- Total liquidation approved: The formal consultation concluded on September 24, 2026, deciding to definitively wind down the REME11 real estate fund within 12 months.
- Critical tax deadline: You must submit the form with your average acquisition cost by October 25, 2026 to avoid undue maximum taxation on capital amortization payouts.
- September distributions: The fund generated R$ 0.88 per unit but distributed R$ 1.00 by utilizing R$ 0.12 from accumulated reserves.
The total liquidation of the fund was formally approved by unitholders in a general meeting via formal consultation. The REME11 real estate fund will cease to exist over an estimated period of 8 to 12 months, during which RB Asset's management will sell all portfolio assets to return the cash to investors through capital amortization payments.
What Happened to REME11?
Total liquidation approved at general meeting. The management report published on October 23, 2026, formalized that the formal consultation concluded on September 24, 2026, approved RB Asset Management's proposal to wind down the fund. Moving forward, the REME11 real estate fund enters an orderly divestment phase for its portfolio of FIIs and CRIs, with RB Asset remaining at the helm throughout the liquidation process.
Up to this point, the vehicle maintained a NEUTRAL WITH HIGH RISK verdict. Projections indicated that the fund—born from the transition and migration of the former RFOF11 in the first half of 2026—would mature in the secondary market while taking advantage of a net asset value discount of over 30% across its portfolio of 45 FIIs. The approval of the liquidation radically changes the investment thesis: it is no longer a long-term fund-of-funds, but rather a wind-down vehicle that will return R$ 57.7 million in net asset value to its unitholders.
Why Was REME11 Put Into Liquidation?
To unlock asset value trapped by market discounts. The fund had been struggling with low daily liquidity (R$ 354.7 thousand per day in September) and a market price of R$ 85.00—below its net asset value of R$ 88.11 and drastically lower than the look-through value of its portfolio assets (R$ 116.25 at the time of migration).
The meeting concluded that selling the assets directly on the secondary market and returning the cash to unitholders provides a superior risk-adjusted return compared to remaining on the exchange as a small-scale FII (with a net asset value of R$ 57.72 million). Management initiated this move by selectively selling corporate office, receivables, and shopping center funds with low appreciation potential, using real estate capital gains to replenish monthly income.
What Is the Timeline and How Will the Fund Wind-Down Work?
An 8-to-12-month gradual divestment. During this period, the manager will sell off the more than 45 real estate funds and credit instruments (CRIs, which account for 3.2% of net assets) held in the portfolio. As cash from the sales enters the fund—which closed September with 5.5% of its net assets in cash—the administrator, Apex Group, will call partial unit amortizations.
Below, the fund's transformation history shows the accelerated transition leading up to the definitive wind-down decision:
Why Do You Need to Submit Your Average Acquisition Cost by October 25?
To avoid improper income tax withholding. This is the most urgent operational requirement mentioned in the document published on October 23. When a real estate fund makes capital amortizations during a liquidation process, the administrator must calculate whether unitholders realized capital gains.
If unitholders fail to submit the form stating the exact price at which they purchased their units by the deadline of October 25, 2026, the administrator (Apex Group) is legally obligated to use the lowest historical unit price as the acquisition cost. This would result in unnecessary income tax being withheld at the maximum rate on the return of your own money.
Immediate action required: Check your email or the administrator's investor portal for the REME11 average acquisition cost declaration form. Submission, including attached brokerage notes, must be completed by Sunday, October 25, 2026.
What Changed in September's Financial Results and Portfolio?
Generated results fell to R$ 0.88 per unit, but the distribution was maintained at R$ 1.00. In September 2026, the fund's total gross revenue reached R$ 599.7 thousand (compared to R$ 628.9 thousand in August). After deducting operating expenses and the management fee (R$ 46.1 thousand), net cash earnings closed at R$ 578.9 thousand—equivalent to R$ 0.88 per unit (down from R$ 0.92 per unit in August).
Despite generating R$ 0.88, management chose to pay R$ 1.00 per unit to its 655,087 unitholders, which required drawing R$ 0.12 per unit from the fund's accumulated reserves. Through this operation (a 113.64% payout ratio), accumulated cash reserves dropped from R$ 0.20 to R$ 0.09 per unit.
| Financial Item | August 2026 | September 2026 | Trend |
|---|---|---|---|
| Total Gross Revenue | R$ 628,946.10 | R$ 599,651.26 | Decrease (-4.6%) |
| Generated Cash Earnings | R$ 0.92 / unit | R$ 0.88 / unit | Decrease (-4.3%) |
| Distributed Yield | R$ 0.90 / unit | R$ 1.00 / unit | Increase (+11.1%) |
| Remaining Cash Reserve | R$ 0.20 / unit | R$ 0.09 / unit | Reserve depletion |
What Does This Mean for Current REME11 Unitholders?
You should not panic and sell your units at any price on the secondary market if they are trading at an excessive discount to net asset value (R$ 88.11). The liquidation entitles you to receive the asset sale proceeds in proportion to your holdings. However, it is vital to ensure you report your average cost to avoid losing money to improper tax withholding on amortizations.
What Are the Practical Steps for Unitholders During the Liquidation Process?
Immediate action required from investors. To navigate the wind-down of the REME11 real estate fund without tax or operational penalties, follow the steps and guidelines outlined below:
Submit average cost report by 10/25/2026 — Locate the form provided by Apex Group/RB Asset or your broker, and gather brokerage notes from the former RFOF11 and REME11 to avoid being taxed based on the minimum historical value.
Monitor partial amortization notices — As management sells off portfolio FIIs (such as ZAVI11, EXES11, ALZC11, and BRCR11), amortization notices will indicate when funds will be deposited into your brokerage account.
Monitor market price discounts — If the market price (R$ 85.00) approaches the liquidation net asset value (R$ 88.11), selling on the exchange may be advantageous to secure liquidity rather than waiting out the 12-month process.
Editor's Verdict: LIQUIDATION IN PROGRESS
The investment thesis for REME11 as a long-term fund officially ended with the formal consultation on September 24, 2026. The unitholder's top priority at this point is no longer the monthly dividend, but rather asset and tax protection: submitting the acquisition cost form by October 25, 2026, and following the amortization schedule through the fund's wind-down.
