Renamed in Feb/2026 following a management shift from XP Vista Asset to inVista Real Estate (CNPJ 28.516.325/0001-40). Undergoing a liquidation process approved by unitholders in Mar/2026.
Segment: Logistics / Industrial (in liquidation) · Price R$ 62.04 · P/BV 1.2763 · BV/unit R$ 48.61 · Net assets R$ 348 Mi · 35,837 unitholders · 6 assets
XPIN11 (inVista Industrial FII (formerly XP Industrial)) is a Brazilian REIT in the Logistics / Industrial (in liquidation) segment. Renamed in Feb/2026 following a management shift from XP Vista Asset to inVista Real Estate (CNPJ 28.516.325/0001-40). Undergoing a liquidation process approved by unitholders in Mar/2026.
Owner of six industrial warehouses in São Paulo and MG, currently undergoing a full sale to the IBBP11 fund — unitholders will receive IBBP11 units plus a cash balance upon closure. Note: the timeline has been postponed to after Feb/2027, and legal collection on delinquent accounts could pressure the final value.
This page gathers the factual snapshot of XPIN11 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: inVista Real Estate Ltda. (formerly XP Vista Asset).
XPIN11 has operated under two management teams. From inception (Jul/2018) until Mar/2026, it was managed by XP Vista Asset Management, the XP group's FII specialist asset manager. Operations were conducted in operational partnership with BBP — Brazilian Business Park, the developer owning the industrial parks. Since Mar 27, 2026, management has been transferred to inVista Real Estate Ltda. (CNPJ 18.356.470/0001-58), the same manager as IBBP11 (Invista Brazilian Business Park FII), which facilitates the asset merger transaction.
Administration remains with Vórtx DTVM. The approved transition simplifies the final phase: IBBP11 absorbs the 6 assets for R$ 339M, settles the CRIs (R$ 130M), and XPIN11 enters an orderly liquidation. New governance risks: expanded mandate (related-party transactions up to 100% of NAV, removal of minimum ratings) and potential conflicts during transition.
See our analysis of inVista Real Estate Ltda. (formerly XP Vista Asset) →
6 BBP industrial parks in SP/MG totaling 268k sqm — in process of full sale to IBBP11
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| BBP Complexo Gaia | Km 91 Rodovia Dom Pedro I, Jarinu/SP | 100.0% | 1.0% |
| BBP Jundiaí I | Rua Kanebo, 175 — km 64 Rodovia Anhanguera, Jundiaí/SP | 100.0% | 0.94% |
| BBP Jundiaí II | Km 51 Rodovia Anhanguera (Northbound), Terra Nova, Jundiaí/SP | 100.0% | 1.0% |
| BBP Barão de Mauá Park | Km 87.5 Rodovia Dom Pedro I, Atibaia/SP | 100.0% | 1.0% |
| BBP Extrema | Estrada Municipal Antônio Agostinho Barbosa, 1300, Extrema/MG | 100.0% | 0.9% |
| BBP Centro Empresarial Atibaia (CEA) | Av. Tégula, 888, Atibaia/SP | 100.0% | 0.64% |
HHI 0.205 — media.
| Breakdown | Share |
|---|---|
| By state | São Paulo (Atibaia/Jarinu/Jundiaí) 89.2% · Minas Gerais (Extrema) 10.8% |
| By tenant | SBF (Centauro) 12.9% · Brasilata 10.5% · Sogefi 8.9% · Mercado Livre (I+II) 5.4% · Razão (Kisabor) 5.8% · Acqualimp 5.7% |
| By index | IPCA 76.6% · IGPM 23.4% |
last close R$ 62.04 · all-time low R$ 62.22 · high R$ 124.50 · book value per unit R$ 48.61.
Average daily volume (21 sessions) of R$ 920,050 · 12-month average of R$ 980,000.
Moderate liquidity for a mid-sized FII. A position of R$ 100k exits in ~0.5 business days, while R$ 1M takes ~5 days. Compatible with a satellite or tactical position
XP Industrial was established in Jul/2018 as a bet on industrial warehouses under the BBP brand. It grew rapidly (NAV R$ 191M → R$ 787M in 3 years), experienced a delinquency cycle (2023-2024), and after stabilizing via the partial sale in Sep/2024, transformed into an event-driven trade: starting in Feb/2026, unitholders approved the sale of the 6 parks to IBBP11 (R$ 339M), management transfer to inVista Real Estate, and subsequent liquidation. The narrative shifts from BBP warehouse operations to executing the outcome—how much unitholders ultimately receive between IBBP11 units and cash balances.
| Period | What happened |
|---|---|
| IPO | IPO as XP Industrial FII with GLA of ~268k sqm across 6 BBP parks. Capital raise of ~R$ 180M at R$ 100/unit. |
| EXPANSÃO | Contributions from 2nd and 3rd offerings raised NAV from R$ 191M (Dec/18) to R$ 730M (Dec/20). Unitholders surged from 253 to 46,862. |
| CONSOLIDAÇÃO | NAV reached R$ 787M (Nov/2021). DPU fluctuated between R$ 0.61-0.65/unit. Vacancy under control. |
| VACÂNCIA E PRESSÃO | Vacancy rises, DPU compresses. NAV declines from R$ 743M (Mar/23) to R$ 730M (Jun/23) amid reassessments. |
| VENDA PARCIAL | Announcement (Sep 24, 2024) of partial portfolio sale. Generation of R$ 19.99M in accumulated capital gains over 12 months — the source of subsequent DPU smoothing. |
| DPS UNIFORMIZADO | Manager begins smoothing distributions at R$ 0.74 (Jan-Jul) and then R$ 0.85/unit (Sep/25-) using accumulated capital gains balances. |
| TROCA DE GESTÃO | Formal consultation on Feb 9 approves: XP→inVista management change, authorization to sell properties to IBBP11 for R$ 339M, mandate expansion. |
| EM LIQUIDAÇÃO | Meeting approval of final stages. Management transfer to inVista Real Estate on Mar 27. DPU maintained at R$ 0.85/unit during the transition. |