Brick-and-mortar offices from Vinci Real Estate (Vinci Compass) — 9 assets, 75k sqm of proprietary GLA
Segment: Brick-and-mortar — Offices (Corporate Slabs) · Price R$ 4.18 · P/BV 0.4257 · BV/unit R$ 9.82 · Net assets R$ 814 Mi · 123,845 unitholders · 9 assets
VINO11 (Vinci Offices FII) is a Brazilian REIT in the Brick-and-mortar — Offices (Corporate Slabs) segment. Brick-and-mortar offices from Vinci Real Estate (Vinci Compass) — 9 assets, 75k sqm of proprietary GLA
Owner of 9 office buildings in São Paulo and Rio de Janeiro, with Globo's headquarters as the main tenant under a long-term lease, which supports the majority of the fund's revenue. Caution: half of the buildings still have vacant spaces awaiting absorption, and structural debt compresses distributions.
This page gathers the factual snapshot of VINO11 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 Gestora de Recursos (Vinci Compass group).
Vinci Real Estate Gestora de Recursos Ltda. (CNPJ 13.838.015/0001-75) is the real estate arm of the Vinci Compass group (formerly Vinci Partners), one of Brazil's largest independent asset managers with over R$ 70 billion under management. The firm has operated Brazilian REIT-style funds (FIIs) since 2011 and maintains a broad family of funds: VINO11 (offices), VILG11 (logistics), VISC11 (shopping malls), VCRI11 (CRIs), VICA11 (Fiagros), VFDL (logistics development), among others.
Administration is handled by BRL Trust DTVM (now Apex Group Brazil) and auditing by PwC. The management team has a relevant track record in real estate transactions, but VINO11 comes from a difficult post-pandemic cycle: the transition of the office market in São Paulo/Rio de Janeiro, compounded by specific vacancies in the fund's assets, has weighed on profitability. In 2024-2025, management took significant actions: an eviction lawsuit against WeWork on Oscar Freire (Sep/2024), the sale of C&A Alphaville (Sep/2025) with the early buyback of the more expensive VINO CRI, and is currently focused on rebuilding occupancy at Haddock Lobo and BBS.
See our analysis of Vinci Real Estate Gestora de Recursos (Vinci Compass group) →
9 office assets in SP (76%) and RJ (24%) — 60% of revenue concentrated in Globo SP Headquarters
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Globo SP Headquarters | Rua Evandro Carlos de Andrade, 160 — Chucri Zaidan, São Paulo/SP | 100.0% | 1.0% |
| Haddock Lobo 347 | Rua Haddock Lobo, 347 — Paulista, São Paulo/SP | 85.7% | 0.26% |
| BM 336 (Bartolomeu Mitre Building) | Av. Bartolomeu Mitre, 336 — Leblon, Rio de Janeiro/RJ | 51.0% | 1.0% |
| BMA Corporate | Largo do Ibam, 1 — Humaitá, Rio de Janeiro/RJ | 100.0% | 0.96% |
| Oscar Freire 585 (OF 585) | Rua Oscar Freire, 585 — Jardins, São Paulo/SP | 66.7% | 0.14% |
| Vita Corá | Rua Cerro Corá, 2175 — Alto de Pinheiros, São Paulo/SP | 66.4% | 0.75% |
| Brooklyn Business Square (BBS) | Rua Jaceru, 154 — Vila Gertrudes, São Paulo/SP | 100.0% | 0.8% |
| LAB 1404 | Rua Mourato Coelho, 1404 — Vila Madalena, São Paulo/SP | 38.3% | 1.0% |
| Cardeal Corporate Building | Rua Cardeal Arcoverde, 563 — Pinheiros, São Paulo/SP | 100.0% | 1.0% |
HHI 0.2514 — moderate-high — dominated by Globo SP Headquarters (45.6% of gross assets).
| Breakdown | Share |
|---|---|
| By state | Southeast — São Paulo city 73.5% · Southeast — Rio de Janeiro city 26.6% |
| By tenant | Globo Comunicação (Globo SP Headquarters) 60.0% · BMA Advogados (BMA Corporate) 9.0% · Vinci Compass (BM 336) 8.0% · Faculdade Belavista (Cardeal) 7.0% · Galeria (LAB 1404) 7.0% |
| By index | IPCA 93.0% · IGP-M 7.0% |
| By contract type | Atípico 66.0% · Típico 34.0% |
The unit trades at R$ 4.62 against a book value of R$ 9.81, a 53% discount — among the highest in the office segment. Reflects: (i) lingering vacancy (Haddock, Oscar Freire); (ii) 36% leverage via IPCA+-linked CRIs; (iii) challenging post-pandemic office cycle; (iv) negative annual Colliers appraisals; (v) history of negative IRR since IPO. Positive counterpoint: BBS recovered to 80% occupancy in May/2026.
last close R$ 4.18 · all-time low R$ 4.40 · high R$ 14.39 · book value per unit R$ 9.82.
Average daily volume (21 sessions) of R$ 514,000 · 12-month average of R$ 628,000.
Low-to-medium liquidity. A R$ 100k position exits in ~1 business day without moving the price; R$ 1M takes ~10 days. Suitable for retail investors up to R$ 200-300k, restrictive for institutional investors
VINO11 was launched in 2019 as a bet on Vinci's premium office spaces. In 2020-2022, even during the pandemic, it executed significant acquisitions that consolidated a portfolio of 9-10 properties in São Paulo and Rio de Janeiro. However, the challenging post-pandemic office cycle—elevated vacancy, persistent remote work, new supply in the Berrini/Faria Lima corridors, and declining real rents—has weighed since 2022, and the unit price has dropped 60% since the IPO (R$ 12.70 → R$ 5.01).
