Yes, for those seeking predictable monthly income in logistics. Negotiated R$ 9,95 with P/VP of 0,90 (10% discount on equity) and DY of 12,1%, the fund pays R$ 0,10/unit for the 14th month followed and has just entered the global index FTSE EPRA Nareit — which tends to attract foreign capital and compress the discount. The caveat: the payout has gone from 100% in the last four months, a situation that only normalizes when the three new acquisitions begin to pay in the second semester. High note for 8,0 — BUY.
O GGRC11 (Zagros Income Real Estate FII) lived in May 2026 the most relevant month of his recent history. Not by distribution — the R$ 0,10 per unit is already routine — but by a milestone that opens the doors of the fund to international capital: inclusion in the FTSE EPRA Nareit, the overall index of reference for real estate funds and REITs. Along with this came liquidity records, three acquisitions and the advance of the 11th issue. This is the re-analysis of previous article on the 11th issue and the new sheds.
1. What is FTSE EPRA Nareit and why inclusion changes the game
O FTSE EPRA Nareit is the main global index family for the stock exchange listed real estate sector — it is equivalent, for real estate funds, to what the S&P 500 represents for American shares. It is maintained by FTSE Russell in partnership with EPRA (European Property Association) and Nareit (American REITs Association). In May 2026, the GGRC11 entered two fronts of this index: Global Emerging Markets Real Estate Index (emerging markets) and Global Extended Real Estate Index.
Why does it matter to the Brazilian physical person? Because a huge amount of money in the world is invested in form passive — funds which only replicate one index. When an asset enters the index, these funds are forced to buy it in the next portfolio rebalancing to continue mirroring the composition. In practice:
It's not just any fund that comes in. Eligibility criteria include minimum capitalisation (the GGRC11 is already past R$ 2 billions of market value), high liquidity (and here the fund has set record, as we shall see below), free float sufficient, governance and presence on regulated stock exchange. The entry was therefore a direct consequence of the growth of the fund — and one of the reasons that led to elevation of 7,8 note to 8,0.
2. May numbers: record liquidity and almost zero vacancy
The liquidity of the GGRC11 exploded in May. The average volume traded per day (ADTV) reached R$ 10,06 million — absolute record — and the total volume of the month has reached R$ 201,3 million, also the largest ever recorded. This liquidity is not an aesthetic detail: it is precisely what qualifies the fund for indices such as FTSE EPRA Nareit and what allows an institutional fund manager to enter and leave large positions without dislocating the price.
In the operational, the portfolio remains impeccable: physical vacancy of 0,19% — practically all rented warehouses — distributed in 38 properties, 12 states and 44 tenants. The DPS of R$ 0,10 was paid on June 9, maintaining the sequence of 14 consecutive months in the same amount. The number of unit holders jumped to 356.495, with almost 15,000 new investors only in May.
3. The 3 acquisitions: Diadema, Garuva A and Camaçari
With the resources of the 11th issue, the fund closed three purchases that raised the portfolio from 35 to 38 properties. Before the table, two concepts that appear all the time:
- Cap rate: is the relationship between the annual rent and the price paid by the property. A 9% cap rate means that the annual rent equals 9% of the asset value — the higher, the cheaper you bought in relation to the income generated.
- Built to Suit (BTS): property built to measure for a specific tenant, with long and atypical contract (heavy fine for termination). It's kind of the safest contract for the fund.
| Active | Location | Value | Cap rate | Profile |
|---|---|---|---|---|
| CD Diadema | Great São Paulo | R$ 93 Mi | 8,06% (disappeared) | Last mile — rapid urban delivery. Tenant BTS. |
| Braspark Garuva A | ROCHESTER, CA (Spanish only), Coliseum, Coliseum Dr. | ~R$ 79 Mi | 9,54% (set) | Logistics of the South, access to Porto de Itajaí. BTS Braspark. |
| CD3 Camaçari | ROCHESTER, TX (Spanish only), Assembly Hall of Jehovah’s Witnesses, 7th St. | ~R$ 86 Mi | 9,54% (set) | Industrial Pole, near Aratu/Salvador. Northeast entrance. |
Garuva A + Camaçari make up a package of R$ 165 Mi, with average 9,54% cap rate. Individual values are proportional estimates.
The rationale is consistent: CD Diadema reinforces the last mile logistics in the largest metropolitan region of the country; Garuva A strengthens the position in a strategic logistics hub of the South; and Camaçari it opens a new front in the northeast, taking the bottom out of the south-southeast axis and diversifying the geographical risk. All three have long contracts of the BTS type, which reduce the risk of vacancy.
In the material of the CD Diadema, the background highlights a 17,20% cash-on-cash per year. . That number is leveraged: includes the effect of an asset-linked CRI (real estate financing). In good English, it is the return on equity after taking debt — and it works as long as the rent pays more than the cost of the CRI. It's a marketing number, not the return of the property.
The actual return of the asset is the unladen 8,06% cap rate per year — within the market range for Last mile in São Paulo. Always use the unladen to compare assets: leverage amplifies gains, but also amplifies losses if Selic or vacancy tightens.
