Today, June 15, 2026, the Country Prime Offices FII (HGPO11) — the former CSHG Prime Offices — deposited R$ 107,60 per unit in the account of each of your 8.203 unit holders. It is the largest isolated payment in the history of the fund and the penultimate chapter of a settlement that had been executed with clock accuracy since the approval in assembly last month.
Who read ours? AGE analysis of settlement approved in May I knew this day would come. What no one had ever seen is the Monthly Report of May/2026 (document 1222070, delivered to the CVM also today), which closes the account of what is left in the background. And it is in this surplus — the final amortization of about R$ 49,35/unit, with PIX scheduled for 08/07 — that lives both the last portion of your money and the only risk that still depends on you: income tax.
Quick answer: how much did you fall, when you pay for the rest, what to do now
If you just want to know the essentials before you go deeper, this is it:
- When it fell today: R$ 107,60 per unit, IR-free for a person. For those who had 10 units, it was liquid R$ 1.076.
- When the rest comes: the final amortization, estimated at ~R$ 49,35/unit, will be disclosed with an exact value in 01/07 and paid for by PIX in 08/07. This portion is taxed.
- WHAT TO DO NOW: enter the platform Cuore and inform its average cost of acquisition of units up to 25/06. . Anyone who doesn't can pay too much tax without need.
Ready -- that's the 30-second version. The rest of the article is to understand why the account closes like this and how not to leave money at the Lion's table.
The final arithmetic: where each real of the background went
The May Monthly Report is the document that turns the settlement of promise into a closed number. It shows the bottom balance at the end of the month, and the reading is crystal clear:
Look at this. there's no more one square meter of property on the bottom. . The asset of R$ 275,7 million is entirely in fixed-income funds (FI-RF) — that is, it became a pure cashier, yielding until the last day. The HGPO11 has ceased to be a real estate fund in the economic sense for weeks; today it is a safe that is about to be emptied.
The R$ 275,7 million account is divided as follows:
- R$ 188,7 million were reserved as "income to distribute" — it is exactly R$ 107,60 multiplied by the 1.753.057 fund shares. That money came out today.
- What's left, R$ 86,5 million, is the post-payment net worth (PL). Divided by the same 1.753.057 units, gives the VP/QX0ZQX unit.
VP/unit is the Shared balance sheet value — how much each unit represents of the fund's assets. And here's the point: in liquidation, this residual equity value is exactly what will be returned as amortisation. . So the estimate of ~R$ 49,35/unit is not kick: it is the current PL divided by the number of units. The exact value of 01/07 only changes in the third decimal place, as the IF-RF pay a few more days of interest until payment.
Why "repayability of the month" appeared on -67,99%
The Report shows Profitability of the month of -67,9962% and at the same time a Dividend Yield (DY — income divided by price) of 69,7995%. . It looks like a disaster, but it's just settlement accounting: the equity "fell" because R$ 188,7 million came out of the fund in the form of income provision. That money did not evaporate — it went to your account. The two numbers are the same coin seen on opposite sides.
Tax Design: Why Free 69% is Good News
Add the two legs of the settlement: R$ 107,60 income (paid today) + ~R$ 49,35 amortization (08/07) = ~R$ 156,95 per unit. . The way that total was sliced matters a lot to your pocket.
R$ 107,60 came out as income, and FII yield is income tax-free for a person — is the Law 11.033/2004, which waives the IR on the proceeds of real estate funds with more than 50 shares and shares traded on a stock exchange (the HGPO11 meets both requirements). These R$ 107,60 come in clean, no discount.
~R$ 49,35 come as amortisation/rescue in settlement, and then the exemption is not valid: the 11.033 Law protects income, not capital return on closure. In the case of this tranche, the IR of 20% on capital gain.
The elegant detail is the ratio. About 69% of everything you get (R$ 107,60) is exempt, and just ~31% (R$ 49,35) is taxable — and even that share only pays gain tax, not full value. To compare: If the Homeland had structured everything as a unique depreciation of R$ 156,95, the taxable base would be much larger. The current design throws most of the money down the free pipe. It was a good engineering for the unit.
The IR on amortization: the account that almost nobody makes
Here is the practical heart of this article. The tax of 20% relates to (depreciation value − its average cost per unit). . The more expensive you bought, the less tax you paid; whoever bought cheap back there pays the more. See the simulation for different purchase prices, considering amortization of R$ 49,35/unit:
| Average cost of unit | Win in amortisation | IR (20%) | Net depreciation |
|---|---|---|---|
| R$ 49,35 or more | R$ 0,00 (no gain) | R$ 0,00 | R$ 49,35 |
| R$ 40,00 | R$ 9,35 | R$ 1,87 | R$ 47,48 |
| R$ 30,00 | R$ 19,35 | R$ 3,87 | R$ 45,48 |
| R$ 20,00 | R$ 29,35 | R$ 5,87 | R$ 43,48 |
Note the counterintuitive: who bought the unit above R$ 49,35 pays no IR in amortisationBecause you're getting back less than you invested in that leg. And since the last price of the unit at B3 (R$ 153,42, before trading closed on 25/05) was much higher than the R$ 49,35 of VP, almost everyone who bought on the secondary market in recent years fell into this case: amortisation without tax.
