Brazil's largest CDI+ paper REIT — managed by Kinea/Itaú since 2012
Segment: Paper REIT — floating-rate CRIs (CDI+) · Price R$ 106,41 · P/BV 1,0396 · BV/unit R$ 102,36 · Net assets R$ 10.96 Bn · 542.237 unitholders · 88 assets
KNCR11 (Kinea Rendimentos Imobiliários FII Resp. Limitada) is a Brazilian REIT in the Paper REIT — floating-rate CRIs (CDI+) segment. Brazil's largest CDI+ paper REIT — managed by Kinea/Itaú since 2012
Brazil's largest floating-rate REIT, Kinea/Itaú management for 13 years, zero default and liquidity of R$ 22 M/day — CDI exposure with minimal credit risk
This page gathers the factual snapshot of KNCR11 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: Kinea Investimentos (Itaú Unibanco Group).
Kinea Investimentos Ltda. (CNPJ 08.604.187/0001-44) is the asset manager of the Itaú Unibanco Group, founded in 2007 and considered one of the largest and most respected real-estate fund management platforms in Brazil. In paper REITs, Kinea manages R$ 27.8 billion in AUM across 7 funds — KNCR11 (R$ 11.0 bn), KNIP11 (R$ 7.5 bn, IPCA+), KNHY11 (R$ 3.1 bn, IPCA+ high yield), KNUQ11 (R$ 2.2 bn), KNHF11 (R$ 2.0 bn multi-strategy), KNSC11 (R$ 1.8 bn mixed) and KCRE11 (R$ 0.3 bn, a partnership with Creditas).
Administration is by Intrag DTVM Ltda. (CNPJ 62.418.140/0001-31, Itaú Unibanco), with custody within Itaú's own structure and audit by PricewaterhouseCoopers. This Kinea + Intrag + Itaú Custody vertical integration ensures privileged access to CRI origination, especially in large corporate real-estate financing operations (Brookfield BR12, JHSF Malls, Even Estoque, MRV pro-soluto). KNCR11 came through the pandemic, the Selic 13.75% cycle (2022-2023) and the Selic 15% cycle (2025-2026) without recording a single default event in its CRI portfolio — a rare track record in the segment.
See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
Portfolio of 88 CRIs (R$ 8.84 bn) + 1 FII (R$ 155 M) + LCI (R$ 1.57 bn) + Cash (R$ 855 M). Predominantly CDI+ MTM 2.05% with an average term of 4 years and zero default since the IPO.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-26B4409996 | — | 3,9% | — |
| cri-19E0322333 | — | 3,0% | — |
| cri-22G0282370 | — | 2,8% | — |
| cri-24B1669805 | — | 2,7% | — |
| cri-25A2619772 | — | 2,8% | — |
| cri-17I0141606 | — | 2,7% | — |
| cri-17I0141643 | — | 2,7% | — |
| cri-22G0282332 | — | 2,5% | — |
| cri-22G0282297 | — | 2,2% | — |
| cri-22G0282284 | — | 2,0% | — |
| cri-23H1250138 | — | 1,9% | — |
| cri-19L0882476 | — | 1,9% | — |
| cri-26C3703914 | — | 1,8% | — |
| cri-22G0282145 | — | 1,7% | — |
| cri-25B3552756 | — | 1,6% | — |
| cri-25H3372118 | — | 1,5% | — |
| cri-23J2266232 | — | 1,4% | — |
| cri-22F1035289 | — | 1,4% | — |
| cri-25F2703942 | — | 1,4% | — |
| cri-25B3552755 | — | 1,3% | — |
| cri-24E1127893 | — | 1,2% | — |
| cri-25F2307094 | — | 1,2% | — |
| cri-24C1475908 | — | 1,1% | — |
| cri-25L3091365 | — | 1,1% | — |
| cri-20J0812325 | — | 1,1% | — |
| cri-22F0658610 | — | 1,0% | — |
| cri-23I1740395 | — | 1,0% | — |
| cri-25L2633387 | — | 1,0% | — |
| cri-22A0118041 | — | 1,0% | — |
| cri-19F0923004 | — | 1,0% | — |
| cri-23F2335074 | — | 0,9% | — |
| cri-19A1316808 | — | 0,9% | — |
| cri-16C0208472 | — | 0,9% | — |
| cri-20A0797060 | — | 0,8% | — |
| cri-24L2330958 | — | 0,8% | — |
| cri-25D2075129 | — | 0,8% | — |
| cri-24C1886299 | — | 0,8% | — |
| cri-25C4767379 | — | 0,8% | — |
| cri-24C1886292 | — | 0,8% | — |
| cri-15L0736524 | — | 0,8% | — |
HHI 0,0395 — baixa.
| Breakdown | Share |
|---|---|
| By index | CDI+ (HG) 77,8% · %CDI (LCI/Cash) 22,1% · IPCA+ 0,2% · PreFixado 0,1% |
The unit trades at R$ 106.72 against an NAV of R$ 102.36, a premium of 4.3%. This premium reflects: (i) the market's historical confidence in the Kinea management (zero default in 13 years); (ii) the superior liquidity (R$ 22 M/day); and (iii) the flight-to-quality in a still-volatile scenario. Compared with peers (median P/BV 0.98), the premium is justifiable, but there is no bargaining margin — those entering today pay above book value.
