The writer who reads today's Relevant Facts will ask: "How much does that cut into my pocket?" The direct answer: it starts small and worsens throughout the year. Already from July to September/2026 income suffers −R$ 0,25 por cota ao mês because of a postergated rental. In October the cut rises up to October. −R$ 0.57XXX. And, in the worst-case scenario, in November and December/2026 the impact jumps for. −R$ 1,38 por cota ao mês — more than half of the current income of R$ 2.45. If the administrator manages to close the new tenant who says he is "in an advanced stage" of negotiation, the biggest blow (from November onwards) simply does not happen. None of this is signed yet. It is precisely this uncertainty that defined the downgrade of the note.
What is O? EURO11, in french, Paperback, Used
The EURO11 (FII Europar) is a background Logistics and industrial warehouses — large barracks where companies store goods, set up products or operate distribution centres. He is the owner of 6 real estate in Sao Paulo and Rio de Janeiro, adding up. 36,813 m2 m2 area. of area. The main address is at CDA Anhanguera, on the Anhanguera highway (km 17.5), at the exit of Sao Paulo — a location historically valued for logistics because it is close to the largest consumer market in the country.
An important detail: they are galpões galpons. Ancient Greek, built in the early years 2000. Already have over 20 years. This is not necessarily bad — well-located and well-maintained property continues to rent — but old warehouses compete at a disadvantage against modern logistic condominiums (high-flying, efficient docks, certifications). When a tenant leaves, reoccupying an asset of that generation may take longer.
Management is management. Passive and passive assets (made by Coinvalores), which means that the fund does not actively buy and sell real estate — it basically manages what it has and distributes the rents. O fundo There is no debt. (sem alavancagem), tem cerca de 1,924 quotes price and charges a low administration fee, of approximately 0.5% of equity per year.
Translating words into English: ABL ("Leasable Gross Area") is the total area of the fund that can be rented — the larger, the more potential rent. DPS ("Dividend Per Quota" or distribution per unit) is how much the fund pays each unit per month — in EURO11, R$ 2.45. VP It is the patrimonial value: how much are the properties of the fund worth divided by the number of shares (R$ 394). P/VP is the market price divided by this equity value: 0.79 means that the quote is being traded. 21% abaixo value of real estate — the market pays R$ 0.79 for each R$ 1.00 of equity.
Problem 1: the rent that was pushed forward.
The first problem is one. Postponement of rental.. The tenant of Module III of Ward I and Ward 3 (together, 8,622.10 m2 in CDA Anhanguera) did not pay 100% of the June/2026 rent and will only pay only the rent of June/2026. 50% July to October/2026.
Postergar is not the same as Postergar is not the same as Postergar calote. The balance that remained open — the balance that remained open — R$ 1.125.005,76 — was not forgiven. He will be returned at 12 parcels of R$ 93,750.48XX as of January/2027, with interest of 1,66% ao mês. That is, the fund will receive the money back, corrected — only later. In practice, it is as if the fund has given the tenant a "parcelament".
The effect on income is the softer of the two problems: −R$ 0,25 por cota ao mês throughout the second semester of 2026. And from January/2027, this hole starts to be. parcialmente compensado The entry of the parts of the agreement. It is a temporary cash flow problem, not a definitive loss — as long as the tenant honors the installment.
Problema 2: a devolução de 31% da área alugável
Here's the heavy hit. The tenant of Modules I and II of the Warehouse 1 ( 1)11,498.50 m2 m2) Go ) Devolver os imóveis em 30/09/2026. This area represents this area. 31.22% of all bottom ABL% of all ABL bottom — nearly a third of the capacity to generate rent.
There is a partial consolation: the same tenant renewed the contract for more. 3 meses (até 30/09) com +15.15% reajustment of +15.15% no aluguel. But after that, you leave. E, as I have already said, sem multa rescisória — is the natural termination of a contract, so the fund is not entitled to any compensation for the exit.
The month-to-month count — the table that interests you.
Adding up the two problems, this is the estimated impact on income by unit, month by month:
| Periododo | Impacto/cota (mês) | What's weighing you? |
|---|---|---|
| Jul–set/2026 | −R$ 0.25XXX | Only the postponement of renting. |
| Out/2026 | −R$ 0.57XXX | Postergação + charges of the area returned |
| Nov–dez/2026 | −R$ 1.38XXX | Charges + total rent loss of the returned area. |
| Jan–dez/2027 | −R$ 1.15XXX | Compensated in part by the parts of the agreement. |
To scale: the current yield is from R$ 2,45 por cota ao mês. In the worst month (Nov–Dec/2026), the R$ 1.38 cut would represent a drop from R$ 1.38. About 56%% In what the cotist receives. It is not a detail — it is potentially half the income of the fund at risk for two months, with still relevant effect throughout 2027.
