Formerly BB Progressivo II FII (BBPO11) — renamed in Oct/2023 when active management was assumed by Tivio Capital. CNPJ 14.410.722/0001-29.
Segment: Brick · Urban Income + Office Buildings · Price R$ 88.34 · P/BV 0.8796 · BV/unit R$ 100.43 · Net assets R$ 1,60 Bi · 58,307 unitholders · 58 assets
TVRI11 (Tivio Renda Imobiliária FII) is a Brazilian REIT in the Brick · Urban Income + Office Buildings segment. Formerly BB Progressivo II FII (BBPO11) — renamed in Oct/2023 when active management was assumed by Tivio Capital. CNPJ 14.410.722/0001-29.
Owner of 50+ properties across 14 states — formerly Banco do Brasil branches — replacing tenants nationwide, leasing to supermarkets, clinics, and offices while distributing monthly income. Watch out: almost all contracts with BB expire in Nov/2027.
This page gathers the factual snapshot of TVRI11 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: Tivio Capital DTVM S.A..
Tivio Capital evolved from BV Asset (formerly Votorantim Asset) following a corporate restructuring in 2023. It took over BBPO11 — an 11-year-old passive fund — and delivered in just over 2.5 years: 9 sales (~R$ 200M), CACEX re-leased within 5 months of BB's return, and two strategic acquisitions (Hortifruti Botafogo and Day Hospital Santo André) with cap rates of 10.4–10.6% and long-term leases (2035–2037). In 2026, it won 3rd place in the InfoMoney Outliers ranking in the Brick FII category. Risk: the fund needs to deliver a much higher volume of recycling over the next 17 months — ~49 BB branches remain in the portfolio with maturities concentrated in Nov/2027.Active transition portfolio: 55 BB branches/offices + 2 new properties (Hortifruti, Day Hospital). Florianópolis Branch sold Jun/2026. 9 accumulated sales.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Edifício Sede III - Brasília | QD. 1, BL.G, LT. 32 - Brasília/DF | — | — |
| CSL São Paulo (3 addresses) | Av. S. João, 32 / R. Líbero Badaró, 568 / R. S. Bento, 465 - SP | — | — |
| Belo Horizonte Branch | R. Rio de Janeiro, 750 - BH/MG | — | — |
| CSL Curitiba | Pç. Tiradentes, 410 - Curitiba/PR | — | — |
| Tamoios Branch BH | R. Tamoios, 731 - BH/MG | — | — |
| CSL Belo Horizonte | R. da Bahia, 2500 - BH/MG | — | — |
| Belém - Centro Branch | Av. Presidente Vargas, 248 - Belém/PA | — | — |
| CSL Brasília (Goiânia) | Av. Goiás, 980 - QD.14 - Goiânia/GO | — | — |
| CACEX Building | R. São Bento, 483 - SP | — | — |
| Ag. Manaus | R. Guilherme Moreira, 315 - Manaus/AM | — | — |
| Ipiranga Branch - SP | R. Bom Pastor, 153/169 - SP | — | — |
| Afonso Pena Branch (Campo Grande) | Av. Afonso Pena, 2202 - Campo Grande/MS | — | — |
| Campos Elíseos Branch | Av. Rio Branco, 1437 - SP | — | — |
| Praça Rui Barbosa Branch - Bauru | Pç. Rui Barbosa, 1-55 - Bauru/SP | — | — |
| Day Hospital Santo André | Av. Dom Pedro II, 655 - Santo André/SP | — | — |
| Hortifruti Botafogo | R. Prof. Álvaro Rodrigues, 355 - RJ | — | — |
| Cinelândia Branch (RJ) | Av. 13 de Maio, 13 - RJ | — | — |
| São José do Rio Preto Branch | R. Voluntários de S.Paulo, 2975 - SJRP/SP | — | — |
| +40 other BB branches/offices | Diverse — SP, RJ, RS, SC, PR, MG, GO, DF, CE, AM, MS, MT, PA, SE | — | — |
HHI 0.1156 — Moderate-high concentration. HHI of 0.116 reflects the dominance of Edifício Sede III + 3 CSLs..
