Largest CDI+-linked credit FII in Brazil — managed by Kinea/Itaú since 2012
Segment: FII de Papel — CRI pós-fixados (CDI+) · Price R$ 106.6 · P/BV 1.0398 · BV/unit R$ 102.52 · Net assets R$ 10,98 Bi · 578,802 unitholders · 88 assets
KNCR11 (Kinea Rendimentos Imobiliários FII Resp. Limitada) is a Brazilian REIT in the FII de Papel — CRI pós-fixados (CDI+) segment. Largest CDI+-linked credit FII in Brazil — managed by Kinea/Itaú since 2012
Finances office buildings, shopping malls, and warehouses by charging interest tied to the CDI rate and distributes monthly income exempt from income tax.
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 FIIs, Kinea totals R$ 27.8 billion in AUM distributed across 7 funds — KNCR11 (R$ 11.0B), KNIP11 (R$ 7.5B, IPCA+), KNHY11 (R$ 3.1B, IPCA+ high yield), KNUQ11 (R$ 2.2B), KNHF11 (R$ 2.0B multi-strategy), KNSC11 (R$ 1.8B mixed), and KCRE11 (R$ 0.3B partnership with Creditas).
Administration is handled by Intrag DTVM Ltda. (CNPJ 62.418.140/0001-31, Itaú Unibanco), with custody within Itaú's own structure and auditing by PricewaterhouseCoopers. This vertical integration of Kinea + Intrag + Itaú Custody ensures privileged access to CRI origination, especially in major corporate real-estate financing operations (Brookfield BR12, JHSF Malls, Even Estoque, MRV pro-soluto). KNCR11 has navigated the pandemic, the 13.75% Selic cycle (2022-2023), and the 15% Selic cycle (2025-2026) without recording a single default event across its CRI holdings — a rare track record in the segment.
See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
Portfolio of 88 CRIs (R$ 8.84B) + 1 FII (R$ 155M) + LCIs (R$ 1.57B) + Cash (R$ 855M). Predominantly CDI+ MTM at 2.05% with a 4-year average duration and zero defaults since IPO.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| CRI OPEA SECURITIZADORA S.A. · 8th issue, 3rd series | São Paulo/SP e Rio de Janeiro/RJ | 10.8% | — |
| Ed. EZ Tower | São Paulo/SP | 5.2% | — |
| CRI OPEA SECURITIZADORA S.A. · 584th issue, 1st series | — | 3.9% | — |
| Federal Government Bonds | — | 3.0% | — |
| CRI TRUE SECURITIZADORA S.A. · 1st issue, 181st series | SP, BA e AM | 2.8% | — |
| CRI OPEA SECURITIZADORA S.A. · 393rd issue, 1st series | — | 2.7% | — |
| CRI TRUE SECURITIZADORA S.A. · 372nd issue, 1st series | — | 2.7% | — |
| CRI RB CAPITAL SECURITIZADORA S.A. · 1st issue, 173rd series | — | 2.7% | — |
| CRI OPEA SECURITIZADORA S.A. · 13th issue, 3rd series | — | 2.5% | — |
| CRI OPEA SECURITIZADORA S.A. · 14th issue, 3rd series | — | 2.2% | — |
| CRI OPEA SECURITIZADORA S.A. · 1st issue, 193rd series | São Paulo/SP | 2.0% | — |
| CRI OPEA SECURITIZADORA S.A. · 39th issue, 3rd series | — | 2.0% | — |
| CRI TRUE SECURITIZADORA S.A. · 1st issue, 278th series | Balneário Camboriú/SC | 1.8% | — |
| CRI OPEA SECURITIZADORA S.A. · 583rd issue, 1st series | — | 1.7% | — |
| CRI OPEA SECURITIZADORA S.A. · 40th issue, 3rd series | — | 1.7% | — |
| Xp log prime yield | — | 1.7% | — |
| CRI BARIGUI SECURITIZADORA SA · 74th issue, 1st series | — | 1.6% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 250th issue, 2nd series | — | 1.6% | — |
