XP Malls Real Estate Investment Fund (FII) — managed by XP Vista Asset Management, administered by XP Investimentos CCTVM (CNPJ 28.757.546/0001-00, IPO on 2017-12-28)
Segment: Brick-and-mortar / Malls · Price R$ 105.44 · P/BV 0.9576 · BV/unit R$ 110.11 · Net assets R$ 7.08 Bn · 733,101 unitholders · 28 assets
XPML11 (XP Malls FII) is a Brazilian REIT in the Brick-and-mortar / Malls segment. XP Malls Real Estate Investment Fund (FII) — managed by XP Vista Asset Management, administered by XP Investimentos CCTVM (CNPJ 28.757.546/0001-00, IPO on 2017-12-28)
Predictable monthly income with scale and diversification. P/VP ~0.97 with a slight discount vs VP; management execution and falling delinquency (1.7% Mar/26) reinforce the case.
This page gathers the factual snapshot of XPML11 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: XP Vista Asset Management.
XP Vista Asset Management is the real-estate fund management arm of XP Inc., one of the largest investment platforms in Brazil. The XPML11 management team is specialized in shopping centers and maintains a consistent track record of active management: transactions documented every quarter, a complete acquisition-recycling-disposal cycle, and management reports among the most detailed in the FII market. Performance since IPO of +111.6% vs +76.5% for the IFIX (Apr/26 — Management Report 1184168). The 14th offering (Mar/26, R$ 622M at R$ 108.16/unit above VP) demonstrates fundraising capacity even in a difficult environment — essential to honor pending installments.Dominant mall portfolio with geographic and operator diversification
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Shopping Cidade Jardim | São Paulo — SP | 17.0% | — |
| Shopping Cidade São Paulo | São Paulo — SP | 40.0% | — |
| Tietê Plaza Shopping | São Paulo — SP | 45.0% | — |
| FL Shops (em obras) | São Paulo — SP | 21.5% | — |
| Plaza Sul Shopping | São Paulo — SP | 34.9% | — |
| Shopping Metrô Boulevard Tatuapé | São Paulo — SP | 15.0% | — |
| Shopping Metrô Tatuapé | São Paulo — SP | 4.5% | — |
| Shopping Pátio Higienópolis | São Paulo — SP | 19.0% | — |
| Shopping Iguatemi Alphaville | Barueri — SP | 9.0% | — |
| Shopping Iguatemi Ribeirão Preto | Ribeirão Preto — SP | 24.0% | — |
| Shopping Iguatemi Rio Preto | São José do Rio Preto — SP | 18.0% | — |
| JundiaíShopping | Jundiaí — SP | 25.0% | — |
| Grand Plaza Shopping | Santo André — SP | 31.0% | — |
| Catarina Fashion Outlet | São Roque — SP | 40.0% | — |
| Internacional Shopping Guarulhos | Guarulhos — SP | 15.1% | — |
| Shopping Metropolitano Barra | Rio de Janeiro — RJ | 30.0% | — |
| Via Parque Shopping | Rio de Janeiro — RJ | 1.2% | — |
| Shopping Tijuca | Rio de Janeiro — RJ | 10.0% | — |
| Carioca Shopping | Rio de Janeiro — RJ | 20.0% | — |
| Shopping Estação BH | Belo Horizonte — MG | 40.0% | — |
| Uberlândia Shopping | Uberlândia — MG | 40.0% | — |
| Praia de Belas Shopping | Porto Alegre — RS | 30.0% | — |
| Natal Shopping | Natal — RN | 45.0% | — |
| Shopping Estação | Curitiba — PR | 35.0% | — |
| Shopping Bela Vista | Salvador — BA | 25.0% | — |
| Shopping da Bahia | Salvador — BA | 18.1% | — |
| Shopping Ponta Negra | Manaus — AM | 22.0% | — |
| Shopping Iguatemi Bosque | Fortaleza — CE | 5.5% | — |
HHI 0.0486 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast 72.0% · Northeast 16.0% · South 9.7% · North 3.4% |
last close R$ 105.44 · all-time low R$ 60.0 · high R$ 118.68 · book value per unit R$ 110.11.
Average daily volume (21 sessions) of R$ 14,000,000 · 12-month average of R$ 11,400,000.
Excellent liquidity — XPML11 is among the 10 most traded FIIs on B3. Average daily volume R$ 14.0M (Apr/26), R$ 281M traded in the month. A R$ 1M position exits in < 1 day, R$ 10M in ~4 days. Suitable for any individual portfolio size| Period | What happened |
|---|---|
| IPO | Launched as a mall FII (R$ 100/unit). |
| INITIAL EXPANSION | Organic growth with acquisitions of minority stakes in premium malls. |
| PANDEMIC | COVID-19 hits malls — DPS temporarily collapses. |
| RECOVERY | Sales return to pre-pandemic levels. DPS recovers its trajectory. |
| MAJOR ALLOS ACQUISITION | Acquisition of 7 stakes for R$ 1.9 Bn — transformational. |
| PREMIUM REINFORCEMENT | Acquisitions of Pátio Higienópolis and Torre FL Shops. |
| RIZA RECYCLING | Disposal of 9 stakes to reinforce cash. |
| IGUATEMI PORTFOLIO | Acquisition of 5 Iguatemi stakes for R$ 608.67M. |
| SHOPS JARDINS DISPOSAL | Full exit from the 30% of Shops Jardins via JCCJ11. |