Principal repayment of R$ 3.79 per unit COMPLETED on May 28, 2026. MOU for the sale of FACAMP signed on April 24, 2026 for a total of R$ 37.3M; amended on August 3, 2026 with an additional down payment of R$ 1.5M (3 installments of R$ 500k) — total down payment of R$ 2.5M; closing deadline maintained for April 2027. FACAMP formalized an installment plan for its rent delinquency (R$ 1,015,008.79) in 10 installments of ~R$ 101.5k/month indexed to IPCA — 1st installment paid in July/2026. Surety bond not renewed: 10-month grace period granted for regularization (August/2026). No distribution until December 2026.
Segment: Urban Income / Hybrid (in wind-down) · Price R$ 2.27 · P/BV 0.6376 · BV/unit R$ 3.56 · Net assets R$ 96,0 Mi · 37,666 unitholders · 1 assets
VIUR11 (Vinci Imóveis Urbanos FII) is a Brazilian REIT in the Urban Income / Hybrid (in wind-down) segment. Principal repayment of R$ 3.79 per unit COMPLETED on May 28, 2026. MOU for the sale of FACAMP signed on April 24, 2026 for a total of R$ 37.3M; amended on August 3, 2026 with an additional down payment of R$ 1.5M (3 installments of R$ 500k) — total down payment of R$ 2.5M; closing deadline maintained for April 2027. FACAMP formalized an installment plan for its rent delinquency (R$ 1,015,008.79) in 10 installments of ~R$ 101.5k/month indexed to IPCA — 1st installment paid in July/2026. Surety bond not renewed: 10-month grace period granted for regularization (August/2026). No distribution until December 2026.
VIUR11 was an urban income Brazilian REIT-style fund (FII) that sold nearly all its properties in 2025 and returned R$ 3.79/unit to unitholders. Only the FACAMP campus in Campinas remains, with a signed sales MOU for R$ 37.3M and a deadline through April 2027. Note: the tenant formalized a 10-installment debt repayment plan, but a new rental guarantee insurance policy is not yet in place.
This page gathers the factual snapshot of VIUR11 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).
Vinci Real Estate is the real estate arm of Vinci Compass (formerly Vinci Partners), one of Brazil's largest alternative asset managers. It manages dozens of FIIs (VINO11, VILG11, VIFI11, VIUR11) and features a senior team experienced in urban income. In the specific case of VIUR11, execution was mixed: it raised R$ 269.5M in the 2021 IPO under a diversified urban income thesis (education, healthcare, retail, dark stores), but failed to sustain the thesis. The fund never diversified geographically as promised (concentrating in SP, RS, RJ, MA), distributed a stable R$ 0.72 per unit annually (DY ~7-9%) for 4 years, and made the correct decision to sell the portfolio under reasonable terms (98.3% of BV) when conditions deteriorated. Returning capital to unitholders is the right path given the situation — but the investor's final IRR since IPO remained below zero (-0.5% cumulative versus +36.6% for IFIX and +61.2% for CDI). The change of administrator (from BRL Trust to Banco Daycoval in December 2025) was an additional symptom of the restructuring.See our analysis of Vinci Real Estate Gestora de Recursos Ltda. (Vinci Compass) →
Post-repayment completed (May/2026) — 1 property remaining (FACAMP/Campinas) + R$ 57.4M in cash. MOU for the sale of FACAMP signed in April/2026 for R$ 37.3M.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| FACAMP — Faculdades de Campinas | Estrada Municipal UNICAMP-Telebrás km 1, Cidade Universitária Zeferino Vaz, Camp | 100.0% | 1.0% |
HHI 1.0 — extrema.
| Breakdown | Share |
|---|---|
| By state | Southeast (Campinas/SP) 100.0% |
| By tenant | FACAMP 100.0% |
| By index | IPCA (assumed) 100.0% |
last close R$ 2.27 · all-time low R$ 2.03 · high R$ 8.02 · book value per unit R$ 3.56.
Average daily volume (21 sessions) of R$ 439,000 · 12-month average of R$ 380,000.
