Vinci Shopping Centers Fundo de Investimento Imobiliário — Limited Liability (CNPJ 17.554.274/0001-25). Brick-and-mortar mall FII managed by Vinci Real Estate (Vinci Compass). Launched on March 10, 2014, with a public IPO in its 3rd offering (Aug/2017).
Segment: Brick-and-mortar FII — Shopping Centers (Active Management Income, national scale) · Price R$ 101.7 · P/BV 0.881 · BV/unit R$ 115.44 · Net assets R$ 3,33 Bi · 346,986 unitholders · 32 assets
VISC11 (Vinci Shopping Centers FII) is a Brazilian REIT in the Brick-and-mortar FII — Shopping Centers (Active Management Income, national scale) segment. Vinci Shopping Centers Fundo de Investimento Imobiliário — Limited Liability (CNPJ 17.554.274/0001-25). Brick-and-mortar mall FII managed by Vinci Real Estate (Vinci Compass). Launched on March 10, 2014, with a public IPO in its 3rd offering (Aug/2017).
Holds ownership stakes in shopping centers distributed across Brazil and distributes store rental revenues as monthly income to unitholders.
This page gathers the factual snapshot of VISC11 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 Ltda. (Vinci Compass).
A Vinci Real Estate Gestora de Recursos é o braço imobiliário da Vinci Compass (antiga Vinci Partners, após fusão global de 2024) — uma das gestoras independentes mais respeitadas do Brasil em fundos listados. Gerencia o VISC11 desde o início do Fundo em 10/03/2014, com 12 anos de histórico ininterruptos. A rentabilidade bruta acumulada desde o IPO público (3ª emissão ago/2017) é de +120,0%, vs 73,9% do IFIX e 88,1% do CDI líquido no mesmo período — equivalente a 134,2% do CDI líquido PF.
Administração e escrituração ficam com a BRL Trust DTVM (CNPJ 13.486.793/0001-42, hoje Apex Group/BRL Trust), com auditoria da KPMG. Comunicação com cotistas é detalhada (RG mensal com decomposição por ativo, indicadores SSS/SSR/fluxo de veículos, projeções macro próprias). Movimentos recentes mostram disciplina na alocação: 10ª emissão em 2024 (R$ 875 Mi integralizados), aquisição Midway Mall (dez/25) e 10% do BH Shopping (Multiplan) em mar/26 com yield estimado 11,3% nos 3 primeiros anos — qualificação clara do portfólio com ativos icônicos.
See our analysis of Vinci Real Estate Gestora de Recursos Ltda. (Vinci Compass) →
Portfolio of 32 shopping centers across 15 states plus the Federal District, encompassing 300k sqm of owned GLA, managed by 11 distinct operators. 70% of NOI originates from minority stakes.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Prudenshopping | Presidente Prudente, SP | 100.0% | — |
| Porto Velho Shopping | Porto Velho, RO | 49.0% | — |
| Shopping Praia da Costa | Vila Velha, ES | 98.7% | — |
| Campinas Shopping | Campinas, SP | 55.0% | — |
| Shopping Paralela | Salvador, BA | 36.3% | — |
| BH Shopping | Belo Horizonte, MG | 10.0% | — |
| Pantanal Shopping | Cuiabá, MT | 23.1% | — |
| Shopping Granja Vianna | Cotia, SP | 49.0% | — |
| Shopping Estação | Curitiba, PR | 35.0% | — |
| North Shopping Maracanaú | Maracanaú, CE | 100.0% | — |
| RibeirãoShopping | Ribeirão Preto, SP | 13.2% | — |
| Natal Shopping | Natal, RN | 30.0% | — |
| Villa Romana | Florianópolis, SC | 20.0% | — |
| Iguatemi Bosque | Fortaleza, CE | 6.0% | — |
| Shopping Ilha Plaza | Rio de Janeiro, RJ | 34.4% | — |
| Carioca Shopping | Rio de Janeiro, RJ | 15.0% | — |
| Shopping Boulevard Rio | Rio de Janeiro, RJ | 40.0% | — |
