(formerly CSHG Logística — managed by Credit Suisse Hedging-Griffo until Jul/2024)
Segment: Brick — Logistics and Industrial (Income, Active Management) · Price R$ 151,83 · P/BV 0,8899 · BV/unit R$ 170,615886 · Net assets R$ 7.23 Bn · 565.330 unitholders · 37 assets
HGLG11 (Pátria Log - Fundo de Investimento Imobiliário) is a Brazilian REIT in the Brick — Logistics and Industrial (Income, Active Management) segment. (formerly CSHG Logística — managed by Credit Suisse Hedging-Griffo until Jul/2024)
The country's largest logistics FII under new Pátria management, DPS-increase guidance and a platform heading toward R$ 10 Bn in net assets
This page gathers the factual snapshot of HGLG11 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: Pátria Investimentos Ltda..
Pátria Investimentos is one of the largest alternative-investment managers in Latin America, with more than 35 years of operation and more than US$ 45 billion under global management. Listed on the Nasdaq (PAX), it operates in private equity, credit, infrastructure and real estate across 4 continents.
In its Real Estate division, Pátria manages more than R$ 38 billion in FIIs and exclusive funds, being the largest independent FII manager in Brazil. It took over HGLG11 on 2024-07-16 after acquiring the FII platform of Credit Suisse Hedging-Griffo, also inheriting HGBS11, HGFF11, HGPO11, HGRE11, HGCR11, HGRU11 and others. Pátria's current strategy is to consolidate its logistics platform: the EGM of Dec/2025 approved the merger of LVBI11, the acquisition of PATL's properties and the absorption of two single-asset Brookfield funds — forming the largest FII in Brazil.
Administration is handled by Banco Genial S.A. (CNPJ 45.246.410/0001-55, headquartered in Rio de Janeiro), which also took over in Jul/2024. Genial is an independent investment platform and administers other FIIs of the Pátria group. The Pátria (management) + Genial (administration) combination consolidates one of the highest-AUM FII platforms in Brazil.
37 logistics/industrial warehouses (AAA-C) across 7 states — 2.07 M sqm GLA, 3% vacancy, WALE 4.0 years
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| DCB | Betim/MG | 6,9% | 1,0% |
| Vinhedo (BTS Volkswagen) | Vinhedo/SP | 6,3% | 1,0% |
| DCC | Cajamar/SP | 5,7% | 1,0% |
| Guarulhos | Guarulhos/SP | 5,4% | 0,875% |
| Porto Canoa | Cariacica/ES | 4,6% | 1,0% |
| DCR | Cajamar/SP | 4,5% | 0,865% |
| Betim BTS - Mercado Livre | Betim/MG | 4,2% | 1,0% |
| Itupeva G200 (BTS Meli) | Itupeva/SP | 3,9% | 1,0% |
| Goiânia | Goiânia/GO | 3,6% | 1,0% |
| CLE | Cabreúva/SP | 3,5% | 0,911% |
| São Carlos (Electrolux) | São Carlos/SP | 3,4% | 1,0% |
| Itupeva G300 | Itupeva/SP | 3,3% | 1,0% |
| Parque Torino | Cariacica/ES | 3,2% | 1,0% |
| Ribeirão Preto | Ribeirão Preto/SP | 3,1% | 1,0% |
| Cone MM2 | Cabo de Santo Agostinho/PE | 2,9% | 1,0% |
| Cariacica | Cariacica/ES | 2,9% | 1,0% |
| São José dos Campos | São José dos Campos/SP | 2,7% | 0,752% |