4. The 11th issue: 75% captured — and why this is good
The 11th unit issue had an authorized ceiling of about R$ 1 billion. So far, the bottom has picked up. R$ 748,9 million — 75% total. . The emission ran in stages:
Capturing 75% may sound like an unfulfilled goal, but the context matters: in the latest major market emissions, the rule has been the dilution from the goal — funds launch R$ 1 bi and capture much less. That the Zagros, a relatively new name in the sector, has absorbed R$ 748 million in about six months is, in reading this analysis, a strong sign of demand. The resources go to the three acquisitions already mentioned and to strengthen the pipeline cash.
5. The payout dilemma: 4 months above 100%
Here's the point every unitholder needs to understand before they buy it. O payout is the fraction of the cash result that the fund distributes. Above 100% means the background is paying more than it generates — i.e. using cash. And that's exactly what's happened in the last four months:
| Month | DPS | Cash result | Payout | Status |
|---|---|---|---|---|
| May/2026 | R$ 0,10 | – ZQX0ZX Mi | 105,9% | marginal consumption |
| Apr/2026 | R$ 0,10 | – ZQX0ZX Mi | 114,0% | cash consumption |
| Mar/2026 | R$ 0,10 | – ZQX0ZX Mi | 108,7% | cash consumption |
| Feb/2026 | R$ 0,10 | – ZQX0ZX Mi | 110,7% | cash consumption |
| Jan/2026 | R$ 0,10 | + R$ 13,23 Mi | 61,8% | healthy |
| Dec/2025 | R$ 0,10 | + R$ 13,23 Mi | 61,8% | healthy |
Does that worry you? Not structurally. The reason for the imbalance is precisely the transition: the fund has already disbursed (or committed) capital in the three acquisitions, but Diadema, Garuva A and Camaçari are not yet generating full revenue. . This ramp-up is completed in the 2nd semester of 2026, with an estimated additional monthly revenue in R$ 3 at 4 million — enough to return the payout down from 100% around August-September.
Meanwhile, the mattress can handle it: the cashier in April was R$ 21,87 million, more than enough to absorb monthly deficits in the house of R$ 1 to 3 million. Zagros's guidance holds R$ 0,10/month for the whole year 2026. . The reading is of a cash consumption transitory and plannedNot an unsustainable dividend.
6. Risks: maturities in 2026-2027 and leverage
The main risk is not in the short-term cash, but in the contract schedule. With WAULT of 4,06 years, there are relevant salaries in the next two years:
| Contract | Profit | % of revenue |
|---|---|---|
| Renault (Four Bars) | Dec/2026 | 10,84% |
| Martin Brower | Oct/2026 | ~15% 2026 part |
| Green House | Dec/2026 | ~15% 2026 part |
| Ambev (Guaruls) | jul/2027 | 8,72% |
| Ambev (Itajaí) | Aug/2027 | part of ~24% 2027 |
About 15% of the recipe wins by 2026 and 24% by 2027.
They are first-line tenants (Renault, Ambev, Martin Brower), which reduces — but does not eliminate — the risk of renegotiation. Relief comes from the market: national logistics vacance was in 5,62% in 1Q26 (Cushman&Wakefield), a low level that favors the lessor in time to renew. In the long run, new contracts help stretch the medium term: BTS Braspark is 12 years old and Rizobacter's contract runs until May 2043.
Other points of attention:
- CRI leverage (R$ 268,8 Mi + Diadema CRI): The fund uses real estate funding to buy assets. With Selic in 13,25%, the cost of this debt weighs — and amplifies the risk if the revenue does not follow.
- Covolan in judicial recovery (~1,8% of revenue): There's a risk of default, but the slice is small.
- 11th broadcast on the last window: while the 3rd Period does not end, the total volume and the final dilution impact remain open.
7. Valuation: P/VP 0,90 and DY 12,1%
The R$ 9,95, the GGRC11 negotiates the 90% of the equity value — a discount of 10%. If the price converges to the equity (P/VP 1,0), there is a valuation potential of about +11% in unitNot including dividends. 12,1% DY represents a spread of approximately 400 basis points over the NTN-B 2035 (~8,1%) — and, being IR-free for a person, the relative net gain is even greater. The entry into FTSE EPRA Nareit is the trigger that can accelerate the compression of this discount as the foreign flow arrives.
8. Conclusion
Verdict: BUY — note 8,0
GGRC11 rises from 7,8 to 8,0 by a set of factors that reinforce themselves: the entry into the FTSE EPRA Nareit, the liquidity record (R$ 10,06 Mi/day), the execution of the 11th issue (R$ 748,9 Mi captured) and three acquisitions that geographically diversify the portfolio. The vacancy of 0,19% and the 14 months of R$ 0,10 support the income thesis.
The surveillance point is the payout above 100% for four months — a transient and planned cash consumption, covered by the R$ 21,87 Mi box and which should normalise when new acquisitions enter full operation in the 2S26. The management of Zagros Capital keeps note 8 (Excellent), with 9 years of track record and TIR of 16,94% in the sale of CD Campinas.
For the logistics investor, it is one of the best placed names: P/VP 0,90, DY 12,1% and an unprecedented international catalyst. Follow the 2026-2027 maturity schedule and payout standardisation. See the GGRC11 full page for updated data.
