatemi) takes over Shopping Centers thesis. |
| Conclusion of Sírio-Libanês acquisition (9 floors Torre Orvalho) | On May 29, 2026, the acquisition of 9 floors in the "O Parque" Complex was concluded for R$ 219M + R$ 109M estimated capex. Atypical contract with Sírio-Libanês Hospital until 2054. Trophy tenant; property count rises from 122 to 124. |
| MOU sale of 2 GPA properties (Goiânia/GO) — R$ 74M, profit R$ 24.5M | On May 20, 2026 a MOU was signed for the sale of 2 retail assets leased to Grupo Pão de Açúcar in Goiânia/GO. Value ~R$ 74M, net profit R$ 24.5M (R$ 0.39/unit). Reduces concentration in PCAR3 and generates capital for recycling. Extraordinary distribution estimated for June (R$ 1.30-1.80/unit) partially financed by this gain. |
| Conclusion of the acquisition of the Hotel Emiliano Rio de Janeiro (R$ 260M) | Indirect acquisition of Hotel Emiliano (Av. Atlântica, 3804, Copacabana/RJ) via Forte Mar Empreendimentos S.A. for a total of R$ 260M (R$ 30.56M in units + R$ 114.72M cash + R$ 114.72M payable within 6 months). Lease contract: 20 years (10 atypical + 10 typical). First hotel venture for TRXF11 — portfolio now 125 properties. |
| Indirect acquisition of the logistics complex Guarulhos/SP (R$ 1.435B) | CVC signed for acquisition of 3 AAA warehouses (K100, K200, K300) in Guarulhos/SP, with total GLA of 237,390 sqm and Mercado Livre as anchor tenant (atypical 10-year contracts). K200 already delivered (May/2026), K100 partial delivery Jul/2026 and full delivery Oct/2026, K300 in development (forecast Aug/2027, conditional). Total value R$ 1.435B in 4 semi‑annual installments. Subordinated Unit str |