Management: Vinci Real Estate / Vinci Compass | Administrator: BRL Trust (Apex)
Segment: Brick · Logistics · high quality (Active Management Income) · Price R$ 91.65 · P/BV 0.8384 · BV/unit R$ 109.32 · Net assets R$ 1,64 Bi · 149,265 unitholders · 12 assets
VILG11 (Vinci Logística — Brazilian REIT-style fund (FII)) is a Brazilian REIT in the Brick · Logistics · high quality (Active Management Income) segment. Management: Vinci Real Estate / Vinci Compass | Administrator: BRL Trust (Apex)
Owner of prime logistics warehouses across multiple states, leased to major companies such as Ambev, DHL, and Shopee to store and distribute goods, managed by Vinci. Note: part of the current distribution comes from a temporary gain that will exhaust over the coming years.
This page gathers the factual snapshot of VILG11 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: Vinci Real Estate / Vinci Compass.
Vinci Compass (formerly Vinci Partners) is one of Brazil's largest independent asset managers, with over R$ 75B in consolidated assets under management (including Real Estate). The real estate division (Vinci Real Estate) manages over R$ 12B in logistics, receivables, and shopping mall FIIs (VILG11, VINO11, VISC, VCRI, among others). Senior team with a track record in structuring and portfolio recycling (sale of Jundiaí BP in 2023, HGLG11 transaction in Nov/2025) and active tenant management. In 2024–2025, Vinci Partners merged with Compass Group to form Vinci Compass, expanding its Latin American footprint without altering the local Real Estate team.| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Extrema Business Park I | Fernão Dias Highway, km 943 — Extrema/MG | 100.0% | 1.0% |
| Caxias Park | Rio-Magé Highway, km 3.5 — Duque de Caxias/RJ | 100.0% | 0.98% |
| Alianza Park (Belém) | BR-316, Benevides/PA | 100.0% | 1.0% |
| Castelo 57 Business Park | Castello Branco Highway, km 57 — São Roque/SP | 80.0% | 1.0% |
| Parque Logístico Pernambuco | Armínio Guilherme Highway, 82 — Ipojuca/PE | 100.0% | 1.0% |
| Cariacica DC | BR-101, km 290 — Cariacica/ES | 100.0% | 1.0% |
| Eldorado do Sul DC | Industrial Belgraf Ave., 765 — Eldorado do Sul/RS | 100.0% | 1.0% |
| Cachoeirinha DC | RS-118, km 11 — Cachoeirinha/RS | 100.0% | 1.0% |
| BTS Cremer (Pouso Alegre) | Quaresmeiras Ave., 200 — Pouso Alegre/MG | 100.0% | 1.0% |
| Airport Town Guarulhos III | Kida St., 191 (Pres. Dutra Hwy.) — Guarulhos/SP | 100.0% | 0.92% |
| Airport Town Guarulhos I (Ayrton Senna) | Almerim St., 100 — Guarulhos/SP | 100.0% | 1.0% |
| CL Cajamar (4% stake) | Ádama Zambelli Ave., 25 — Caieiras/SP (Cajamar hub) | 4.0% | 1.0% |
| Pátria Logística (CSHG) | — | 27.8% | — |
| RBR Multi (RBR Properties) | — | 1.7% | — |
HHI 0.135 — baixa.
| Breakdown | Share |
|---|---|
| By state | Sudeste 39.0% · HGLG11 look-through (multi) 27.0% · Sul (RS) 10.0% · Norte (PA) 9.0% · Northeast (PE) 5.0% |
| By tenant | Ambev S.A. (HGLG new acquisitions + direct holdings) 29.0% · Solística (FEMSA Group) 7.0% · Tok&Stok 5.0% · Supporte Saúde 5.0% · DHL 4.0% |
| By index | IPCA 82.0% · IGP-M 18.0% |
| By contract type | Típico 87.0% · Atípico 13.0% |
A P/BV of 0.90 (market quote R$ 101.29 / book value R$ 112.44) represents a modest discount to book value. Compared to the AAA logistics segment average (median P/BV of 0.96), the additional ~6 pp discount may reflect the digestion of the large HGLG11 transaction — convergence toward book value is a relevant catalyst for 2026-2027.
last close R$ 91.65 · all-time low R$ 70.88 · high R$ 147.00 · book value per unit R$ 109.32.
Average daily volume (21 sessions) of R$ 3,420,000 · 12-month average of R$ 2,400,000.
High liquidity for the segment. A R$ 1M position exits in ~1.5 business days without moving the price. A R$ 10M position still requires exit planning over ~3 weeks.
| Period | What happened |
|---|---|
| Fund IPO (1st and 2nd public offerings) | Inception of Vinci Logística FII on December 10, 2018 , with an initial unit price of R$ 90.91. Initial focus on quality logistics warehouses along the Southeast corridor. |
| Growth via follow-on offerings | A sequence of offerings (3rd, 4th, 5th, and 6th) grew the fund from R$ 65M (Jan/2019) to R$ 1.72B (Mar/2021). Strategic acquisitions in Extrema, Caxias, Cariacica, Cachoeirinha, Castelo 57, and Pernambuco. |
| Conclusion of the 6th offering (14.997M units) | Final major offering stabilizes at 14,997,396 units — a base maintained through 2026. Following this, the focus shifts to portfolio optimization and recycling. |
| Interest rate pressure and light recycling | Selic rate at 13.75% pressures brick-and-mortar FIIs. Vinci sells Jundiaí Business Park (May/2023) at a price aligned with book value. An attempted sale of Cachoeirinha DC in Jan/2023 is suspended in June/2023. |
| Sale of a 19% stake in Pq. Logístico Osasco | Commitment signed on November 29, 2024, for partial divestment — the first step of the recycling plan that would culminate in 2025. |
| HGLG11 mega-transaction (R$ 709.6M) | Conclusion of the divestment of 4 assets (Porto Canoa LOG, Pq. Logístico Osasco, Fernão Dias BP, and CD Privalia) for R$ 709.6M, with R$ 582.2M paid in HGLG11 units valued at book value . Lock-up through December 31, 2025; thereafter, gradual secondary market monetization. |
| Asset reappraisal (Colliers) | Market valuation by Colliers results in a value +1.70% over book value , equivalent to a +1.24% increase in book value per unit. Confirms the quality and location of the remaining portfolio. |
| Acquisition of CL Cajamar (4%) | Commitment for a 4% stake in a logistics asset in Caieiras/SP (Cajamar hub) for R$ 2M (initial cap rate of 10.1%). |
| HGLG11 monetization + capital gains | Vinci sells ~566k HGLG11 units on the secondary market in 1Q26 , generating R$ 92.9M in cash and R$ 9.9M in capital gains (R$ 0.66 per unit). Remaining position as of March 2026: 3.02 million units (R$ 468M at market value). |
| Proposal for remaining 50% stake in PL Pernambuco | Vinci submits a proposal to acquire the remaining 50% stake in Parque Logístico Pernambuco (Ipojuca/PE) for R$ 56.2M in cash (R$ 1,600/sqm) — bringing its ownership to 100% of the asset. |