The scenario that changes everything: the new tenant.
The administrator claims to be in "advanced stage" negotiating with a new tenant to reocupar toda a área já em 01/10/2026 — exactly the day after the return. If this contract is signed and the new tenant takes over immediately, the worst-case scenario (the −R$ 1.38 from November onwards) It simply does not materialize itself.: the returned area returns to generate rent without interruption.
Here you have to be honest about what is on the table. "Avanzado estágio" It is not a signed contract.. It's a sign of intent. In old warehouses, advanced trades sometimes fall at the last moment — by price, by grace period, by adjustments that the new tenant demands. The zero impact scenario in the returned area is plausible and even likely given the heated logistics market in São Paulo, but it is not guaranteed. The unitholder needs to treat the two scenarios as possible:
| Scenario scenery | O que acontece |
|---|---|
| New tenant signs (01/10) | The area returns to generate rent without hole. The heavy impact of new / 26 henceforth does not occur. Only the effect of postponement (−R$ 0.25) and transition charges remain. |
| Negotiation does not close | Area of 11,498 m2 is empty. Impact of −R$ 1.38/quote on Nov–Dec/26 and ~−R$ 1.15/quote over 2027 until new lease. 31.22% actual vacuum. |
What the decision of the administrator reveals
The passive management of EURO11 has a good side and a bad side in this episode. The good side: the background He did not borrow himself. to "make up" the income and has a lean administration rate (~0.5%), which preserves the pocket of the quoter. The bad side: a Communication was reactive. The shareholder received both problems at once, in a relevant fact, with the return already contracted and the solution (the new tenant) still in the field of promise. A more active management could have anticipated the departure of the tenant anchor and tied the substitute before communicating.
The market context, however, plays in favor. The logistics sector of São Paulo’s surroundings continues with this. It's a matter of urgency. by space, pulled by e-commerce and distribution. This increases the likelihood of the area being reoccupied — but sheds from the years 2000 compete at a disadvantage against modern ventures, and that’s where the risk of the reoccupation period slipping away resides.
What remains good at bottom is good at bottom.
Not everything is shadow. Some structural points of the EURO11 follow solids and deserve weight in the decision:
- Sem dívida. The fund has no leverage, so a vacancy scare doesn't turn into a snowball with interest — unlike funds that financed purchases and have to pay debt even with empty property.
- Location. The CDA Anhanguera is a consecrated logistic address, which supports the thesis of reoccupation.
- Lower tax. ~0.5% of equity per year — below the sector average, which preserves income.
- Discount patrimonial. With 0.79 P/VP, the quote is traded 21% below the value of the real estate. If the problem is solved, there is room for reprecification.
Veredicto
Nota atualizada: CAUTELA — RISCO MUITO ALTO (4.8/10). The previous verdict was NEUTRO COM RISCO ALTO (5.3). O rebaixamento veio inteiramente deste Fato Relevante: a combinação de postergação de aluguel com a devolução de 31,22% do ABL, sem multa rescisória e com a solução (novo inquilino) ainda não assinada, eleva o risco de forma material.
If you already have units: This is not a case of panic, but it is a case of panic. acompanhar de perto. The trigger to monitor is unique and clear — the signature (or not) of the new tenant for 01/10/2026. If the relevant fact comes out confirming the contract, the worst-case scenario disappears and the thesis is again that of a fund without debt with a capital discount. If the deadline passes without definition, prepare for a compressed yield in Nov–Dec/26 and over 2027. Selling in the scare, before knowing the outcome of the negotiation, is betting on the worst scenario just when it has not yet been confirmed.
If you are thinking about buying: There is no rush. The risk premium here is the discount of P/VP 0.79, but it exists for a concrete and dated reason. The most rational movement is the more rational movement is. Waiting for the definition of the new inquilino.. If the contract is signed, you buy with the main risk already eliminated — probably still discounted. If not, the price tends to fall more and you reevaluate with the actual vacancy on the table. Entering before the definition is buying the entire uncertainty without being paid enough for it.
The full page with all indicators, price history and income is on. análise do EURO11.
