Arandu Gestão de Fundos Imobiliários

Arandu Gestão de Fundos Imobiliários (CNPJ 43.757.787/0001-43) is the former REAG Gestão de Fundos Imobiliários, rebranded in November 2025 after its controlling group, REAG Investimentos (now Arandu Investimentos S.A., listed as ARND3), suffered a severe reputational blow. According to consolidated data from the Mais Retorno platform, the manager currently administers 8 FIIs with an aggregate AUM of approximately R$ 899 million, the largest being LMAI11 (formerly RMAI11, R$ 588 million in net asset value). The group's origins date back to 2012, with João Carlos Mansur at the helm of REAG Capital Holding—a structure that was partially listed on B3 via a reverse merger with GetNinjas.

Track record and governance

Arandu carries a significant reputational liability. In 2025, the Federal Police's Carbono Oculto Operation, conducted jointly with the Federal Revenue Service, investigated the REAG group and around 40 funds under suspicion of money laundering connected to the PCC. The scandal resulted in the departure of executives, the sale of subsidiaries (Empírica Holding and Empírica Cobranças to SmartHub for R$ 2.5 million + earn-outs), and the renaming of the group. The FII manager suffered an indirect impact: the fiduciary administrator REAG Trust DTVM was extrajudicially liquidated by the Central Bank (Jan/2026), forcing an emergency migration to Planner Corretora de Valores, which took over on 01/05/2026. The change was approved in advance at a unitholders' meeting (Dec/2025), which avoided an operational disruption—but the sequence of events highlights institutional fragility. Current leadership rests with Carlos Alberto Heitor De Farias Maggioli Filho (director) and Felipe Oppenheimer Pitanga Borges (compliance/risk); within the group, the CEO is Dario Graziato Tanure. Arandu's effective track record as an independent entity only counts from June 2025.

Strategy and funds under management

In the public portfolio, the only FII with higher visibility is LMAI11 (ex-RMAI11), a multi-strategy fund with allocations in income brick-and-mortar assets, internal FoF (shares of Pedra Alta and Francorchamps, both managed by the group itself), and CRIs. The R$ 588 million in assets contrasts with a market value of around R$ 90 million—a direct reflection of the P/BV of 0.34, the lowest among active multi-strategy funds on B3. The 3rd issuance of R$ 320 million raised to acquire shares of funds within its own ecosystem raises the issue of conflict of interest: Arandu concentrated LMAI11's capital in internal vehicles (Francorchamps: R$ 73M NAV; Trade Investimento Care II: R$ 180M NAV). A multi-asset strategy with sub-strategies co-managed by the same group is legitimate, but it requires enhanced transparency in a post-scandal scenario.

Strengths and points of attention

• Relevant AUM: nearly R$ 900 million in active FIIs puts the manager in a non-trivial market position, with access to a real estate transaction flow—an operational inheritance from the REAG group.
• Completed operational separation: the migration to Planner (independent administrator) and corporate detachment from the liquidated arm (REAG Trust DTVM) reduce the risk of direct contamination in the FIIs.
• Unresolved reputational scandal: the Carbono Oculto Operation investigation does not yet have a public conclusion; the rebranding to Arandu does not eliminate the legal liabilities of the controlling group.
• Short track record: less than 1 year as Arandu; the history of effective management of LMAI11 is marked by DPS cuts (-53%), high vacancy, and governance instability—still without proof of successful execution.
• Structural conflict of interest: fundraising directed at internal funds (FoF within the group) without evidence of better market alternatives.

Which investor is this suitable for

Arandu Gestão today only makes sense for investors willing to take on a speculative restructuring trade—those who enter LMAI11 betting that the manager will lease the vacant assets in Campinas, restore DPS, and compress the asset discount (P/BV 0.34 → 0.6+). Stable income or conservative investors should avoid it: the current DPS is at an unsustainable payout, the reputational scandal remains alive, and the history of multiple institutional changes in sequence (manager → ticker → administrator) signals instability. Monitor: leasing progress in Campinas, the outcome of the Carbono Oculto Operation, and any new issuance moves that benefit internal funds.