último fechamento R$ 106,41 · mínima histórica R$ 85,5 · máxima R$ 117,0 · valor patrimonial por cota R$ 102,36.
Volume médio diário (21 pregões) de r$ 22.410.000 · média de 12 meses de r$ 18.000.000.
Exceptional liquidity — R$ 22.4 M/day places KNCR11 among the 5 most liquid REITs on the exchange. An R$ 1 million position settles in ~0.2 business days (a few hours) without moving the price.
KNCR11 was born in October 2012 as one of the first CDI+ paper REITs in Brazil, under the pioneering management of Kinea Investimentos, the asset-management arm of the Itaú Unibanco Group. Over 13 and a half years, it came through the Selic cycle of 14.25% → 2% → 13.75% → 15% → 14.75% without recording a single default event in its CRI portfolio — something rare in the segment. It carried out 12 public offerings over that period, starting from a few hundred million to the current R$ 10.96 billion in net assets, always remaining the largest floating-rate paper REIT in the market.
The trajectory is marked by rare institutional consistency: the same manager since the IPO (Kinea), the same administrator (Intrag/Itaú), the same custodian (Itaú), and an unchanged management fee of 1.00% p.a. — no performance fee. The 12th offering (closed in Feb/2026) raised R$ 3.2 billion, a clear sign of market confidence even at a moment when the interest-rate cycle begins to reverse. With the start of monetary loosening in Mar/2026 (Selic 15% → 14.75%), the fund enters a phase in which the thesis will shift from capturing a high Selic rate to management quality, proprietary origination and discipline in allocating the R$ 2.4 billion of cash+LCI in the final stage of due diligence.
| Period | What happened |
|---|---|
| INCORPORATION | Fund incorporated on 08/02/2012 as a closed-end condominium with an indefinite term, administered by Intrag DTVM (Itaú Unibanco) and managed by Kinea Investimentos. |
| IPO | Operations began on 10/23/2012 (CVM registration on 10/15/2012). The 1st unit offering at R$ 100.00 marked Kinea's entry into the floating-rate paper REIT market. |
| INITIAL OFFERINGS | A sequence of offerings in the first 5 years (2nd, 3rd, 4th and 5th offerings) that took the fund from around R$ 200 million to more than R$ 2 billion in net assets, consolidating it as the largest CDI+ paper REIT in the market. |
| 6th and 7th OFFERINGS | Continuation of the fundraising cycle taking advantage of the falling Selic rate (from 14.25% in 2016 to 6.50% in 2018). Net assets surpass R$ 4 billion. In Oct/2018, a relevant change is made to the bylaws. |
| PANDEMIC | The Selic rate at a historic low (2.00% in Aug/2020) impacted the fund's DY (CDI+2% over a 2% CDI generates ~4% p.a. nominal). The unit reached a discount of up to 12% to NAV at the height of the volatility. The portfolio came through the pandemic with no default. |
| RISING-SELIC CYCLE | Strong recovery in the DY with the rising Selic rate (from 2% to 13.75% in 2022). The monthly distribution rises to R$ 1.00-1.15/unit. KNCR11 returns to trading at a premium to NAV as one of the best options to capture the high Selic rate. |
| 10th OFFERING | 10th offering between 06/11/2024 and 06/28/2024 raised R$ 780.8 million. Net assets jump to R$ 6.55 bn (Jun/2024) with 6.62 million units and more than 350,000 unitholders. |
| 11th OFFERING | 11th offering started on 11/04/2024 and closed on 04/29/2025, raising R$ 1,187.9 million. Net assets reach R$ 7.79 bn on 06/30/2025. Adaptation to CVM Resolution 175/2022 is also completed in the fiscal year. |
| LIMITED LIABILITY | The fund is renamed 'Kinea Rendimentos Imobiliários FII Responsabilidade Limitada' (previously just 'FII'), under a new single class of units and bylaws adapted to CVM 175. |
| DY PEAK | The Selic rate at 15% generates the best historical distribution level: R$ 1.33-1.35/unit per month between Jul-Oct/2025 (134% of the CDI gross-up in Aug/2025). The portfolio continues with no negative credit events even amid monetary tightening. |
| 12th OFFERING | 12th unit offering closed on 03/02/2026 with R$ 3,185.2 million raised (subscription of 30.58 million units). Net assets surpass R$ 10.95 bn and the number of unitholders reaches 542,000. Notice published on 03/02/2026. |
| START OF THE FALLING CYCLE | Copom cuts the Selic rate by 0.25 p.p. to 14.75% in mid-March 2026. Distribution falls to R$ 1.15/unit (109% of the CDI gross-up). New investments of R$ 320.5 M in CRI during the month (Brookfield Passeio Paulista, VISC BH Shopping, Huma CD Santana, Crediblue 159). |
| CURRENT | Unit trades at R$ 106.72 (P/BV 1.04) on 05/08/2026. Portfolio of 88 CRIs at CDI+2.05% MTM, 14.3% LCI and 7.8% cash. 542,000 unitholders, R$ 22.4 M of daily liquidity. Accumulated reserve: R$ 0.25/unit. April 2026 income announced: R$ 1.10/unit (payment 05/14/2026). |