Moderate liquidity — R$ 439k/day average in May/2026 (down from R$ 691k in April/2026 and R$ 655k in March/2026 — normalization following the principal repayment peak). A R$ 500k position requires ~6 trading days to exit without exceeding 20% of trading volume.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Establishment of 'Bourdain — FII' on February 17, 2020 by BRL Trust. Renamed 'Vinci Imóveis Urbanos FII' in February 2021. |
| REGISTRO CVM | CVM Registration No. 0321010 on January 29, 2021. Offering application filed on February 1, 2021. |
| IPO + ESTREIA B3 | IPO completed on April 14, 2021, raising R$ 269.4 million (2,694,622 units at R$ 100.00). Trading commenced on B3 on May 30, 2021. |
| DESDOBRAMENTO 1:10 | 1:10 unit split — 2,694,622 → 26,946,220 units. Book value per unit: R$ 96 → R$ 9.5. Nominal dividend R$ 0.72 → R$ 0.072. |
| REGIME ESTÁVEL | The fund distributed monthly distributions of R$ 0.072/unit (R$ 0.86/year = annualized DY ~9% on a R$ 9.50 unit price). Stable operations with 7 assets: FACAMP, Anhanguera Campinas, Ânima Porto Alegre, Ânima Canoas, Grand Center São Luís, plus 2 retail units on Rua Candido Benício in Rio de Janeiro. |
| QUEDA DE DPS | Distribution drops from R$ 0.072 to R$ 0.067/unit (-7%). This reflects pressure on real revenues (negative IPCA inflation) and interest expenses from deferred acquisition payment obligations. |
| REAVALIAÇÃO -3,1% | Colliers portfolio appraisal reduces asset valuations by 2.3%, impacting book value per unit by -3.1% (R$ 8.74 → R$ 8.40). |
| TROCA DE ADMINISTRADOR | Substitution of BRL Trust by Banco Daycoval approved on Nov 26, 2025. Transition concluded in Dec/2025. |
| VENDA À TRX | On Dec 4, 2025, the manager announced the sale of 6 out of 7 assets to TRXF11 for R$ 269.2M (98.3% of book value). Payment structured via 1,571,474 TRXF11 units (valued at R$ 100.33/unit = R$ 157.7M) plus the assumption of the Ânima CRI debt (R$ 111.5M). Only FACAMP remains in the portfolio. |
| INADIMPLÊNCIA FACAMP (1ª) | Notice of rent delinquency issued for the FACAMP lease due in Dec/2025 (accrual period Nov/2025). Rental guarantee insurance invoked. |
| DISTRIBUIÇÃO EXTRAORDINÁRIA | Distribution of R$ 0.2067/unit paid (vs. R$ 0.067 the previous month) — utilizing accumulated pre-sale retained earnings. Final distribution before the dry spell. |
| INADIMPLÊNCIA FACAMP (2ª) | On April 1, 2026, a new delinquency notice was issued (accrual period Feb/2026, due March/2026). 2 months outstanding. Management initiates legal measures. |
| 1ª AMORTIZAÇÃO | Approved and disclosed on April 8, 2026: principal repayment (amortization) of R$ 102.2M = R$ 3.79139112/unit (R$ 3.5284 in TRXF11 units + R$ 0.2629 in cash). TRXF11 units credited on April 13, 2026; cash paid on May 28, 2026. |
| RG JUN/2026 | Principal repayment of R$ 3.79/unit COMPLETED (April 13 + May 28, 2026). Unit price at R$ 2.52 (P/BV of 0.72x). Net assets of R$ 94.7M: FACAMP at R$ 37.3M + cash at R$ 57.4M. MOU for the sale of FACAMP for R$ 37.3M signed on April 24, 2026. FACAMP remains 2 months delinquent but is making partial payments. No distributions until Dec/2026. |
| AGORA | Two formal milestones on August 3, 2026: (1) Amended MOU with an additional earnest money deposit of R$ 1.5M — buyers now have cumulative skin-in-the-game of R$ 2.5M, with the deadline maintained at April 2027; (2) FACAMP confessed to its debt (R$ 1.015M) and signed a 10-installment repayment plan — 1st installment paid in July/2026. Rental guarantee insurance remains past due; 10 months to regula |