AGE approved. It's over. Now you just wait for the PIX.
O HGPO11 had its liquidation APPROVED IN ZQX0ZX AGE with 50,11% of the favorable votes. The Genial Bank S.A. has been authorised to execute all acts of dissolution. Who is quoted today the R$ 152,99 will receive, in a single installment, something close to R$ 155,67/unit (R$ 153-157) in 30 to 60 days — which warrants in ~1,7% spread, or between 12% and 20% annualized, depending on the actual PIX deadline.
It was the news that 8.451 quotaists had been waiting for 18 months, since the HGPO11 He distributed his last income in October 2024. In the AGE of 19 May 2026, the base approved — with minimum clearance — the dissolution of the fund. 50,11% of the units voted in favour, 0,01% against, 0,16% abstained. The installation quorum closed in 50,28% of the units issued, the regulatory floor. More than a third of the unit holders simply did not attend.
It wasn't overwhelming victory. It was the technically sufficient confirmation of something that, from a financial point of view, was already decided in October 2024, when the fund sold the Metropolitan and Platinum for R$ 620,4 million — three times the historical cost of 2010. All that came after (and yet to come) is just the CVM rite coming true. The HGPO11, in practice, ended up as an operational FII a year and a half ago. All that's left now is the final PIX and the ticker is gone from B3.
What exactly has been approved
The minutes of the assembly consolidated three main deliberations:
- Approval of dissolution and liquidation the country Prime Offices FII (ex-CSHG Prime Offices), CNPJ 11.260.134/0001-68.
- Authorization to Genial Bank S.A. (fund administrator) to perform all the acts necessary for settlement, including audit contracting, average cost calculation, cash distribution and CVM registration cancellation.
- Payment schedule to be disclosed by Relevant Fact — no fixed date in the minutes, according to the standard SEC rite for dissolving.
What's in the background today?
Before discussing schedule, it's worth understanding what's left to distribute. O HGPO11 today is essentially a current account:
The full receipt of the second installment of the sale (R$ 278,2 million) fell in 30 April 2026, within the contractual period. . It was this event that unlocked the call of the AGE on 04/05, and the approval 15 days later. Without this portion, there would still be a risk of the buyer’s default on the balance sheet — now there is no more. The bottom is completely liquid.
Timeline: what comes now, step by step
The three return scenarios
The current 1,7% spread on the VP seems small in absolute value, but the annualized return depends entirely on the deadline. These are the three possible paths:
PIX in 30-60 days
PIX in Jun/26 (30-40 days)
Extended audit, PIX set-out/26
What still comes out of the cashier before the final PIX
The R$ 273,4 million box is not all yours. There are deductions that will drain between R$ 1,7 and R$ 5 million before payment:
- Country performance rate: 20% on the sales value above R$ 485,6 million fixed by IPCA since Mar/2022. Current balance sheet provision: approximately R$ 7,4 million. . There may be fine-tuning in the audit.
- Final operational expenditure: ~R$ 600 thousand/month (administration rate + audit + CNPJ low legal costs). In 2-3 months of rite, adds R$ 1,2-ZQX1ZX million.
- Any contingencies and fiscal adjustments identified in the audit. More unpredictable item, but it's usually marginal in funds with a clean record.
In the aggregate account, they are R$ 1 to R$ 3 per unit expected deductions — exactly why the final distribution range is in R$ 153-157, and not simply mechanical R$ 155,67. It is already checked in the current VP of the management report.
Buying R$ 152,99 today is worth it?
It is valid for a very specific profile, with calibrated expectation:
- Buy R$ 152,99 today — receives in 30-60 days ~R$ 155,67 (base scenario).
- Gross return: 1,75% in the period. Liquid brokerage and emoluments, is in ~1,5%.
- Annualised: 9% to 18%, with bias to 12-15% in the base scenario. Compares to CDI of ~10,5% in the same time frame.
- Tax: exempt if classified as income; taxed to 20% if the Revenue understands how capital gain (depends on audit clearance — keep an eye on the Relevant Fact).
For who it is × For who it is NOT
It makes sense to
- Tactical Investor accepting 30-90 days with capital locked by ~2% spread
- Who understands the CVM rite of dissolution
- Opportunistic profile of end-stage event arbitration
- Who has stopped box in CDI and is in a light trade-up
What's left for the story
Before the ticker disappears from B3, it's worth recording what the HGPO11 delivered over 16 years:
The Metropolitan (Rua Amauri, 255) and the Platinum (Rua Jerônimo da Veiga, 384), both in the Jardim Europa de São Paulo, were purchased in 2010 by R$ 185,8 million (R$ 14.589/m2). They were sold in 2024 by R$ 620,4 million (R$ 48.711/m2) — high of 234% over cost. It is case of high-standard corporate slabs in the nobility region of São Paulo working as expected: active values, management sells at the top, extraordinary distribution quits much of the position, and the final box rates the rest.
The success of the operation, ironically, is what's killing the bottom. There was no viable recycling thesis. in the segment of slabs prime SP to multiple current without entering in much lower quality active. The country opted for the orderly closure instead of degrading the original thesis. It was the right decision.
Fonts
- Relative Fact Country 30/04/2026 — Receiving of the 2nd tranche (doc. 1189519, FundsNET/CVM)
- Act of AGE 19/05/2026 — Approval of settlement (doc 1200375, FundsNET/CVM)
- General Report Country Apr/2026 — VP/unit R$ 155,67 and heritage R$ 272,9 Mi
- Status Invest — Market quotation and data HGPO11
