(Paper REIT — CRIs indexed to IPCA, managed by Kinea Investimentos / Itaú Unibanco Group)
Segment: Paper REIT (inflation-linked CRIs) · Price R$ 92,5 · P/BV 0,9848 · BV/unit R$ 93,93 · Net assets R$ 7.52 Bn · 72.303 unitholders · 117 assets
KNIP11 (Kinea Índices de Preços Fundo de Investimento Imobiliário Responsabilidade Limitada) is a Brazilian REIT in the Paper REIT (inflation-linked CRIs) segment. (Paper REIT — CRIs indexed to IPCA, managed by Kinea Investimentos / Itaú Unibanco Group)
Institutional-quality inflation hedge — IPCA+10.06% MtM, 4.1-year duration, diversified portfolio of 117 CRIs with real guarantees
This page gathers the factual snapshot of KNIP11 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 is the alternative-fund manager of the Itaú Unibanco Group and one of the largest and most respected real estate fund houses in Brazil. Kinea's family of paper REITs totals R$ 27.9 billion under management (KNCR11 R$ 11.0 Bn, KNIP11 R$ 7.5 Bn, KNHY11 R$ 3.1 Bn, KNUQ11 R$ 2.2 Bn, KNHF11 R$ 2.0 Bn, KNSC11 R$ 1.8 Bn, KCRE11 R$ 0.3 Bn), with a robust origination, credit and risk team.
The KNIP11 occupies the lowest-risk, inflation-linked segment of the product range (alongside the floating-rate KNCR11). Administration is handled by Intrag DTVM (also part of Itaú), with a fiscal year-end on 06/30. The combination of scale, Itaú ownership and a track record since 2016 gives KNIP11 an institutional standard hard to match among CRI REITs.
See our analysis of Kinea Investimentos (Itaú Unibanco Group) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| cri-gazit-malls | — | 5,2% | — |
| cri-jhsf-malls | — | 4,0% | — |
| cri-galpao-cajamar | — | 3,4% | — |
| cri-hglg-cds | — | 3,2% | — |
| cri-shp-balneario | — | 2,8% | — |
| cri-hsml-uberaba | — | 2,4% | — |
| cri-partage-faria-lima-218 | — | 2,4% | — |
| cri-partage-faria-lima-217 | — | 2,1% | — |
| cri-blog-nordeste | — | 1,9% | — |
| cri-partage-cosmopolitano | — | 1,9% | — |
| cri-xpml-bahia | — | 1,9% | — |
| cri-creditas-151-senior | — | 1,1% | — |
| cri-rede-dor | — | 1,2% | — |
| cri-hilton-copacabana | — | 1,2% | — |
HHI 0,012 — very low.
| Breakdown | Share |
|---|---|
| By state | Southeast (SP/RJ/MG) 78,0% · South (SC/PR/RS) 8,0% · Northeast (BA/PE/CE/MA/PA) 10,0% · Midwest/North (MT/AM/DF/RO) 4,0% |
| By index | IPCA 90,8% · SELIC/CDI (cash) 9,2% |
A price of R$ 91.80 (2026-06-01) against the VP/unit of R$ 93.93 (Apr/2026). A slight discount of ~2% — no premium nor deep discount. A P/VP of 0.98 indicates a rebalancing after the curve-steepening cycle of 2022-2025.
último fechamento R$ 92,5 · mínima histórica R$ 83,79 · máxima R$ 122,6 · valor patrimonial por cota R$ 93,93.
Very high liquidity: a R$ 100k position exits in a fraction of a trading session without affecting the price. Even multi-million positions are absorbed easily — one of Brazil's most liquid paper REITs.
The KNIP11 is Kinea's pioneering and benchmark inflation-linked CRI REIT, listed since 2016. Its price trajectory mirrors the Brazilian real interest rate curve: a premium and all-time high (R$ 122.60) during the low-rate cycle of 2017-2019, and a discount with a low of R$ 83.79 (Feb/2025) during the curve steepening of 2022-2025.
The fund never lost what matters: credit quality. The diversified portfolio of 117 CRIs with real guarantees weathered the entire cycle without relevant delinquency. Today, at IPCA+10.06% MtM, the KNIP11 carries one of the highest real premiums in its history — and the recent IPCA rebound (dividends of R$ 1.10 and R$ 1.25 in Apr-May/2026) shows the thesis working in practice.
| Period | What happened |
|---|---|
| INCEPTION | Fund launched on 2016-09-16 as Kinea Índices de Preços, dedicated to inflation-linked CRIs with low credit risk. Administration by Intrag DTVM, management by Kinea (Itaú Unibanco Group). |
| GROWTH AND PREMIUM | In a cycle of falling real rates, the unit traded at a relevant premium, reaching its all-time high of R$ 122.60 on 2019-06-25. Successive offerings expanded net assets into the billions. |
| CURVE STEEPENING | The rise in real rates (NTN-B) steepened the curve and dragged down the mark-to-market of the CRIs, leading the unit to trade at a discount. The average acquisition rate (IPCA+~6.9%) fell below the market rate, compressing the VP. |
| ALL-TIME LOW | With the real interest rate curve at its peak, the unit touched its all-time low of R$ 83.79 on 2025-02-05 — the point of maximum implied real premium of the portfolio. |
| IPCA REBOUND | Current inflation accelerates (Feb 0.70% + Mar 0.88%) and boosts the result: income per unit rises to R$ 1.12 (Mar) and R$ 1.22 (Apr), with dividends of R$ 1.05 and R$ 1.10. The accumulated undistributed reserve reaches R$ 0.85/unit. |
| DIVIDEND R$ 1.25 | May/2026 dividend announced at R$ 1.25/unit (payment on 2026-06-12), reflecting the highest IPCA of recent windows. Bylaws adapted to the CVM 175 fee segregation on 2026-05-08. |
| CURRENT (ANALYSIS DATE) | Unit R$ 91.80 (2026-06-01), P/VP 0.98, VP/unit R$ 93.93 (Apr/26). Portfolio at IPCA+10.06% MtM, 4.1-year duration, 117 CRIs, 72,303 unitholders, net assets R$ 7.52 Bn. |