| Breakdown | Share |
|---|---|
| By state | SP 53.0% · DF 13.5% · RJ 14.4% · MG 14.0% · PR 6.5% · SC 2.9% |
book value per unit R$ 100.43.
| Period | What happened |
|---|---|
| 2012 | Fund created by Votorantim Asset with 64 properties acquired from Banco do Brasil. 10-year build-to-suit lease (through Nov/2022) with a base rent of R$ 144M/year, adjusted by IPCA. Trading commenced on Dec 30, 2012. |
| 2013 | BB contributed R$ 130.9M to cover necessary improvements during the 10-year lease term. Initial structure: base rent + property transfer tax (ITBI) + reserves. |
| 2017 | Stable monthly distribution throughout 2017 (average 0.99). 'CDI with an address' model: build-to-suit lease = predictable dividends. Attracts conservative unitholders. |
| 2020 | High IPCA inflation indexing during the pandemic drives DPU to a historical high of R$ 1.08. Annualized dividend yield around ~12% maintains attractiveness. |
| 2022 | In Nov/2022, the build-to-suit agreements expired. The 64 contracts were migrated to standard leases with rents renegotiated downward (average -8% according to history). DPU dropped from R$ 0.98 (2020) to R$ 0.89 (2022). A period of peak uncertainty. |
| 2023 | Unitholders approve shift to active management. Tivio Capital (restructured ex-BV Asset) takes over the mandate. Portfolio recycling process begins. |
| 2023 | Renamed to Tivio Renda Imobiliária with a new ticker. End of the 'BB fund' era. In Nov/2023, the first sale: Juiz de Fora Branch for R$ 54M (59% above appraisal, gain of R$ 1.78/unit). |
| 2024 | In 2024, Tivio executes 5 sales (Brás, Tijuca, Catedral Sorocaba, Ponta Grossa, Maringá) totaling R$ 77.6M. DPU rises gradually: R$ 0.97 → R$ 0.98 — combining non-recurring gains with IPCA adjustments on remaining contracts. |
| 2025 | Tivio executes the first acquisitions of the active era: Hortifruti Botafogo (R$ 25M, standard lease through 2035) and Day Hospital Santo André (R$ 21.6M via FII Bluerock + R$ 35.1M in assumed CRI debt, build-to-suit lease through 2037). Diversifies sectors (healthcare + retail) and extends WAULT. |
| 2026 | Sale of Toledo Branch for R$ 13M (57% above appraisal, cap rate 8.4%). DPU rises to R$ 1.05. TVRI11 wins 3rd place in the 2026 InfoMoney Outliers ranking for Brick FIIs. External validation of active management's work. |
| 2026 | In Feb/2026: BB notifies early termination of SJ Rio Preto, Tamoios, and Cinelândia (4.7% of revenue). In Mar/2026: plus Praça Rui Barbosa-Bauru and Belém-Centro. CACEX building returned in Jan/26. Projected financial vacancy jumps from 2.7% to 19% by Feb/2027. |
| 2026 | CACEX Building (R. São Bento, 483 - SP, 7,106 sqm), returned by BB in Jan/2026, is fully re-leased in May/2026 under a standard 120-month contract. Physical vacancy falls from 5.7% to 3.2% in 1 month. Demonstrates agility in re-leasing post-BB returns. |
| 2026 | Tivio Capital sells Florianópolis Branch (5,722 sqm, Pç XV de Novembro, 321 - Centro, Florianópolis/SC) for R$ 37,822,220 via binding purchase and sale agreement. Installment payment across 5 parts: R$ 7.2M upon signing + 4x R$ 7.65M semi-annually through Jun/2028. Total active management divestments rise to ~R$ 200M. |