Tellus Investimentos e Consultoria

A Tellus Investimentos e Consultoria is a Brazilian asset manager 100% focused on real estate, with roots in SDI Desenvolvimento Imobiliário — a company founded in 1974 that originated Tellus after a rebranding in November 2019. With over 50 years of accumulated real estate DNA, the manager reports R$ 6.76 billion invested since inception, distributed among mixed-use (R$ 2.1 bil), logistics (R$ 1.8 bil), healthcare (R$ 1.5 bil), residential (R$ 1.1 bil), and offices (R$ 0.7 bil). In the capital markets, it operates via four vehicles listed on B3 — TEPP11, TRBL11, TELM11, and EDFO11 — in addition to six private Equity funds in healthcare, logistics, mixed-use, and residential development. This developer-turned-listed-fund-manager profile is uncommon in the sector and constitutes the firm's main source of differentiation.

Track record and governance

The most revealing event of Tellus's management in recent years was the sale of Condomínio São Luiz, acquired between 2020 and 2021 for R$ 171.5 million and sold in 2025 with a capital gain of R$ 39.8 million — an 11% IRR over the complete cycle, which included the pandemic, occupancy collapse in corporate slabs, and two years of high Selic rates. The gain made it possible to sustain TEPP11's DPS of R$ 0.131/unit until July 2026, creating short-term visibility for the unitholder. In April 2026, the manager declared Torre Sul as a "performed" asset — an explicit signal of potential divestment — a capital discipline practice rare among brick-and-mortar FII managers in Brazil.

TEPP11's DPS CAGR since its IPO (2019) is 19.1% per year, a performance that weathered the pandemic and the Selic hike cycle without income cuts, which corroborates the thesis of value generation via active operation rather than passive leasing alone. In regulatory terms, Tellus has a clean reputation: no sanction proceedings at CVM and no penalties or guidelines from ANBIMA. The administrator and custodian of the listed funds is BTG Pactual Serviços Financeiros S.A. DTVM, an institution with high operational standards. The manager has been a PRI signatory since 2021, signaling a formal commitment to ESG criteria, even though practical adoption varies by fund.

Strategy and funds under management

Tellus's portfolio logic is that of a real estate operator with a value-add thesis: identifying assets with appreciation potential through retrofitting, repositioning, or development, executing the improvement, and recycling capital via divestment. TEPP11 concentrates this strategy in the São Paulo corporate slabs segment, with a DY of 18.84% over a quotation of R$ 9.04 and a P/BV of 0.87 — a discount in line with the sector, but with an above-average delivery history. TRBL11 diversifies Tellus into logistics, with an estimated NAV of R$ 640 million and a last declared yield of R$ 2.68/unit in July 2026, although quotation shows pressure in 2026. TELM11 (multi-market, R$ 31 mil) and EDFO11 (offices, R$ 49 mil) are smaller vehicles, more focused on specific strategies or institutional investors. The complementarity between the listed funds is real: TEPP11 and EDFO11 expose the investor to offices at different stages of maturity; TRBL11 offers sector diversification within the same management firm.

Strengths and points of attention

• Developer DNA: the ability to execute construction, reposition assets, and divest with a positive IRR is a rare competence among FII managers — and was demonstrated in practice with Cond. São Luiz.
• Capital discipline and communication: declaring Torre Sul as "performed" prior to divestment demonstrates transparency and real estate cycle management methodology.
• Clean regulatory reputation: total absence of CVM/ANBIMA sanctions in over a decade of operation as a registered manager.
• Income structure with short-term support: São Luiz's residual capital gain locks in TEPP11's DPS until July 2026, offering predictability.

• Concentration in a single relevant listed fund: TEPP11 accounts for almost all AUM listed on B3. TELM11 and EDFO11 are too small to offer scale; TRBL11 faces quotation pressure in 2026.
• Post-July 2026 DPS transition: the R$ 0.131/unit cap expires and income sustainability will depend on the allocation pace of the R$ 120.1 million raised in the 5th issuance and the absorption of the vacancy left by São Luiz — two vectors still open.
• Concentrated exposure to corporate São Paulo: all listed office funds target the same geographic and niche market, reducing real diversification for unitholders holding more than one vehicle from the firm.
• Modest listed AUM compared to private history: the R$ 6.76 billion track record includes private capital accumulated since 1974; listed funds total about R$ 1.2 billion in NAV, which limits liquidity and secondary market visibility.

Which investor is it suitable for

Tellus as a manager makes sense for the investor who values active real estate execution over passive carry — someone willing to accept some income volatility in the medium term in exchange for capital gain potential and an inflation-beating DPS CAGR in the long term. TEPP11, the firm's main vehicle, is suitable for moderate to aggressive profiles with a minimum horizon of 24 months, who understand that the current DY of 18.84% has an extraordinary component and that the post-issuance allocation cycle will determine the sustainable income level starting in the second half of 2026. What to watch: leasing pace of vacant spaces post-São Luiz, divestment of Torre Sul (price and timing), and allocation speed of the 5th issuance resources — these three vectors will decide whether the fund's 6.7 rating rises or drops over the next 18 months.