What Happened with INRD11 on September 2, 2026?
The sale agreement has been signed. In a material fact disclosure released on September 2, 2026, the fund administrator Inter DTVM and the manager Inter Asset announced the execution of a private purchase and sale commitment to divest all five properties held by the real estate fund INRD11 (Inter Residence FII) to Inter Hedge FII (INHF11) for a total price of R$ 108,000,000.00.
This move follows the resolutions approved at the General Unitholders' Meeting on July 27, 2026, and detailed in the official schedule published on August 11, 2026. Signing the agreement formalizes the property divestment contractually. The final steps now require satisfying the precedent conditions and executing the definitive deeds to conclude the fund's wind-down.
Summary of recent developments: The property sale was previously approved at a unitholders' meeting and announced in the liquidation plan. The document released on September 2, 2026, marks the legal formalization of the R$ 108.00 million transaction with the buyer, INHF11.
Can You Still Trade INRD11 Units on the B3?
No, the trading window closed on August 26, 2026. The schedule outlined in the August 11, 2026 material fact set the period from August 12, 2026, to August 26, 2026, as the final opportunity for investors to trade their units on the B3 secondary market.
Following the close of trading on August 27, 2026, INRD11 fund units were definitively locked against further trading. Therefore, investors who held units in their portfolios past August 26, 2026, are automatically bound to the liquidation process, and it is no longer possible to sell the asset on the exchange or place purchase orders.
How Much Will INRD11 Unitholders Receive Per Unit?
The reference price is R$ 95.38 per unit. This figure results from dividing the total asset disposal price—R$ 108,000,000.00—by the total number of units issued by the fund, which stands at 1,132,360 units (subject to potential operational adjustments prior to final settlement).
Before trading on the exchange closed, the fund's units recorded a last closing price of R$ 72.53 on August 21, 2026 (having been cited at R$ 72.98 and R$ 73.67 in prior reference notices). Unitholders who acquired the asset below R$ 95.38 will realize a capital gain upon the conclusion of the thesis, which will be subject to taxation.
| Indicator / Parameter | Recorded Value |
|---|---|
| Total Property Sale Price | R$ 108,000,000.00 |
| Total INRD11 Units | 1,132,360 units |
| Estimated Liquidation Value per Unit | R$ 95.38 |
| Net Asset Value per Unit (NAV) | R$ 119.33 |
| Net Asset Value (NAV Total) | R$ 135 Million |
| Last B3 Closing Price for the Fund (August 21, 2026) | R$ 72.53 |
How Does the Property Sale Payment Work?
The transaction will involve credit set-offs and unit delivery. The September 2, 2026 material fact clarified that the payment of the R$ 108,000,000.00 amount will occur concurrently with the execution of the definitive property deeds.
The financial settlement of the transaction may be carried out in national currency via wire transfer and/or through the set-off of credits that the buyer (INHF11) holds against INRD11, arising from payment obligations for INHF units subscribed by INRD11 itself.
In practice, unitholders who remained in the fund will not receive cash exclusively for the building divestment: they will receive units of INHF11 (scheduled for delivery between October 15, 2026, and October 20, 2026) and, potentially, cash amortizations (scheduled between September 30, 2026, and October 7, 2026).
Why Must Unitholders Report Their Cost Basis on the Cuore Platform by October 1, 2026?
To prevent excessive tax withholding at the source. Because the fund's liquidation generates a capital gain relative to the unit's acquisition cost, a 20% withholding income tax applies.
To calculate the correct withholding tax, the administrator opened a reporting window from September 1, 2026, to October 1, 2026, allowing all unitholders to report their weighted average acquisition cost via the Cuore system (with a link sent by email on September 1, 2026).
Pay attention to the deadline: If a unitholder fails to input their average cost on the Cuore platform by October 1, 2026, the administrator will use the lowest historical trading price of INRD11 to calculate the tax. This will artificially inflate the capital gain and cause the 20% income tax withholding to be significantly higher than what is actually owed.
What Are the 5 INRD11 Properties Sold to INHF11?
They are 5 residential multifamily developments. The private agreement signed on September 2, 2026, comprises the following real estate assets from the fund's portfolio:
- Lindóia Development: located in Curitiba, Paraná (842 Capitão João Zaleski Street, Lindóia Neighborhood).
- EcoVille Development: located in Curitiba, Paraná (1,046 Rogério Pereira de Camargo Street, Industrial City Neighborhood).
- Cenarium Development: located in Campinas, São Paulo (180 Santa Maria Rossello Street, Mansões Santo Antônio Neighborhood).
- Cipreste Development: located in Belo Horizonte, Minas Gerais (610 Espatódias Street, Marajó Neighborhood).
- Tipuana Development: located in Belo Horizonte, Minas Gerais (472 Tenente Brito Melo Street, Barro Preto Neighborhood).
These assets totaled 490 residential units managed directly by Inter Asset and rented to over 450 tenants, generating growing distributions that climbed from R$ 0.52 to R$ 0.71 and reached R$ 0.72 in July and August 2026. The physical operations of these assets are concluding their tenure in INRD11 and moving to the INHF11 structure.
What Is the Complete Timeline Until the Liquidation of INRD11?
Definitive cancellation is scheduled for October 28, 2026. Below is the chronological sequence confirmed by the material facts of August 11, 2026, and September 2, 2026:
| Date / Period | Liquidation Schedule Event |
|---|---|
| July 27, 2026 | Approval of asset divestment and fund liquidation at the General Unitholders' Meeting (AGE). |
| August 12 to August 26, 2026 | Final window for trading INRD11 units on the B3. |
| August 27, 2026 | Definitive trading lockout for fund units on the B3 system. |
| September 1 to October 1, 2026 | Mandatory reporting window for average cost on the Cuore platform. |
| September 2, 2026 | Execution of the purchase and sale agreement for R$ 108,000,000.00. |
| September 25, 2026 | Integration of INHF units by INRD11. |
| September 30 to October 7, 2026 | Projected period for potential cash amortizations. |
| October 15 to October 20, 2026 | Formal delivery of INHF11 units to INRD11 unitholders. |
| October 28, 2026 | Cancellation of the fund's registration with Brazil's securities regulator, the CVM, and final wind-down of INRD11. |
What Should INRD11 Unitholders Do Now?
Complete the Cuore platform form and wait. Because trading for the fund on the stock exchange has been closed since August 27, 2026, no further operational actions are required through a brokerage account.
The sole pending and critical duty for unitholders at this stage is to check the email inbox registered with their brokerage, locate the link sent on September 1, 2026, by the administrator, and report their average unit cost in the Cuore system by October 1, 2026. From there, investors simply need to monitor notices regarding the final execution of the deeds and the subsequent distribution of INHF11 units in October 2026.
Verdict: HOLD / MONITOR LIQUIDATION
The real estate fund INRD11 has strictly adhered to its wind-down milestones by formalizing the R$ 108.00 million contract on September 2, 2026. With exchange trading already closed, the recommendation for current holders is strictly administrative monitoring: report your average price on Cuore by October 1 to protect your capital from an inflated income tax calculation and wait for the unit exchange into INHF11 during the second half of October.
