♪ What's changed in a sentence ♪
The regulation was rewritten to record three things at the same time: new background name (PATRIA Properties), legal succession the fund manager (Patria Investimentos absorbs the former RBR Management) and Segregated Global Rate between administration and management, as required by the new ANBIMA rule. The unit holder does not need to do anything — there is no change in unit, taxation, DPS or equity. What changes is the etiquette and formal structure of those who take care of the background.
What the document says — point to point
The Private Instrument was signed by BRL Trust Distributor of Securities and Securities S.A. (administrator, CNPJ 13.486.793/0001-42) and Patria Investimentos Ltd. (fund manager, CNPJ 12.461.756/0001-17). The text leaves three registered deliberations:
- The background changes its name. It's going to be "Real Estate Investment Fund Patria Properties – FII Limited Responsibility", with the objective stated in the document "to provide greater clarity as to the identity of the Manager". The regulation emphasises that the will continue to be negotiated under the same ticker "RBRP11" and tag name "FII RBRP PAX".
- The fund manager changes on paper — but the team doesn't. The suspensive conditions provided for in the Contract for the Purchase and Sale of Quotas signed in 10/12/2025 were declared exceeded. . Next, the Patria Resource Management (new name of the RBR Resource Management, CNPJ 18.259.351/0001-87) was incorporated by Patria Investimentos. . Therefore, Patria Investimentos is listed as direct fund manager of RBRP11 from 11/05/2026, succeeding Patria Gestão under the terms of the articles. 227 and 229 of the S.A. Law.
- Global fee goes into regulation. Item 5 was changed to expressly predict the Global Fund Fee, with segregation between administration rate and management rate, in line with the new Rules and Procedures of ANBIMA AGRT Code. The obligation provides for the use of the Fee Transparency Platform (ANBIMA Hub), and during the transition period the values are temporarily available at
realestate.patria.com/regulatorios/taxas/.
The document also asks the unitholder to register in the new communication channels of the Patria Real Estate (in the link realestate.patria.com/contato/cadastre-se-no-mailing/). It's the kind of detail that usually goes blank, but for those who depended on RBR's old mailing to receive reports and relevant facts firsthand, it's worth the trouble of updating.
Because this is smaller than it looks — and bigger than it looks, at the same time
There's two sides here, and they both matter.
The small side: Nothing that goes directly through the unit account has changed. The fund CNPJ is the same (21.408.063/0001-51), the broker does not need to transfer custody, the R$ 0,40 DPS has not been changed, the taxation does not change, the B3 quotation follows under the same role. For income and portfolio tax purposes on the platform, it is the same background.
The big side: the RBR mark — which had been the face of the RBRP11 since 2015 — ceases to exist as a managing legal entity. The one operating the portfolio turnaround now is Patria Investimentos, formally. This closes the open cycle in 11/12/2025, when the first Relevant Fact warned the purchase agreement of the RBR Management units, passed the second Relevant Fact of 02/02/2026, and now ends with the name of the fund carrying the surname of the new owner. It is not cosmetic: it is the explicit recognition, in the regulation, that the original management of the fund has become part of the platform of the Patria Real Estate.
What to keep an eye on from now on
- Portfolio strategy. O RBRP11 carries vacancy of 23,8% (Vacuum Building 100% and Jacks Rabinovich 100% vagabond), concentration of 57,9% of the real estate revenue in River One, and R$ 32,6 millions reinforced by the sales of the buildings João Dias e Somos. Patria has already indicated continuity of the turnaround thesis in the February/2026 Management Report, but now — with consolidated succession — she has free hands to allocate cash, recycle assets or merge with other FIIs of the house if she wishes. It is worth following the next Management Report.
- Global rate on the ANBIMA Hub. The obligation of detailed disclosure of the fees in the Hub began in 31/03/2026. The regulation now reflects that. The number of adm + management remains in 1,15% a.a. (management fee to Patria 1% + administration BRL Trust 0,18%, with effective totals running in ~0,55% a.a. thanks to the basis being market value and the fund trading with P/VP 0,62). In theory, segregation enhances transparency; In practice, the unit holder will see the details appear on ANBIMA Hub and Patria's website in the coming weeks.
- Institutional communication. Update your alerts and bookmarks: RBR Asset is no longer an official address; it is the Patria Real Estate. . Whoever uses the original RBRP11 mailing will need to redo the registration by the new link.
? Analytical Verdict
The amendment of the Regulation doesn't touch the thesis. the RBRP11 — continues to be a speculative turnaround trade in premium offices SP/RJ, with high vacancy, enhanced cash by the sale of assets and P/VP of 0,62 that reflects precisely this discount. What the document does is legally close a transition that was already priced since december/2025: Patria takes over alone, registers the Global Tax in the regulation and opens the way for the home to print its own strategy. Canon Note maintained in 5,0 — NEUTRO WITH HIGH RISK, with revision planned for the next Management Report under the new label "Patria Properties".
