Valora RE III (former name, until Jun/2025)
Segment: Real Estate Receivables (CRI paper — active management, predominantly CDI indexation) · Price R$ 9.43 · P/BV 0.9613 · BV/unit R$ 9.81 · Net assets R$ 1,43 Bi · 277,602 unitholders
VGIR11 (Valora CRI CDI) is a Brazilian REIT in the Real Estate Receivables (CRI paper — active management, predominantly CDI indexation) segment. Valora RE III (former name, until Jun/2025)
Finances residential developers with real estate loans tied to the CDI and distributes the interest as monthly income
This page gathers the factual snapshot of VGIR11 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: Valora Gestão de Investimentos.
Independent asset manager specialized in real estate credit, operating since 2007 (CVM license No. 9,620). Differential strategy: structures its own operations via ICVM 476/160 (restricted efforts), allowing control over CRI design from origination — unlike managers who merely purchase CRIs structured by third parties. Also manages its sister fund VGIP11 (IPCA paper), reinforcing specialization in the segment. Consistent track record in VGIR11: zero defaults reported in an 8-year history, stable DPU, and 264 thousand unitholders.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| tecnisa-573e | — | 6.6% | — |
| helbor-137e | — | 6.6% | — |
| tecnisa-11e-1s | — | 6.1% | — |
| helbor-79e-1s | — | 5.9% | — |
| hbr-34e | — | 4.8% | — |
| helbor-40e | — | 4.4% | — |
| tecnisa-397s | — | 4.0% | — |
| rv-ipiranga-2 | — | 4.0% | — |
| helbor-7e1s | — | 4.0% | — |
| oscar-freire-50s | — | 3.9% | — |
| matarazzo-340e | — | 3.3% | — |
| matarazzo-gfsa | — | 2.8% | — |
| helbor-22e | — | 2.6% | — |
| hm-engenharia-365s | — | 2.4% | — |
| gafisa-fe-1s | — | 2.4% | — |
| you-73e-2s | — | 2.3% | — |
| hm-engenharia-366s | — | 2.3% | — |
| hm-engenharia-97e | — | 1.8% | — |
| são-benedito | — | 1.4% | — |
| oscar-freire-59s | — | 1.4% | — |
| helbor-440s | — | 1.3% | — |
| viewco | — | 1.3% | — |
| helbor-86e | — | 1.2% | — |
| via-sul | — | 1.2% | — |
| tutoia | — | 1.1% | — |
| golf-residence | — | 1.1% | — |
| cantu-pneus | — | 1.1% | — |
| francisco-morato | — | 1.1% | — |
| haus-moema | — | 1.0% | — |
| you-73e-1s | — | 1.0% | — |
| pagano | — | 0.9% | — |
| helbor-111e | — | 0.9% | — |
| helbor-51e | — | 0.9% | — |
| hub-pinheiros-2s | — | 0.7% | — |
| said-aiach | — | 0.7% | — |
| splendido | — | 0.7% | — |
| mf7 | — | 0.6% | — |
| flow | — | 0.5% | — |
| longitude-44e-2s | — | 0.5% | — |
| são-gonçalo-179e | — | 0.5% | — |
HHI 0.037 — baixa.
| Breakdown | Share |
|---|---|
| By index | CDI 99.5% · IPCA 0.5% |
Quote of R$ 9.62 (06/01/2026) vs. book value per unit of R$ 9.68 (Apr/2026). Marginal discount of ~1% — practically at asset parity, typical of a mature and liquid CDI paper FII. No clear entry window based on asset discount.
last close R$ 9.43 · all-time low R$ 7.36 · high R$ 12.72 · book value per unit R$ 9.81.
Average daily volume (21 sessions) of R$ 4,091,108 · 12-month average of R$ 5,035,635.
Excellent liquidity for the segment. Daily trading volume is close to R$ 4–6M. A R$ 1M position can be exited in ~1.2 business days while maintaining up to 20% of volume — higher liquidity than most high-yield paper FIIs. It has been a constituent of the IFIX since 2025.
| Period | What happened |
|---|---|
| IPO — 1st Offering | Incorporation as Valora RE III FII with R$ 40 million raised in the 1st offering (units at R$ 100.00). Trading commenced on August 3, 2018 (B3:VGIR11). Original focus: CDI+-indexed CRIs. |
| Accelerated growth: 2nd, 3rd, and 4th Offerings | Sequence of capital raises expands NAV to R$ 437M and unitholders to 18.8k. Portfolio gains scale in residential CDI+ CRIs. |
| Navigating the pandemic | NAV stable at ~R$ 437M for 2 years (no new offerings). Market quote dropped to R$ 7.36 in Mar/2020 (equivalent historical low). CRI portfolio sustained DPU without relevant defaults. |
| Resumption: 5th and 6th Offerings | NAV jumps to R$ 731M with an additional raise of ~R$ 290M. Rising Selic (13.75%) pulls DPU up alongside the CDI. |
| 1:10 unit split | Each old unit becomes 10 new units, improving liquidity and accessibility. Quote adjusted from ~R$ 100 to ~R$ 10. Operational milestone (does not impact book value). |
| Consolidation at billion-real scale | NAV exceeds R$ 1B in Dec/2022; unitholders jump from 58k to 243k in 18 months. DPU stable at R$ 0.11–0.13/month with Selic in a high cycle (13.75%). |
| 7th and 8th Offerings | Capital raises of ~R$ 109M (7th, partial distribution) and ~R$ 320M (8th) push NAV to R$ 1.42B. Portfolio grows from ~50 to 56+ CRIs. |
| 9th Offering canceled | Offering of R$ 400M (41.5M units) registered on Oct 11, 2024 is revoked on Oct 29, 2024 due to 'unpredictable changes in market conditions' — Selic rising back up, IFIX falling. Sign of managerial discipline. |
| Adaptation to CVM Resolution 175 | Fund becomes 'Valora CRI CDI FII Responsabilidade Limitada' (formerly Valora RE III), Single Class of Units, with unitholders' liability limited. Regulatory change with no impact on investment policy. |
| Current status | NAV R$ 1.41B, 266,512 unitholders, 56 CDI+ CRIs (93.8% of NAV), DPU R$ 0.12/month (12-month accumulated R$ 1.53, net yield CDI+1.9% p.a.), book value per unit R$ 9.68, and P/BV ~0.99. Average daily trading volume R$ 4.6M; part of the IFIX index (May–Aug/2026 portfolio). Zero defaults reported in nearly 8 years. |