Attention: amortization is not your return
It is easy to look at the table above and think "I bought the R$ 153 and I will receive only R$ 49,35, that damage". It's not. You have already received R$ 107,60 today (free), received years of dividends before that, and still comes amortization. The final result of the unit is the sum of everything — and, for the thesis of the fund, it was largely positive, as shown below.
Cuore's deadline: 10 days to go and it can cost
That is the only point in this article that requires immediate action. . To calculate the IR of the amortization, the Administrator (Genius Bank) needs to know its average purchase cost. He collects this information through the platform. Cuore — the Genial Bank system used for you to declare how much you paid for the units. The link arrives in the unitholder's email.
Cuore deadline: up to 25/06/2026
You got it. until 25 June to inform your average cost in Cuore. Who? do not inform the IR calculated on the lower historical unit value — In other words, the system assumes that you bought at the lowest possible price, maximizing taxable "gain" and tax. This can cost from R$ 5 to R$ 15 plus by unit, money that comes out of your pocket by pure omission.
The cost of not doing is easy to quantify. Suppose your real average cost was R$ 130/unit, but you don't report anything. The system uses the minimum history — say R$ 60. The taxable base difference is R$ 70, and the IR of 20% on this would be R$ 14/unit charged wrongly, when in fact you would not have won (bought R$ 130, receives R$ 49,35 of amortization — damage, zero tax). For 100 units, they are R$ 1.400 thrown out for not having clicked on a form.
The ritual is simple:
- Access the platform Cuore by the link sent in the unit email.
- Inform the Average purchase cost of their shares (only what they paid for each purchase, divide by quantity).
- Attach proof — brokering or reporting of the broker's income showing purchase prices.
- Confirm and save protocol.
If your email was out of date
The deadline to regularize the registration email via [email protected] It was 10/06/2026 and has passed. . If you didn't get the Cuore link, it's because the record may be out of date. Look for the Genial Bank and its real estate agent today — do not wait for the 25th, because setting the record out of date takes time and the clock of the average cost does not stop.
The unit checklist for the next few days
Specifically, this is what you do from now on:
| When | What to do |
|---|---|
| Today (15/06) | Confirm the credit of R$ 107,60/unit in the broker account. It's already there. |
| Until 25/06 | Inform average cost in Cuore with a receipt. Top priority. |
| 26 to 30/06 | Administrator clears the average cost. Nothing to do, just wait. |
| 01/07 | Disclosure of the exact amount of amortisation. Confirm the statement. |
| 08/07 | PIX of amortisation (~R$ 49,35/unit, IR net). Closing the bottom. |
Revisited Thesis: what HGPO11 fails to learn
It is worth stopping and looking at the full cycle, because it is a case of active management study well done in corporate slabs. CSHG Prime Offices was born in 07/10/2010. In Oct/2024, management sold the Metropolitan and Platinum buildings by R$ 620,4 million — an operation with 17,7% TIR per year and profit of +234% on the cost of real estate. The second installment of this sale, R$ 278,2 millions, entered the cash in 30/04/2026, within the contractual deadline. It was this box that turned the R$ 156,95/unit that are being returned now.
The numbers say: +614% accumulated against +208% of the CDI and +188% of the IFIX. . In 14 years, the HGPO11 delivered almost triple the return of the real estate fund index and the CDI. And most important to the lesson: management knew sell at the top of the cycle and return the capital Instead of recycling into expensive assets just to keep the fund alive charging fee. Closing a fund at the right time is as valuable a decision as buying well — and much rarer on the market.
For those who want to continue in corporate slabs Country
With the HGPO11 ending, the unit holder who enjoyed the exposure to high-standard offices under the management of Country Investments has a natural successor: the HGRE11, corporate slabs fund of the same house, active and with relevant portfolio. It is not an automatic recommendation — the HGRE11 has its own thesis, price and risks that deserve dedicated analysis — but it is the logical path for those who want to reinvest the R$ 156,95/unit they are receiving without leaving the niche or the fund manager.
Verdict
The HGPO11 did almost everything right, and what was missing became a closed number today: the exempt R$ 107,60 are already in your account and the amortization of ~R$ 49,35 has PIX set for 08/07. . Capital risk is over — the fund is 100% fixed income cash, no real estate to devalue. The risk of timing is over — management sold at the top and received everything on time. The only risk left is tax, and it's entirely in your hand: inform the average cost in Cuore up to 25/06. Do this this week and you close one of the best corporate slab FII cycles of the decade — 17,7% TIR a year in 14 years — without leaving an extra penny for the Lion. Country fund manager’s implementing note: 8/10.
Follow the next communiqués on HGPO11 page and be aware of the unit e-mail for the exact amount of amortization in 01/07.