Since 2024, management has taken concrete actions to stem the bleeding: the WeWork eviction lawsuit (Sep/2024), the sale of C&A Alphaville and repurchase of the most expensive CRI (Sep/2025), and signing new tenants at Haddock Lobo (Feb-Mar/2026). Today, with a P/BV of 0.51 and a 12-month dividend yield of 12.2%, the unit price prices in a good portion of the risk premium—but the path to upside depends heavily on recovering occupancy across the 4 vacant assets and Globo maintaining its operational headquarters at the Chucri Zaidan unit.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on July 24, 2013 as a closed-end entity. Initially focused on building a portfolio of premium corporate office slabs in São Paulo and Rio de Janeiro. |
| IPO | Primary public distribution of the 4th offering (R$ 12.70/unit) and trading commencement on B3 under ticker VINO11 on Nov 25, 2019. First distribution in Dec/2019 of R$ 0.36/unit. |
| AQUISIÇÕES PANDÊMICAS | Even during the pandemic, the fund executed strategic acquisitions: Feb/2020 stake in LAB 1404, Feb/2020 stake in C&A Alphaville Headquarters, Sep/2020 100% Cardeal Corporate (Camicado), Sep/2020 +30% BMA Corporate (reaching 100%), Oct/2020 100% Haddock Lobo 347, Oct/2020 +30% C&A Alphaville (reaching 100%). |
| 7ª EMISSÃO | Primary offering closed on January 25, 2022. Units increased from 12.67M to 16.57M (R$ 211M additional). Assets consolidated at 10 properties (including the C&A headquarters) and NAV at ~R$ 910M. |
| PRESSÃO DOS ESCRITÓRIOS | The office markets in São Paulo and Rio de Janeiro faced post-pandemic pressure (persistent remote work, systemic vacancy, new supply). DPU fell from R$ 0.55 (peak in Nov/2021) to R$ 0.34 in 2022 and R$ 0.31 in 2023. Book value per unit began a downward trajectory. |
| DESDOBRAMENTO 1:5 | Units split 1:5 — increasing from 16.57M to 82.83M units. Book value per unit dropped proportionally from ~R$ 54 to ~R$ 10.80. Post-split DPU became R$ 0.06 (equivalent to pre-split R$ 0.30). A technical move to increase per-unit liquidity at a lower unit price. |
| VENDA 49% BM336 | Vinci Offices sold a 49% stake in the BM 336 property (Leblon/Rio de Janeiro). A R$ 20.1M prepayment partially retired the property's real estate receivables certificate (CRI), completed in Dec/2025. Payment is structured in installments over 3 years. |
| DESPEJO WEWORK | WeWork delinquency at Oscar Freire 585 (June-August). On August 29, 2024 , an eviction lawsuit was filed. On September 4, 2024 , a preliminary injunction was granted. The tenant occupied 3,594 sqm (~5% of fund revenue) and proposed a friendly surrender with a waiver of penalties—management rejected the offer and pursued legal action. |
| ESCLARECIMENTO GLOBO | On September 25, 2024 , Vinci and Globo issued a joint statement clarifying that there are NO negotiations to shorten the term of the build-to-suit (atypical) lease for Globo's São Paulo headquarters (active since 2021). Globo confirmed significant ongoing investments in the property. The clarification was critical following market rumors. |
| VENDA C&A + RECOMPRA CRI | On September 19, 2025 , the fund concluded the sale of the C&A headquarters property in Alphaville for R$ 40 million (R$ 5,063/sqm GLA). The proceeds were used for a full optional repurchase of the VINO CRI (R$ 34.6M, CDI + 3.5%, maturing in Dec/2030)—the most expensive CRI in the portfolio. This reduced total financial expenses by ~15% and generated an ongoing +R$ 0.001/unit recurring impact. |
| REAVALIAÇÃO COLLIERS | Annual appraisal by Colliers International resulted in a valuation 0.97% lower than the book value of the properties, with a 1.37% decline in book value per unit . Largest write-downs: Haddock Lobo (-R$ 10.7M, -7%) and Oscar Freire (-R$ 5.4M, -6%). Book value per unit closed 2025 at R$ 9.86 (vs. R$ 10.30 in Dec/2024). |
| RECOMPOSIÇÃO HADDOCK | Management closed two new leases at Haddock Lobo 347: Joompro Brazil (526 sqm, 5 years starting Jun/2026, turn-key model) and COW Working (3 office suites, Apr/2026). Property occupancy rose from 18% to ~26%. Positive recurring impact of +R$ 0.001 (Joompro) +R$ 0.003 (COW)/unit after concessions. |
| CONTEXTO ATUAL | DPU stabilized at R$ 0.040/unit (May/2026, annualized dividend yield of 9.9% on a R$ 4.81 unit price). P/BV of 0.49. Undistributed retained earnings of R$ 0.197/unit. On April 6, 2026, the final installment from the sale of the 49% stake in BM336 was received. Haddock Lobo with Joompro delivered in Jun/2026 (~26% occupancy with signed leases). BBS at 80% occupancy. |
| ATUAL — PROMESSA DE VENDA OF585 | On June 19, 2026 , the fund signed a promise to sell Oscar Freire 585 (4,100 sqm, 66.7% stake). Sale not yet completed—pending precedent conditions. The buyer is paying R$ 250k/month as rent (minimum 12 installments). If confirmed, the portfolio will decrease from 9 to 8 properties, and the fund will receive cash for reinvestment or CRI amortization. |