A new tenant enters Padauiri Tower (AUTRON, 678 m2, 8-year contract) and the vacancy of the building falls from 11,47% to 7,65%. In consolidated, the fund exits from 19,58% to 17,83% of vacancy. In cash: about +R$ 0,01 per unit/month after the shortcomings — useful but does not solve the central problem, which remains the Demini Tower with empty 31,26%.
What happened?
The RNGO11 — the fund of corporate slabs of Rio Bravo owner of the Rio Negro Administrative Center in Alphaville — communicated to the market the signing of a new lease agreement. The tenant is the AUTRON Automation Industry and Trade, which will occupy 678,18 m2 in Padauiri Tower Set 91.
The contract numbers are good for the unit:
- Time limit: 96 months (May/2026 to May/2034) — well above the current WAULT of the fund, of 2,98 years.
- Readjustment: IPCA, i.e., rent follows inflation year by year.
- Modality: core & shell — the tenant assumes the internal work of the floor, the background delivers the basic structure. This reduces CapEx for RNGO and anticipates revenue entry.
The immediate impact on DPS is modest: about +R$ 0,01 per unit/month After the shortages. It's not what turns the key to the background, but it's the first relevant location in a tower that was with 11,47% of vacancy. And it shows that there is demand for the asset at prices that fit the fund account.
What's the vacancy like now?
The photo before and after the contract makes it clear what changed — and what remains the same:
| Tower / active | Previous vacancy | Current vacancy | Status |
|---|---|---|---|
| Padauiri Tower | 11,47% | 7,65% | Better (AUTRON entered) |
| Demini Tower | 31,26% | 31,26% | Stopped |
| Shops | 0% | 0% | 100% located |
| Deck Park | 0% | 0% | 100% leased |
| Consolidated | 19,58% | 17,83% | −1,75 p.p. |
To put in perspective: the average office vacancy in Alphaville in 1T/2026 is between 28% and 33%. . The RNGO11 consolidated in 17,83% is well below the regional average. The problem is that this average is pulled by Demini, and Demini is not a region — it's a single building. Extreme concentration (HHI = 1,0). If Demini doesn't unlock it, the entire fund is held hostage from a single address.
The Risk That Still Concerns
The unitholder who looks at the headline of the AUTRON location may think that the RNGO is turning the game. It's not -- at least not yet. The most sensitive point remains the Superlogical, relevant tenant of the Demini Tower.
The Superlogical has reported that returns a floor in the 2nd semester of 2026. . You'll pay a fine equivalent to 3 rents and you're negotiating to stay at approximately 339 m2 — but important, without guarantee that this reduced stay will take place. . If the exit is complete, the vacancy of the Demini Tower rises to close to 37%. . Then the R$ 0,48 DPS is difficult to sustain: the estimated number of maintenance in bad scenario is R$ 0,40–0,42, that is, a cut of about 15%.
The positive side is that the renewals of the 1S/2026 left with +10% on the contracts. This confirms that there is bargaining power from the fund in the tenants who stay — which helps explain the recovery of the DPS, but does not eliminate Demini’s problem.
Is it worth buying, keeping or selling?
Note 5,7 (of 10), 12th position in Brick Bucket / Medium quality offices (16 FIIs). Above the RECT11 (5,6) below BMLC11 (5,8). It's a case of "price paying the risk" — it's neither aggressive purchase nor obvious sale.
The unit for R$ 51,00 negotiates the P/VP 0,61: each real estate fund is being sold for 61 cents. Under normal conditions, that would be a bargain. But RNGO is not in normal condition — it is with 17,83% of vacancy, concentrated in a single address and with real risk of losing a relevant tenant in 6 months.
The annualized DY of 11,16% is high, but issue this discount. Who buys today is being paid to wait for Demini to unlock. If unlocked, the unit tends to rise and the DPS can reach R$ 0,52–0,55 in a favorable scenario. If it does not unlock, the DPS may fall close to R$ 0,40 and the unit may take a while to recover.
Points in favor of which the verdict weighs on KEEPING:
- Clear background: No leverage, no CRI, no hidden debt.
- Rate of administration of 0,2% a.a. — one of the smallest on the market, without a performance rate.
- Quality asset: LEED Platinum (Padauiri) and LEED Gold (Demini), energy-free market since 2014 (R$ 785 economy thousand in 2025).
- Experienced fund manager: Rio Bravo has been managing the fund since 2016, with a record track of +45,82% in the last 12 months vs 25,32% of IFIX.
The timetable for the next contracts
The most obvious weakness of the fund is the short WALE of 2,98 years, with much concentrated maturity in the next two years. That's the schedule the unit officer needs to have on the radar:
| Year | % of revenue due | Comment |
|---|---|---|
| 2026 | 30,0% | Includes possible Superlogical output |
| 2027 | 23,6% | Next Critical Window |
| 2028 | 13,8% | Lower pressure |
| 2029 | 12,9% | — |
| 2030 | 10,9% | OneKey Payments wins in Nov/2030 |
| 2031 | 8,7% | — |
AUTRON's contract, precisely for going to May/2034Helps push the middle WALE up. It doesn't change the concentration problem in 2026, but it gives predictability to a piece of Padauiri for the next eight years.
What Can Get Better — And What Can Get Worse
Favourable scenarios
- Selic in fall + IFIX in recovery (high probability): unlocks interest in discounted FIIs and the unit tends to rise from the current P/VP 0,61.
- Demini's vacancy falling to less than 20% (average probability): would be the real trigger of the RNGO — DPS can reach R$ 0,52–0,55 and justifies re-correction of the unit.
- Renewals from 2027 with +5% to +10% (average probability): repeats the success of 2026 and gives ballast to the current DPS.
Unfavourable scenarios
- Superlogical exits completely from Demini (average probability): tower vacancy rises to ~37%, consolidated worsening, DPS returns to R$ 0,40–0,42 range.
- Systemic vacancy in Alphaville deepens (low probability): if the region continues to worsen, DPS can drop to R$ 0,30–0,32 and the unit takes time to recover.
♪ For who makes sense ♪
RNGO11 is a satellite position: not more than 5% from the FIIs portfolio. It makes sense for those who agree to live with monoactive, with DPS volatility and with execution risk in exchange for a 0,61 P/VP and a 11,2% DY.
It doesn't make sense for retired people who need stable dividends every month, for those who want diversification within the FII itself, or for those who are starting now. The fund is simple to understand, but requires monitoring of contract schedules and reading of quarterly communiqués — it is not "buy and forget".
The lease of AUTRON is a positive sign, mainly because it comes with long term and core & shell. But alone, it doesn't change the thesis. The next news that moves the real RNGO11 is what the Superlogic decides on 2S/2026 — and how the fund manager will work the marketing of the Demini Tower from now on.