| Betim | Betim/MG | 2,7% | 1,0% |
| Extrema II | Extrema/MG | 2,6% | 1,0% |
| Itupeva G100 | Itupeva/SP | 2,5% | 0,927% |
| Louveira | Louveira/SP | 2,4% | 1,0% |
| Blumenau | Blumenau/SC | 2,2% | 1,0% |
| Embu | Embu das Artes/SP | 2,1% | 1,0% |
| Extrema A | Extrema/MG | 1,7% | 1,0% |
| Betim Business Park | Betim/MG | 1,6% | 1,0% |
| Osasco | Osasco/SP | 1,6% | 1,0% |
| Itapevi | Itapevi/SP | 1,4% | 1,0% |
| Master Labs (Hortolândia) | Hortolândia/SP | 1,2% | 0,851% |
| Syslog | Hortolândia/SP | 1,2% | 0,935% |
| Extrema III | Extrema/MG | 1,2% | 1,0% |
| Parque Novo Mundo | São Paulo/SP | 1,1% | 1,0% |
| Campo Grande | Rio de Janeiro/RJ | 1,0% | 1,0% |
| Monte Mor | Monte Mor/SP | 1,0% | 1,0% |
| Duque de Caxias | Duque de Caxias/RJ | 0,9% | 0,919% |
| Cone G06 | Cabo de Santo Agostinho/PE | 0,8% | 0,909% |
| Techtown (Hortolândia) | Hortolândia/SP | 0,5% | 0,829% |
| Rio Claro | Rio Claro/SP | 0,4% | 1,0% |
| Portfolio of strategic FIIs | — | 4,6% | — |
| Stakes in SPEs (Special Purpose Entities) | — | 13,9% | — |
| Net Cash + Fixed Income + CRIs (asset) | — | 1,3% | — |
HHI 0,0367 — baixa.
| Breakdown | Share |
|---|---|
| By state | Southeast 90,5% · Northeast 3,7% · Midwest 3,6% · South 2,2% |
| By tenant | Mercado Livre 40,0% · Volkswagen 10,0% · Shopee 6,0% · Electrolux 5,0% · Decathlon 3,0% |
| By index | IPCA 74,0% · IGP-M 26,0% |
| By contract type | tipico 87,0% · atipico 13,0% |
| By asset class | AAA 40,0% · AA 27,0% · A 9,0% · B 12,0% · C 5,0% · Mobiliário (FII+CRI+RF) 7,0% |
The unit trades at R$ 154.85 against a VP of R$ 166.58 — a modest 7.0% discount. P/VP reflects both the quality premium (largest logistics FII, leading ADTV, 3% vacancy, 4-year WALE) and the ongoing dilution from the 10th+11th offerings. In risk-off periods (2022, late 2024) the fund reached P/VP 0.80-0.85; in favorable cycles (2020-2021 boom), it hit 1.15-1.25.
último fechamento R$ 151,83 · mínima histórica R$ 102,12 · máxima R$ 217,16 · valor patrimonial por cota R$ 170,615886.
Volume médio diário (21 pregões) de r$ 14.579.760 · média de 12 meses de r$ 10.322.902.
Liquidity leader of the logistics sector — 21d average volume of R$ 14.6M/day. A R$ 1M position exits in ~0.4 business days without moving the price. Compatible with any strategy, including trading.
Saldo devedor de r$ 670.400.000 · alavancagem de 0,095% · ltv de 0,092%.
Pátria projection: 9.5% (2026) → 8.8% (2027) → 8.0% (2028) → 7.2% (2029) → 6.3% (2030). Balance falls R$ 670M → R$ 173M over 10 years.
HGLG11 is one of the great success stories of the Brazilian FII market. Born in 2010 as CSHG Logística, a pioneer in logistics and industrial warehouses, it built under Credit Suisse Hedging-Griffo management a portfolio of 37 properties, 2 M sqm, 180+ tenants and low systemic vacancy. Over 15 years, it delivered +627% of accumulated return (14.3% p.a.), far above the IFIX (+290%, 9.6% p.a.) and the CDI (+302%, 9.9% p.a.). It was one of Mercado Livre's pioneering BTS projects in Brazil.