| Pátio Belém | Belém, PA | 21.4% | — |
| Minas Shopping | Belo Horizonte, MG | 10.0% | — |
| Bangu Shopping | Rio de Janeiro, RJ | 10.0% | — |
| Conjunto Nacional | Brasília, DF | 6.0% | — |
| Madureira Shopping | Rio de Janeiro, RJ | 20.0% | — |
| Via Sul Shopping | Fortaleza, CE | 45.0% | — |
| Shopping Tacaruna | Recife, PE | 10.0% | — |
| Shopping ABC | Santo André, SP | 7.3% | — |
| West Shopping | Rio de Janeiro, RJ | 7.5% | — |
| Shopping Villagio Caxias | Caxias do Sul, RS | 8.2% | — |
| Shopping Plaza Sul | São Paulo, SP | 5.0% | — |
| São Luís Shopping | São Luís, MA | 6.2% | — |
| Midway Mall | Natal, RN | 1.0% | — |
| Shopping Crystal | Curitiba, PR | 17.5% | — |
| Center Shopping Rio | Rio de Janeiro, RJ | 7.5% | — |
| Paralela FII (consolidated) | — | — | — |
HHI 0.0517 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast — Greater São Paulo + interior 21.0% · Southeast — Rio de Janeiro 11.0% · Northeast (BA+PE+CE+RN+MA+AL) 20.0% · Southeast — MG+ES 16.0% · South (PR+SC+RS) 9.0% · North (RO+PA) 9.0% |
| By tenant | Dispersed across ~5,000+ stores (estimate) 100.0% |
| By index | IPCA (standard retail lease inflation index) 100.0% |
Units trade at R$ 109.15 (May 13, 2026) against a book value of R$ 116.64 (March 2026), a 6% discount. The discount correctly reflects: (i) a high balance of acquisition obligations (R$ 1.07B); (ii) negative property revaluations of -R$ 205.9M in 2025 + a -1.2% rectification in March 2026; (iii) a macro scenario with Selic still at 14.5%; (iv) explicit signaling of sales/offerings/additional CRIs by the manager. The peer median is 0.93 — VISC trades in line, with no material premium or discount.
last close R$ 101.7 · all-time low R$ 72.08 · high R$ 144.55 · book value per unit R$ 115.44.
Average daily volume (21 sessions) of R$ 11,001,584 · 12-month average of R$ 5,602,742.
Excellent liquidity — among the top 15 FIIs by volume. A R$ 1M position can be exited in half a trading day without moving the price. R$ 10M takes 4–5 trading days. Supported by 343,939 unitholders and 100% presence in trading sessions.
VISC11 is one of Brazil's most mature shopping mall FIIs (Brazilian REIT-style funds)—with 12 years of uninterrupted operation since March 2014, and a public IPO in August 2017 at R$ 100/unit. It weathered the pandemic (DPU fell from R$ 0.65 to R$ 0.20 in 2020), recovered to a peak of R$ 1.00/unit in 2023, and currently operates at a level of R$ 0.84/month. Since the IPO, it has delivered a cumulative gross return of +120% versus 73.9% for the IFIX, Brazil's listed real-estate fund index—an outperformance of 46 percentage points.
The current cycle (2025–2026) is marked by portfolio upgrading through leverage: the 10th offering raised R$ 875M, Midway Mall was added via a CRI (Brazilian real-estate receivables certificate) in December 2025, and BH Shopping in March 2026 (estimated yield of 11.3%). However, the balance of acquisition obligations at R$ 1.07B (32% of AUM) forces management to signal the sale of assets OR a new offering OR additional leverage over the next 12–18 months—any of which impacts the unit price and caps the multiple. Same-store sales (SSS) began to decline in February 2026 (-0.5%), as did vehicle traffic (-2.8%), signaling softening consumption in line with a more cautious Brazilian macro environment (Selic policy rate at 14.5%, inflation returning to 4.5%).
