- End of Trading: REME11 will be delisted from B3 trading starting October 9, 2026.
- What Changed: The long-term discount thesis is over; the fund will sell all its assets and return the cash to unitholders.
- What to Watch: Submitting the average acquisition cost via the Cuore platform by October 25, 2026, to prevent withholding tax.
The REME11 real estate fund (FII) is shutting down, with trading on the B3 suspended on October 9, 2026. The decision, approved at a unitholders' meeting, kicks off a forced liquidation process expected to last up to a year, turning what was once a long-term value play into a phased cash return.
What Happened to the REME11 Real Estate Fund?
The REME11 real estate fund published a material fact filing on October 6, 2026, detailing the official schedule for its definitive liquidation. The decision to wind down the fund was approved by unitholders at a meeting on September 25, 2026, and management has now initiated operational procedures to divest the portfolio and close down.
Starting October 9, 2026, REME11 units will be blocked from trading on the B3 secondary market. This means investors who do not sell their units before the close of trading on October 8, 2026, will no longer be able to exit the asset in the market and will have to wait for the fund's amortization schedule to recover their capital.
Why Did the REME11 Investment Thesis Change Completely?
The forced liquidation kills the "double discount" thesis previously championed for the fund. Until now, REME11 was viewed as a value bet: investors could buy the fund at a discount to its net asset value (NAV) and, by extension, pick up a portfolio of roughly 45 underlying real estate funds that were also trading below intrinsic value.
Our previous analysis showed the fund trading at R$ 78.50 per unit, while the look-through value of the assets stood at R$ 116.25 (a discount of ~32%). With the liquidation, that discount is no longer a secondary-market appreciation opportunity; instead, it is a race against time to see if management can sell the portfolio assets close to the net asset value of R$ 88.33.
Furthermore, the second unit issuance that kicked off on July 13, 2026, is entirely pointless and has been canceled, as the fund regulations now bar new investments, except for liquidity allocations to manage cash during the orderly divestment.
What Is the Official REME11 Liquidation Schedule?
The fund wind-down will move quickly through initial operational steps, but the complete divestment of the portfolio will take months. Management estimates completing the entire process within 8 months (by May 25, 2027), with a 12-month hard deadline (September 25, 2027) established at the meeting.
What Do Unitholders Need to Do Between October 9 and October 25?
Investors must fill out the Average Cost form, which will be sent by email via the Cuore platform starting October 9, 2026. This step is crucial to prevent Brazil's federal tax authority from improperly taxing the amounts received in the amortizations.
When a real estate fund amortizes capital, that payment reduces the acquisition cost of your units. If the fund administrator (Apex Group) does not know how much you originally paid for the unit, it will be forced to withhold income tax at the source using an unfavorable calculation base or even assuming a full capital gain.
Therefore, if you decide to hold your units through the liquidation, gather your brokerage notes, calculate your exact average cost, and complete the form by October 25, 2026.
How Will REME11 Amortization Payments Be Made?
The first partial amortization is scheduled for October 30, 2026, but subsequent payments will feature variable timelines and amounts. The distributed cash will come directly from the divestment of the fund's portfolio, which must sell off its market positions.
REME11 holds a pulverized portfolio of FIIs and credit notes. In the second quarter of 2026, management completed a major rebalancing, concentrating positions in assets such as ZAVI11, GGRC11, BBIG11, and EXES11. Selling these stakes without depressing prices on the secondary market requires patience and surgical execution.
As cash is generated from asset sales, the administrator will announce new record dates and amortization payments, gradually reducing the fund's net asset value (currently at R$ 57.9 million) until it reaches zero.
What Happens to Investors Who Do Not Sell Units Before October 9?
Investors who hold their units past October 9 will be left with trapped capital and no market liquidity. Starting on that date, the REME11 ticker will no longer appear for purchase or sale on any brokerage home broker.
Investors will become passive participants in a liquidation process. The invested capital will return not all at once, but in installments (amortizations) over up to 12 months. If you have short-term financial commitments or prefer not to track the tax schedule and income statements of a winding-down fund, exiting via the secondary market before the trading freeze is the natural route.
Is It Worth Selling REME11 on the B3 Before the Suspension?
Deciding whether to sell now at R$ 80.32 or wait for the liquidation depends on your tolerance for illiquidity versus the NAV discount. At the close on October 6, 2026, the price of R$ 80.32 represented a discount of about 9% compared to the updated net asset value of R$ 88.33 per unit.
If you choose to sell on the market by October 8, 2026, you accept giving up that 9% NAV spread in exchange for immediate cash in your account to reinvest in daily-liquid assets. If you choose to wait for the liquidation, you aim to receive a figure closer to the R$ 88.33 NAV, but you agree to take it in uncertain installments over up to a year, while also taking on the market risk of the assets REME11 still needs to sell.
You take a ~9% loss against current NAV (R$ 88.33), but guarantee immediate liquidity and avoid tax paperwork.
You aim to capture the full NAV, but agree to receive variable installments over up to 12 months.
If you hold REME11 units, your strategy of receiving recurring monthly dividends (which ranged from R$ 0.88 to R$ 1.00 over recent months) is over. The focus is now purely on recovering principal capital. Assess your cash needs: if you need the money over the coming months, sell on the market before October 9. If you can wait, prepare to fill out the Cuore form.
Last Trading Day — October 8, 2026, is the deadline to sell your units directly on the B3 if you want immediate liquidity.
Average Cost Form — Complete between October 9, 2026, and October 25, 2026, via the Cuore platform to prevent double taxation.
First Payment — Track the deposit of the first amortization on October 30, 2026 (record date October 13, 2026).
With the official wind-down schedule announced, the fund's verdict shifts from Neutral with High Risk to Liquidation Underway. We recommend selling units on the secondary market by October 8, 2026, for retail investors who do not want to carry the divestment risk of an illiquid FII portfolio and prefer to avoid the complexity of tracking taxes on successive amortizations. For those who decide to stay, completing the average cost form is mandatory and urgent.
