Urca Prime Renda Fundo de Investimento Imobiliário (CNPJ 34.508.872/0001-87) — a Brazilian REIT-style fund (FII) holding a diversified portfolio of residential real estate receivables certificates (CRIs)
Segment: Paper / Granular CRI (Timeshare, Subdivision, Residential) · Price R$ 19.57 · P/BV 0.211 · BV/unit R$ 92.77 · Net assets R$ 1,09 Bi · 54,584 unitholders
URPR11 (Urca Prime Renda FII) is a Brazilian REIT in the Paper / Granular CRI (Timeshare, Subdivision, Residential) segment. Urca Prime Renda Fundo de Investimento Imobiliário (CNPJ 34.508.872/0001-87) — a Brazilian REIT-style fund (FII) holding a diversified portfolio of residential real estate receivables certificates (CRIs)
Lends money to dozens of residential developers and subdividers across Brazil, receiving interest and passing it on as monthly income. Note: several operations have stalled construction and are under renegotiation, which has weakened distributions since 2024.
This page gathers the factual snapshot of URPR11 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: Urca Gestão de Recursos.
Urca Gestão de Recursos originated from Urca Capital Partners, an investment banking boutique active since 2009 in structuring financial transactions for the real estate sector, focusing on granular receivables since 2015. It brought expertise in granular residential subdivisions and timeshare CRIs — segments with high spreads but elevated execution risk. URPR11's performance since its IPO stands at -2.8% p.a. (approximate IRR including paid distributions), evidence that the initial thesis (granular residential CRI with rates of IPCA + 12% to 16%) failed to materialize due to rising delinquencies. Management adopted a defensive stance in 2025-2026: it cut DPU, retained cash for construction injections, and is renegotiating distressed assets — which is correct in the long term but cost ~30% in unit price declines in the short term.Portfolio of 38 granular residential CRI/debenture/CCB operations — concentrated in subdivisions and timeshares
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Quinta da Mantiqueira (Riacho Doce) | Esplanada/Salvador, BA | 15.6% | — |
| J3 (Lagoa Quente) | Caldas Novas, GO | 8.3% | — |
| Maravista | Aracaju, SE | 8.3% | — |
| Imoguia | Bauru, SP | 7.9% | — |
| Haut 001 | Olímpia, SP | 13.2% | — |
| Lotelar III | Itapetininga, SP | 4.8% | — |
| Casa Holding | Rio de Janeiro, RJ | 4.8% | — |
| Nilo | Salto, SP | 1.9% | — |
| D'Paula | São Paulo, SP | 2.1% | — |
| Five Senses | Palmas, TO | 4.1% | — |
| Olimpo | Sousa, PB | 2.1% | — |
| Terras Altas | Aracaju, SE | 4.1% | — |
| Bio Barra | Rio de Janeiro, RJ | 0.5% | — |
| Brava Mundo | Itajaí, SC | 2.6% | — |
| Barbosa | Varginha, MG | 1.7% | — |
| Cristal Residence | Pojuca, BA | 1.7% | — |
| Gran Poeme | Goiânia, GO | 1.1% | — |
| Guestier | Recife, PE | 1.2% | — |
| Hot Beach | Patos/Taperoá, PB | 0.3% | — |
| Mariana Maria | Silvânia, GO | 1.9% | — |
| Melhoramentos | São Paulo, SP | 1.1% | — |
| Nabileque | Caldas Novas, GO | 2.1% | — |
| Nova Sousa | Monte Mor, SP | 1.7% | — |
| Pacto Urbanismo | Bananeiras, PB | 0.6% | — |
| Pardini | Divinópolis, MG | 0.8% | — |
| Paulo Afonso (YBY) | Paulo Afonso, BA | 1.2% | — |
| Prima | Extrema, MG | 1.8% | — |
| Riacho Doce | Maceió, AL | 8.9% | — |
| Sky | Parnamirim, RN | 2.2% | — |
| Victoria Brasil | Pelotas, RS | 1.7% | — |
| YBY (self-reference) | Paulo Afonso, BA | 1.2% | — |
| Yuca | São Paulo, SP | 1.0% | — |
Fund's P/BV.
last close R$ 19.57 · all-time low R$ 25.70 · high R$ 91.66 · book value per unit R$ 92.77.
| Period | What happened |
|---|---|
| IPO | 1st Offering of R$ 30M (295k units at R$ 100). 5 initial unitholders. |
| 2nd Offering — R$ 45M | Initial capital raising for portfolio expansion. |
| 3rd Offering — R$ 90M | Accelerated growth in residential CRI acquisitions. |
| 4th Offering — R$ 204M | Net assets surpass R$ 350M. |
| 5th Offering — R$ 191M | Net assets approach R$ 550M. |
| 6th Offering — R$ 444M | Largest offering in history. Net assets jump to R$ 1B. |
| 7th Offering — R$ 185M | Net assets reach R$ 1.2B (current NAV). |
| Pico de DPS | DPU reaches R$ 1.33/unit — DY of ~13% on book value per unit. |
| Beginning of DPU decline | DPU drops below R$ 1.00 (R$ 0.95) in Sep/2024 after several months at R$ 1.00-1.03. |
| Threshold break | DPU drops from R$ 0.80 (Mar) to R$ 0.69 (Apr) and R$ 0.45 (May). Unit price falls from R$ 60 to R$ 40. |
| Cash flow reorganization | Management announces withholding of interest from defaulting debtors under construction to preserve developments. R$ 45M less in 2024 distributions. |
| Adaptation to CVM Rule 175 | Bylaws amended for CVM Resolution 175 — transitions to a single class with "Limited Liability". |
| New DPU cut | DPU drops from R$ 0.40 to R$ 0.35. |
| Risk communication | Management formally discloses: D'Paula under corporate distress, Maravista out of compliance, Ilha do Sol changes brand without a structural solution. |
| Announcement of R$ 0.30 for May/2026 | May/2026 distribution announced at R$ 0.30/unit — an additional 14% cut over the R$ 0.35 level. |
| Units at R$ 28.30 (P/BV 0.28) | Market prices in a 72% discount to BV — a sign that the portfolio needs an impairment or at least a significant restructuring. |
| 2025 financial statements reissued twice | Administrator publishes "Resubmission of financial statements without qualifications" on Jun 19 and a new version on Jun 29. Annual General Meeting (AGM) approves 2025 accounts on Jun 29, 2026. NAV falls from R$ 1.21B to R$ 983M; BV per unit from R$ 102.63 → R$ 83.84. |
| 9th offering approved — R$ 150-300M at R$ 22.10/unit | Material fact notice Jun 26, 2026: approval of the 9th public offering. Price: R$ 22.10/unit (R$ 21.00 + R$ 1.10 fee). Units plummet 16.6% in trading to R$ 20.20 — below the offering price. Preemptive period: Jul 6-16, 2026 via B3. |