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on Aug 7, 2013 as 'Vinci Renda Imobiliária FII'. CNPJ 17.554.274/0001-25. Closed-end fund with an indefinite term. Administered by BRL Trust since inception. |
| INÍCIO OPERAÇÃO (1ª EMISSÃO) | Operations commenced on Mar 10, 2014 with the 1st offering targeting qualified investors. 65 thousand initial units. Small initial net asset value; initial assets included West Shopping, Crystal, Center Rio, and Ilha Plaza. |
| PUBLIC IPO (3RD OFFERING OF R$ 500M) | 3rd public offering of up to R$ 500 million (5 million units at R$ 100). Coordinated by Itaú BBA, BTG, XP. Ticker VISC11 debuts on the B3 under CVM Instruction 400 — opening the fund to retail investors. |
| EXPANSÃO E CRIS | 4th–6th offerings for the acquisitions of Granja Vianna, Pátio Belém, Ilha Plaza, and stakes in shopping centers across multiple regions. Granja Vianna CRI (CDI+1.85%) structured in Mar/2018 — the Fund's inaugural leverage operation. |
| PANDEMIA COVID-19 | Temporary closure of shopping centers. DPU drops from R$ 0.65 (Jan/20) to R$ 0.20 (Apr-Jul/20) — a cut of ~70%. Emergency rent waivers granted to retailers, revenues compromised, retailer occupancy costs surge. |
| RECUPERAÇÃO PÓS-COVID | Full reopening, SSR/SSS resume growth path. DPU climbs from R$ 0.20 (Jul/20) to R$ 0.72 (Dec/22). Occupancy returns to 90%+. Sales per square meter exceed pre-pandemic levels. |
| DPS R$ 1,00 (PICO HISTÓRICO) | Monthly distribution reaches R$ 1.00/unit between Mar and Sep 2023 — historical peak for the Fund. Budgeted NOI shows strong growth. Total annual DPU for 2023 = R$ 10.62/unit. |
| 10TH OFFERING (R$ 875M) | The 10th offering raises R$ 875M. Total units increase to 28.83M. Net assets reach R$ 3.6B. Capital allocated to selective acquisitions and early amortization of legacy CRIs. DPU pulls back marginally to R$ 0.90/unit. |
| AJUSTE PATRIMONIAL | Negative fair value property reappraisal of R$ 205.9M in 2025 drags accounting net income down to R$ 41.5M (vs R$ 190.6M in 2024). Book value per unit drops from R$ 124.76 (Dec/24) to R$ 117.99 (Dec/25). DPU decreases to R$ 0.81/month. |
| AQUISIÇÃO MIDWAY MALL | On Dec 18, 2025, VISC closes the acquisition of Midway Mall (Natal/RN, Guararapes Group) via a structured transaction with partners. Position established as a creditor via CRI (short CDI+1.70% and long CDI+1.75%). Estimated accretion of R$ 0.03/unit. |
| AQUISIÇÃO BH SHOPPING (10%, MULTIPLAN) | On Mar 23, 2026, VISC completes the acquisition of a 10% stake in BH Shopping (Belo Horizonte/MG, Multiplan), an iconic 1979 asset with 47,474 sqm of GLA. Total transaction of R$ 285M (R$ 138.8M paid upfront + 2 installments of R$ 69.4M at 12 and 18 months + R$ 7.5M at 24m). Securitized in 3 CRI series. Estimated yield by the manager at 11.3% over the first 3 years. |
| ATUAL | Unit trades at R$ 109.15 (P/BV of 0.94, a 6% discount to book value). DPU maintained at R$ 0.84/unit (12m dividend yield of 8.97%). Official guidance of R$ 0.84–0.90 through Dec/2026. Portfolio consolidated at 32 shopping centers. R$ 1.07B in acquisition obligations requires resolution within 12–18 months via asset sales, a new offering, or additional leverage. |