In July/2024, after 13 years of CSHG, the fund migrated to Pátria Investimentos (manager) and Banco Genial (administrator) — the largest management transfer in the history of Brazilian FIIs, with no operational disruption. Under Pátria, the pace accelerated: in 18 months R$ 2.1 billion was raised (10th + 11th offering), 8 new warehouses were acquired (420k sqm added) and the historic consolidation with LVBI11, PATL and Brookfield funds was approved at an EGM, aiming to form the largest FII in Brazil (R$ 10 Bn in net assets, 54 properties, 2.9 M sqm) in H1/2026.
| Period | What happened |
|---|---|
| INCEPTION | The CSHG Logística FII is incorporated on 2010-06-01 under the management and administration of Credit Suisse Hedging-Griffo Corretora de Valores, focused on logistics and industrial warehouses — one of the segment's pioneers in Brazil. |
| B3 LISTING | Start of unit trading on B3. The fund begins operations with a small portfolio and focuses on building one of Brazil's first pure logistics FIIs. |
| GROWTH | Across 8 offerings, HGLG11 expands to more than 25 properties and reaches net assets close to R$ 3 billion. Iconic assets are acquired: DCB (Betim), Vinhedo (VW), DCC (Cajamar), Extrema I/II/III, Louveira, Itupeva G100/G200, Cone MM2, Parque Torino (Cariacica/ES) and others. |
| LOGISTICS BOOM | The pandemic and the e-commerce boom raise demand for warehouses. CSHG Logística signs a BTS with Mercado Livre in Betim (Meli 48 + Meli 64) with a CRI at IPCA+6.25% and a 6-month grace period, and a development at Cone MM2 (ES). |
| 9th OFFERING | Closed on 2023-07-27 with 10,330,900 units issued at R$ 152.50 (total of R$ 1.575 billion). After the 9th offering, the fund has 33,787,575 units. Bylaws consolidated on 2023-08-04, still under CSHG management. |
| HISTORIC TRANSITION | On 2024-07-16, a material fact announces the transfer of administration and management services from CSHG to Banco Genial (administrator) and Pátria Investimentos (manager). A historic milestone after 14 years of CSHG. Portfolio and investment policy maintained. |
| NEW NAME | On 2025-02-26, a private instrument formalizes the name change to 'Pátria Log - Fundo de Investimento Imobiliário - Responsabilidade Limitada' (accent correction in Feb/2025). The bylaws now reflect a global fee of 0.6% p.a. on market value under CVM Resolution 175/22. Ticker HGLG11 preserved. |
| 10th OFFERING | Closed on 2025-11-30, the 10th offering raises R$ 1.4 billion via credit set-off through subscription. It enables the acquisitions of Portfolio I (5 warehouses, 235.5k sqm, R$ 850.7M, cap rate 9.2%) and Portfolio II (3 warehouses in SP, 185.7k sqm, R$ 807.9M, cap rate 8.3%). |
| EGM CONSOLIDATION | On 2025-12-01, an EGM is called by formal consultation to approve: (i) the merger of LVBI11 into HGLG11; (ii) the acquisition of all PATL properties by HGLG11; (iii) the merger of two single-asset funds managed by Brookfield; (iv) bylaws adjustments. Objective: to form the largest FII in Brazil with R$ 10 Bn in net assets and 54 properties. |
| REVALUATION | On 2025-12-01, the Manager Letter reports the conclusion of the asset revaluation by Colliers Brazil: an average appreciation of 2.52% over the Dec/2024 book value. Highlights: Betim BTS Meli (+10.7%), Goiânia (+5.1%), DCR (+2.2%), DCB (+2.0%). The portfolio is worth R$ 5.7 Bn (average R$ 3,591/sqm). |
| 11th OFFERING | On 2026-02-05, announcement of the start of the 11th offering with a target volume of R$ 700 million. Preemptive-right exercise period: Feb 13 to Mar 2. Target assets include the PATL real-estate portfolio (stage 1 of the consolidation). |
| G200 ML SIMÕES FILHO | A Mercado Livre BTS in Simões Filho (BA) — G200 — is formalized in March/2026 as a new development. Simultaneously, the HGLG Simões Filho G100 (86k sqm) is 99.9% complete and operating, with only Containment 02 pending (expected completion Mar/2026). |
| CURRENT | HGLG11 trades at R$ 158.97 (P/VP 0.96) with a distribution of R$ 1.10/unit for the 13th consecutive month. 12m DY of 8.3% (market) and 8.0% (book). Physical vacancy at 3.0%, WALE of 4.0 years. LVBI+PATL+Brookfield consolidation in the final phase of CVM approval. |