| CRI OPEA SECURITIZADORA S.A. · 1st issue, 137th series | — | 1.6% | — |
| CRI BANCO BRADESCO S.A. · 1st issue, 129th series | — | 1.5% | — |
| CRI OPEA SECURITIZADORA S.A. · 455th issue, 1st series | — | 1.4% | — |
| 17007 NACOES FII CLB | — | 1.4% | — |
| FII Brookfield - Ed. Sigma | São Paulo/SP | 1.4% | — |
| CRI ARTESANAL SECURITIZADORA DE CREDITO · 2nd issue, 1st series | — | 1.3% | — |
| CRI OPEA SECURITIZADORA S.A. · 119th issue, 1st series | São Paulo/SP | 1.3% | — |
| CRI OPEA SECURITIZADORA S.A. · 29th issue, 1st series | São Paulo/SP | 1.3% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 250th issue, 1st series | — | 1.3% | — |
| CRI OPEA SECURITIZADORA S.A. · 279th issue, 1st series | — | 1.2% | — |
| CRI BANCO BRADESCO S.A. · 1st issue, 93rd series | — | 1.2% | — |
| CRI OPEA SECURITIZADORA S.A. · 258th issue, 1st series | — | 1.2% | — |
| Even Estoque | São Paulo/SP | 1.2% | — |
| CRI COMPANHIA PROVINCIA DE SECURITIZACA · 135th issue, 1st series | — | 1.1% | — |
| CRI OPEA SECURITIZADORA S.A. · 448th issue, 1st series | — | 1.1% | — |
| CRI OPEA SECURITIZADORA S.A. · 205th issue, 1st series | Guarulhos/SP | 1.0% | — |
| CRI OPEA SECURITIZADORA S.A. · 566th issue, 1st series | — | 0.9% | — |
| CRI CIBRASEC-CIA BRAS DE SECURITIZAÇÃO · 2nd issue, 313th series | Salvador/BA | 0.9% | — |
| CRI OPEA SECURITIZADORA S.A. · 146th issue, 1st series | São Paulo/SP | 0.9% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 25th issue, 2nd series | Uberaba/MG | 0.9% | — |
| CRI OPEA SECURITIZADORA S.A. · 431st issue, 1st series | — | 0.8% | — |
| CRI VIRGO COMPANHIA DE SECURITIZAÇÃO · 235th issue, 1st series | — | 0.8% | — |
HHI 0.0277 — low.
| Breakdown | Share |
|---|---|
| By index | CDI+ (HG) 77.8% · %CDI (LCIs/Cash) 22.1% · IPCA+ 0.2% · PreFixado 0.1% |
The unit trades at R$ 106.72 against a book value of R$ 102.36, a 4.3% premium. This premium reflects: (i) historical market confidence in Kinea management (zero defaults in 13 years); (ii) superior liquidity (R$ 22M/day); and (iii) a flight-to-quality in a still volatile scenario. Compared to peers (median P/BV of 0.98), the premium is justifiable, but there is no bargain margin—buyers today pay above book value.
last close R$ 106.6 · all-time low R$ 63.50 · high R$ 117.80 · book value per unit R$ 102.52.
Average daily volume (21 sessions) of R$ 22,410,000 · 12-month average of R$ 18,000,000.
Exceptional liquidity — R$ 22.4M/day places KNCR11 among the 5 most liquid FIIs on the exchange. A R$ 1 million position liquidates in ~0.2 business days (a few hours) without moving the price.
KNCR11 was launched in October 2012 as one of Brazil's first floating-rate CDI+ paper REITs, under the pioneering management of Kinea Investimentos, the asset management arm of Grupo Itaú Unibanco. Over 13 and a half years, it has weathered the Selic cycle of 14.25% → 2% → 13.75% → 15% → 14.75% without a single default event in its CRI portfolio — a rarity in the segment. It has executed 12 public offerings throughout this period, growing from a few hundred million to its current R$ 10.96B net assets, consistently maintaining its position as the market's largest post-fixed paper REIT.
