Quick Response: Quick Response: No, that's no reason to panic. What does it mean? GARE11 has done in 26/06/2026 was to sign a Pre-agreement pre-agreement (not yet closed sale) to sell 9 real estate of the highest quality for R$ 804.4 millions. The logic is the same as always in management: sell expensive assets, pocket capital and buy back cheaper income. The real risk is not in the sale itself — it is in the sale itself. as as and as as and as as and as as and as as this box will be re-placed and in the fact that part of the payment comes in units (not in cash). This is why the unit remained flat at R$ 8.14: the market understood that it is chair exchange, not destruction of value.
What is GARE11, in one breath?
O O O GARE11 (Guardian Real Estate) is a real estate fund of "brick" — that is, he buys physical buildings and lives from their rent, passing that rent on to you every month. Born in 2020 as GALG11 (Guardian Logistics), focused on sheds, and in 2024 transformed by buying a mountain of real estate "urban rent" (supermarkets, atacaejos) — hence the new name. Today is one of them. Hyundai Hybrid: mix logistics, urban retail and some corporate lajes (office). Are 33 real estate, 463.6 thousand m2 of area, scattered by 13 states, 100% occupied, rented to 11 first-line tenants (Carrefour/Atacadão, GPA, Mateus Group, BAT, 11). With 522 thousand listings, it is one of the most popular FIIs Brazil.
The sale of R$ 804 millions dissected 804 millions dissected
On day 26/06/2026, the GARE11 published a Relevant Fact announcing the signing of one. MOU (Memorandum of Understanding) — think of it as a formal "letter of intent": both parties agree to the central terms, but the sale only materializes after some conditions are met. This is not a closed deal yet.
The central terms are these:
| Item Item Item | Detalhe |
|---|---|
| What is being sold is being sold out. | 9 real estate: Atacadão/Carrefour units, Mix Mateus stores and an Almanara in Jandira/SP (6 states) |
| For whom? | FII Riza Rent Real Estate Master |
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| Form of payment Payment method | Part in cash + part in money + part in money + part in money + part in money + part in money Subordinated units Subordinated units the ZQXX0ZZQX Riza Master Master the FII |
| Effect on debt | CRIs linked to those real estate will be paid off with the proceeds of the sale. |
Look at the most subtle and most important point: part of the payment does not come in cash, but in "Subordinate Quotes" from the buyer's bottom. It is worth explaining what this means, because it changes the risk.
What are "Subordinate Quotas"? In a structured background, units usually come in layers. As As Seniors seniors receive first and have less risk. As As Subordinated subordinates are the basis of the pyramid: they receive last and absorb the first loss if something goes wrong. In exchange for this extra risk, they tend to yield more. In practice, when receiving Subordinate Quotas from Riza Master, the GARE11 (and therefore you, quotatista) will receive Subordinate Quotas from Riza Master. It didn't come out of these immovable properties once and for all. — remains exposed to them, only now by the position of Bigger than bigger risk in the new fund. It is not clean money in the hand.
How much rent does the fund fail to receive?
Here is the account that the unitholder needs to make. The Carrefour/Attacadão responds by about about 30 minutes. 37% of revenue revenue of the bottom, distributed in 15 shops. If the monthly real estate revenue of GARE11 rotates around R$ 30 millions, the 37% of Carrefour are worth approximately R$ 30 millions, the 37% of Carrefour are worth approximately R$ 30 millions. R$ 11 million/month — or close to it R$ 740 mil per shop Atacadão. Some stores Mix Mateus and Almanara, and the 9 real estate sold take away, by estimate, something between. R$ 6 and R$ 7 millions in rent per month Machine of proventos. This is the "hole" that needs to be covered. The question of R$ 804 million is: can the incoming cashier cover it?
Was it a good deal? The test of the agio test
To know if the Guardian has sold well, there is a simple thermometer: compare the selling price with the price. heritage value (VP) (VP) of those real estates in the books of the background. Keep in mind that the entire unit trades the entire unit. ZQX1P/VP of 0.88X — that is, on the stock exchange, the market pays 88 cents for each R$ 1.00 of equity. It is a discount of 11%.
Reading: Reading: if Guardian managed to sell those assets 9 assets by value close to or above the laudodo (agio), she did what every good fund manager dreams of: she transformed assets that the stock exchange priced 88% into cash to 100% (or more). It is exactly the roadmap that the house has already executed: in 2025, sold 10 real estate to XPRI with XPRI. 145 millions profit of R$ 145 millions profit (TIR equivalent to IPCA + 18). The fund manager's sales history points to TIR average of ~25%. That track record is what gives credibility to MOU — and it’s half the reason why the market didn’t panic sell.
The other half of the story, however, is less romantic: contracts sold are contracts sold. Atypical atypicals — means that they are of very long term (Atacadão goes up to ten/2037), with heavy fines if the tenant leaves and rearrangement armored. It's been a while. Sure income for more than a decade.. To sell this is to give up predictability. Good deal at the price, but it will only be really good. if the recycled capital yields equal or more than equal.
The dilemma of the box: the account that decides everything.
Join the pieces. After the MOU, the GARE11 has three sources of ammunition:
The fund already enters into this operation with the operation. -10% Negative Net Leverage -10% Negative Net Leverage — that is, the cashier It's already overwhelming. Debt to debt. It is a comfortable position and rare. In addition, of your 7a emission (R$ 1.27 Bi, captured in 2025), there are still remains. R$ 446 million stopped in bonds (TVM) Waiting to turn immovable. Add the cash part of the sale to Riza and the GARE11 gets a relevant pile of capital ready to buy income.
