XPLG11's price is updated in real time during the B3 (Brazil's stock exchange) trading session. The last recorded close was R$ 93.25 per unit (06/10/2026). The book value (NAV) per unit is R$ 105.25 (May 2026), calculated based on the appraisal of the 31 properties in the portfolio. As a result, the current P/BV is 0.886 — the unit trades at a discount of roughly 11% to the fund's book value.
This discount reflects the fund's cycle moment: after the 9th offering in April 2026 (which raised R$ 1.2 billion to acquire 6 new assets for R$ 919 million), the market prices in with skepticism the price paid for Piracicaba II and the rise in the default rate. The average daily trading volume is R$ 5.3 million, ensuring high liquidity for any position size of the individual investor.
XPLG11 is the XP Log Real Estate Investment Fund, one of the largest logistics REITs in Brazil. It was set up on 10/18/2016 and began operations with an IPO in June 2018, at R$ 100.00 per unit, with initial net assets of just R$ 43 million. In less than 9 years, it has grown 125 times — and in May 2026 it closes with net assets of R$ 5.41 billion.
The fund is managed by XP Vista Asset Management Ltda., part of the XP Inc. group (B3: XPBR31 BDR), the largest investment-distribution platform in Brazil. As of Q1 2026, the fund's administration migrated from Vórtx DTVM to XP Investimentos CCTVM S.A., consolidating the vertical chain inside the group. The audit is performed by PricewaterhouseCoopers (PwC), which issued an unqualified opinion on the 2025 financial statements.
The fund's CNPJ is 26.502.794/0001-85 and the ISIN code is BRXPLGCTF002. The fund is classified by ANBIMA as logistics brick-and-mortar, with a focus on income and active management, intended for the general public.
XPLG11 owns the largest portfolio of AAA logistics warehouses by number of properties among Brazilian REITs: 31 condominiums with 1.72 million m² of GLA across 6 states. The geographic distribution is: São Paulo (53.8%, 14 assets), Minas Gerais (15.2%, 4 assets), Rio Grande do Sul (10.2%, 2 assets), Rio de Janeiro (9.6%, 3 assets), Pernambuco (7%, 2 assets) and Santa Catarina (4.2%, 1 asset).
The main assets by size are: Leroy Merlin DC + Expansion in Cajamar/SP (131,558 m², atypical lease until 2036), Gravataí DC in Rio Grande do Sul (105,271 m², with Magalu and Shopee), MELI Guarulhos DC (111,198 m², Mercado Livre atypical lease until 2035), Cone Multimodal in Pernambuco (77,106 m², with Fedex and Unilever) and Extrema II in MG (76,388 m²). After the 9th offering in April 2026, the Piracicaba II complex (161,900 m², under construction, 75% pre-leased) and the Atibaia/Jundiaí/Jarinu package (5 assets, 144,200 m²) were added.
The 94 tenants include Leroy Merlin, Mercado Livre, Lojas Renner, Magazine Luiza, Shopee, Via Varejo, B2W, DHL, Fedex, Unilever, IBM, Ambev, Carrefour, Raia Drogasil, Panasonic and others. Physical occupancy is 91.9%; the financial vacancy is 3.9%, lower than the physical one because some vacant properties receive a temporary lease premium from the sellers.
XPLG11's net assets in May 2026 stand at R$ 5,424,505,175.38, with NAV per unit of R$ 105.25. The number of units outstanding is 51,390,098 units and the unitholder base totals 344,312 investors — the third-largest base among logistics REITs.
Total leverage is R$ 802 million (equivalent to 13% of net assets, or an LTV of 13%), made up of CRIs maturing between 2030 and 2037 with rates ranging from CDI + 1.30% to IPCA + 8.76%. Financial expense over the last 12 months was R$ 34.4 million — up 46% versus the previous period, due to the new CRIs issued for the 8th offering. For the full valuation and dividends analysis, see the dedicated sections on this platform.
XPLG11 is managed by XP Vista Asset Management, specialized in real estate funds and part of the XP Inc. group. The fund is among the largest under the firm's management, alongside XPML11, XPPR11 and others. The benchmark for the performance fee is IPCA + 6% per year.
The management fee follows a tiered structure: 0.75% per year on net assets above R$ 1 billion (the current tier, given net assets of R$ 5.4 Bn). There is also a performance fee of 20% on whatever exceeds IPCA + 6% per year — this was charged in periods of good performance. Compared with peers in the logistics segment, the management fee is competitive; the performance fee is the market standard for actively managed REITs. The fund's term is indefinite and the target audience is the general public.
XPLG11's price is updated in real time during the B3 (Brazil's stock exchange) trading session. The last close was R$ 93.25 (06/10/2026). The live price is available at the top of this page during trading hours.
XPLG11's P/BV is 0.886, with NAV per unit at R$ 105.25 (May 2026). The unit trades at a discount of roughly 11% to the book value of the fund's properties.
XPLG11 owns 31 logistics condominiums across 6 states (SP, MG, RS, RJ, PE and SC), totaling 1.72 million m² of GLA with 94 tenants. It is one of the most diversified portfolios in the logistics-REIT market.
XPLG11 is exclusively a brick-and-mortar fund, focused on logistics warehouses. It invests in real physical real estate — distribution centers and logistics condominiums. There are no CRIs or credit assets in the fund's main portfolio.
XPLG11 is managed by XP Vista Asset Management Ltda., part of the XP Inc. group (B3: XPBR31). As of Q1 2026, administration migrated from Vórtx DTVM to XP Investimentos CCTVM S.A., consolidating the vertical chain inside the group.
XPLG11's net assets in May 2026 are R$ 5.41 billion (R$ 5,424,505,175.38), with 51.4 million units outstanding and 344,312 unitholders. Since the IPO in June 2018, net assets have grown 125 times (from R$ 43 M to R$ 5.4 Bn).