Its history 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% per year — with no performance fee. The 12th offering (closed in Feb/2026) raised R$ 3.2 billion, a clear sign of market confidence even as the interest-rate cycle begins to invert. With the start of monetary easing in Mar/2026 (Selic 15% → 14.75%), the fund enters a phase where the thesis will shift from capturing a high Selic rate to management quality, proprietary origination, and discipline in allocating the R$ 2.4 billion in cash and LCI assets currently in final due diligence.
| Period | What happened |
|---|---|
| CONSTITUIÇÃO | Fund established on Aug 2, 2012 as a closed-end partnership with an indefinite term, administered by Intrag DTVM (Itaú Unibanco) and managed by Kinea Investimentos. |
| IPO | Operations commenced on Oct 23, 2012 (CVM registration on Oct 15, 2012). The 1st unit offering at R$ 100.00 marked Kinea's entry into the floating-rate credit FII market. |
| EMISSÕES INICIAIS | A sequence of offerings in the first 5 years (2nd, 3rd, 4th, and 5th offerings) grew the fund from approximately R$ 200 million to over R$ 2 billion in NAV, cementing its status as the market's largest CDI+ credit FII. |
| 6TH AND 7TH OFFERINGS | Continuation of the fundraising cycle leveraging the decline in the Selic rate (from 14.25% in 2016 to 6.50% in 2018). NAV surpasses R$ 4 billion. In Oct/2018, a notable amendment to the bylaws took place. |
| PANDEMIA | Selic rate at historic lows (2.00% in Aug/2020) impacted the fund's dividend yield (CDI+2% with a 2% CDI yields ~4% p.a. nominal). Units traded at a discount of up to 12% to NAV at the peak of volatility. Portfolio navigated the pandemic with zero defaults. |
| CICLO DE ALTA SELIC | Strong recovery in dividend yield alongside rising Selic rates (from 2% to 13.75% in 2022). Monthly distribution rises to R$ 1.00-1.15/unit. KNCR11 trades back at a premium to NAV as one of the top vehicles to capture high Selic rates. |
| 10ª EMISSÃO | 10th offering between Jun 11, 2024 and Jun 28, 2024 raised R$ 780.8 million. NAV jumps to R$ 6.55B (Jun/2024) with 6.62 million units and over 350k unitholders. |
| 11ª EMISSÃO | 11th offering launched on Nov 4, 2024 and concluded on Apr 29, 2025, raising R$ 1,187.9 million. NAV reaches R$ 7.79B on Jun 30, 2025. Adaptation to CVM Resolution 175/2022 is also completed during the fiscal year. |
| RESPONSABILIDADE LIMITADA | Fund renamed 'Kinea Rendimentos Imobiliários FII Responsabilidade Limitada' (formerly just 'FII'), under a single unit class and bylaws adapted to CVM 175. |
| PICO DE DY | A 15% Selic rate generates the highest historical distribution level: R$ 1.33-1.35/unit monthly between Jul-Oct/2025 (134% of grossed-up CDI in Aug/2025). Portfolio remains free of negative credit events despite monetary tightening. |
| 12ª EMISSÃO | 12th unit offering concluded on Mar 2, 2026, raising R$ 3,185.2 million (subscription of 30.58 million units). NAV exceeds R$ 10.95B and the number of unitholders reaches 542k. Announcement published on Mar 2, 2026. |
| INÍCIO DO CICLO DE QUEDA | Copom cuts the Selic rate by 0.25 pp to 14.75% in mid-March 2026. Distribution drops to R$ 1.15/unit (109% of grossed-up CDI). New CRI investments total R$ 320.5M during the month (Brookfield Passeio Paulista, VISC BH Shopping, Huma CD Santana, Crediblue 159). |
| ATUAL | Unit trades at R$ 106.72 (P/BV 1.04) on May 8, 2026. Portfolio of 88 CRIs at CDI+2.05% MTM, 14.3% in LCIs, and 7.8% in cash. 542k unitholders, R$ 22.4M in daily liquidity. Undistributed retained earnings: R$ 0.25/unit. April/2026 distribution announced: R$ 1.10/unit (payment on May 14, 2026). |