XPML11 (XP Malls Real Estate Investment Fund) trades on B3 during the trading session (10:00 a.m. to 5:55 p.m. Brasília time). The price shown on this page is updated in real time during the session and reflects the last recorded trade. On June 9, 2026, the unit closed at R$ 105.44.
The book value (BV) per unit stands at R$ 110.11 (reference Apr/2026), resulting in a P/BV of 0.96 — that is, the unit trades at a slight discount of roughly 4% to the fund's net assets. Historically, XPML11 ranged between R$ 60 (October 2020, at the trough of the pandemic) and R$ 118.68 (February 2024, the post-Allos-acquisition peak). The range of the last 13 months was between R$ 95 and R$ 117, indicating contained volatility, typical of a large brick-and-mortar REIT.
XPML11 is the largest real estate investment fund in Brazil's mall segment. Launched in December 2017 with its IPO by XP Vista Asset Management, the fund started with 18 million units and an initial portfolio of mid-sized malls. In less than nine years, it grew to 64.3 million units, R$ 7.08 billion in net assets and 733 thousand unitholders — one of the largest unitholder bases in the REIT market.
The full name is XP Malls Real Estate Investment Fund, administered by XP Investimentos CCTVM (CNPJ 28.757.546/0001-00). Active management is the responsibility of XP Vista Asset Management, the real estate fund arm of XP Inc., with more than R$ 30 billion under management in REITs.
XPML11's portfolio gathers 28 malls spread across 12 Brazilian cities, with a presence in the premium, regional and outlet segments. The composition spans direct property stakes, units in other REITs (such as Omni Malls and NeoMall) and stakes in SPEs (special-purpose entities). The assets vary in size and profile: from neighborhood malls to high-end premium complexes.
In March 2026, the acquisition of the Iguatemi portfolio added five stakes in premium malls — Iguatemi São Paulo, JK Iguatemi and others — significantly raising the fund's average NOI per m² (the NOI of the Iguatemi assets is 68.8% above the prior portfolio's average). Today, the fund has a total GLA of ~1,040 thousand m², of which ~261 thousand m² is owned GLA (XPML11's proportional stake in the assets).
XP Vista Asset Management has managed XPML11 since the 2017 IPO with a focus on active management: purchases, sales and asset recycling documented every quarter. The cumulative performance of +111.6% since the IPO (versus +76.5% for the IFIX and +82% for the CDI over the same period) is the strongest argument in favor of the management's quality.
In terms of costs, the fund charges 0.75% per year on net assets as a management fee — one of the lowest among mall REITs, below peers such as VISC11 (0.95%) and HGBS11 (1.00%). There is also a performance fee of 20% over the excess above IPCA + 6% per year, charged only when the return exceeds that benchmark. The custody fee is zero (included in administration).
The fund's key figures in June 2026:
XPML11 and HGLG11 are two of the most-searched REITs in the market, but they belong to distinct segments: XPML11 invests in malls, while HGLG11 invests in logistics warehouses. In terms of liquidity, both are among the most-traded on B3. XPML11 tends to have a slightly higher DY than HGLG11 in periods of heated consumption, but it also carries more sensitivity to the economic cycle of malls.
For those seeking diversification, the two REITs complement each other well: one provides exposure to Brazilian physical retail, the other to the logistics chain of e-commerce and the industrial sector. There is a section dedicated to XPML11's analysis on this site — for dividends and for the full cost-benefit assessment, see the specific pages.
XPML11's price is updated in real time during the B3 trading session (10:00 a.m. to 5:55 p.m. Brasília time). On 06/09/2026, the last close was R$ 105.44. Track the live value at the top of this page.
With a P/BV of 0.96 (unit at R$ 105.44 vs book value of R$ 110.11), XPML11 is at a slight discount to its net assets — which is neutral to mildly attractive at the current interest-rate level.
XPML11 holds stakes in 28 malls, spread across 12 Brazilian cities, with total GLA of ~1,040 thousand m² and owned GLA of ~261 thousand m² (after the acquisition of the Iguatemi portfolio in Mar/2026).
XPML11's CNPJ (XP Malls Real Estate Investment Fund) is 28.757.546/0001-00, administered by XP Investimentos CCTVM.
XPML11's manager is XP Vista Asset Management, the real estate fund arm of XP Inc., with more than R$ 30 billion under management. The fund has existed since December 2017.