The critical account: the fund needs to replace ~R$ 6 to 7 million/month rent lost. To do this, simply reinvest the cash in new assets with new assets. Head-Ratings Head-Ratings (the rate of return of the rent on the price of the property) similar to what he already buys — something in the house of 10% to 11% per year. As the Guardian’s thesis is justly to buy cheap in a discounted market, replenishing income is to buy cheap in a discounted market. pla pla pla pla pla, but it is not automatic: it depends on Allocating speed allocation speed. While the money stands still at TVM yielding CDI, the lost real estate income does not return. This interval between "sold" and "buy again" is where the risk of a temporary fall of the dividend resides.
What about the part in Subordinate Quotas? That's part of that. Enter as cash to buy back real estate — it is already, in itself, an investment (in the Riza fund). Then the effective ammunition to replenish income is less than the R$ 804 millions filled. This is why the phrase "sell of R$ 804 millions" can deceive: not all this value becomes new firepower.
The portfolio that stands on its feet
Sold the real estate 9, what is left over in the GARE11 is still robust — and, in some ways, it is even more balanced, since the GARE11 is still more balanced. Concentration in Carrefour (today 37%) falls.. The pillars that remain:
| Tenant / Active Tenant / Active Tenant | en en en en income income income income en les les les les les bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien income bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien income income income income income income income income income income income income bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien income income income income income income income income income income income income income income income bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien bien | Situationsituation |
|---|---|---|
| BAT (Industrial Complex, Cachoeirinha/RS) | ~21% | Contract expires set/2027 — the highest risk |
| GPA (7 stores) | ~14% | In extrajudicial recovery; rents in day; rents in day |
| Atacadão remanescente | 37%% 37% | Atypical contracts up to 2037XX |
| Grupo Mateus, BRF, Air Liquide, MRV (office), Desco | Various Various Various Various Various Various | Tenants AAA/AA++ |
It is a portfolio that continues with occupation of 100%, WAULT of 10.2 years and tenants mostly credit score. What's left is good. The caveat is that two of the remaining pillars (BAT and GPA) carry just the biggest question marks from the background — we’ll go back to them.
The risks that remain on the table remain.
- BAT — maturity in set/2027 (21% of revenue): is the largest is the largest Single Point of Failure The bottom of the bottom. A single contract, a single giant real estate (79,984 m2), worth one fifth of all revenue. If the BAT does not renew, the GARE11 takes a heavy kick. This sale for the Riza Riza does not resolve or aggravates does not resolve or aggravates the BAT — it remains the catalyst number 1 to monitor.
- GPA in extrajudicial recovery (14%): GPA protocoled extrajudicial recovery at sea/2026. For now, rents are still being paid on a daily basis — but it’s a tenant under financial stress that requires wakefulness.
- Pipeline of 7a issuance (R$ 446 Mi in TVM): Money stopped is income that does not happen. The longer it takes to become immovable, the more the DY becomes "artificial" (backed by CDI, not for rent).
- Subordinate Quotas in Riza: When receiving part of the payment in that position, the quotationist of GARE11 inherits the first risk of loss from the buyer fund. It's not money, it's exhibition.
Why didn't the market react?
A news of "vendi R$ 804 millions" usually mess with the unit. Here, the unit followed flat at R$ 8.14. Three reasons explain the calm:
1. The fund is already discounted. The P/VP of 0.88 means that the marketplace the the the the the the the the the Precise ceticism. There was no euphoria to dismantle nor premium to lose — the asset has been cheap for a long time.
2. The operation makes strategic sense and has precedent. The Guardian has already sold well before (XPRI, +R$ 145 Mi).). Recycling capital is her job, not a desperate move. The market read as "business as usual".
3. It's just a MOU, and the result is uncertain. The deal depends on precedent conditions — it may not even close. And the net impact on proceeds ("tbd") depends on how the cashier will be relocated, something no one can price today. Faced with symmetrical uncertainty, the market prefers to wait to close position. Hence the inertia.
Conclusão directata Conclusão directata
For whom is the GARE11 now: Patient income investor who relies on management (note 8.5/10, AuM of R$ 9.3 Bi) and wants a large, liquid hybrid (R$ 16.9 Mi/day), 100% busy, with DY% 12.quick balance without debt. Who buys here is buying here. Execution of fund manager execution: the thesis is that the Guardian will recycle the capital of R$ 804 Mi in income equal or greater, repeating what you have already done.
For those who are not: who needs dividend absolutely nailed in the next few months 12 months. There is an uncertainty gap between selling and buying back income, and the maturity of BAT on 2027 is a real shadow over 21% revenue. Whoever does not tolerate "tbd" in the province should wait.
Price Range: Price Range: below R$ 8.50 (P/VP ~0.90) the capital discount added to DY of 12% offers reasonable margin of security. In the current track of R$ ZQXX0ZQQXX, you pay 88 cents to R$ 1.00 real estate note AAA — with the option of recycling Riza add value on top. Above R$ 9.00 (near VP), the agio is only justified if the allocation of the cash is already proven.
To compare it to other hybrids and urban income funds, see also Urban Income Funds's reviews ALZR11, HGRU11 and and y HGLG11.
