Update — 10/06/2026: two 27/05 Relevant Facts not covered in this Article
Passarelli's MoU of sale: the fund manager signed a non-binding Memorandum of Understanding for the potential alienation of Passarelli (Pinheiros, 7.130 m2). If completed, the transaction shall generate estimated profit of R$ 27 million (~R$ 0,55/unit), with capital gain of ~38% and TIR ~12% a.a. The sale depends on diligence and previous conditions — without guarantee of conclusion.
Acquisition of Ed. Paulista Cultural Park: TEPP11 signed Purchase and Sale Commitment to acquire 9 sets (5.033,58 m2 BOMA) for the value of R$ 77,1 million in tranches up to 28 months. . The capital of the 5th issue funds part of the operation.
I'm a unit of TEPP11. . The unit fell 10% — what is going on?
The drop was price, not foundation. The unit came out of R$ 9,04 (May) R$ 8,15 (09/06/2026), retreat of about 10%. In the same period, the equity value remained stable in R$ 9,64/unit. . Result: P/VP has gone from 0,94 to 0,845 — the discount on equity increased from 6% to 15%.
Did anything change in the operation? Not materially. The South Tower is declared to be performing and in the divestment window. The DPS of R$ 0,131/month it remains secured until jul/2026 via additional guarantee of São Luiz. The 6 properties in SP capital follow with occupation of 94,31%. What changed was the point of entry.
Sell, hold or buy? The verdict comes out from MANTER (May) to ACUMULAR. . With the P/VP in 0,845, the medium-term entry became more attractive than it was in May — buying the same asset 10% cheaper. A analysis of May/2026 You've got your thesis right; the price has improved.
Why the unit fell without the operation getting worse
R$ 9,04 indentation for R$ 8,15 in TEPP11 It didn't really come up negative. Physical vacancy follows in 5,69% (Occupation of 94,31%), financial vacancy in 2,98% only, average WAULT in 5,0 years and the 47 tenants distributed among the 6 assets of SP capital remain outstanding. The net worth is R$ 478,4 million against market value of R$ 404,1 million — the very difference that defines the discount of 15%.
The movement has a technical and flow nature. Two elements weigh: the proximity of DPS step-down in August, that the market begins to anticipate, and the 5th issue in preferential subscription between 16/06 and 16/11/2026 — restricted to Professional Investors, but that messes with the mood of paper in the short term. Neither of them alters the equity value of real estate. The unitholder who looks at P/VP, and not headlined Yield, sees what matters: the same set of slabs in São Paulo's award-addresses began to cost 15% below the value of evaluation.
The 15% discount against 6% May
In May, TEPP11 negotiated the P/VP 0,94 — only 6% discount. The then maintenance thesis: the discount was modest and much of the South Tower catalyst was already in price. The conclusion of "it is not aggressive purchase" was precisely because the margin of security was narrow.
The June picture is different in a single, but decisive, parameter: the price. With the unit R$ 8,15 and the VP stable in R$ 9,64, the discount more than doubled — from 6% to 15%. In brick backgrounds, buying below the equity value is buying square meters built for less than would cost raising them or acquiring them in the private market. The higher the discount, the greater the safety margin and the greater the gap closing potential when the interest cycle turns or when an asset is sold at valuation value. It is this expansion of the discount, with no counterpart of operational worsening, that justifies the upgrade of MANTER to ACUMULAR and the comparative note of 6,6 (the absolute note follows in 6,4).
19,3% DY is temporary — do not design forever
The headline yield went up from 18,84% to 19,3% per year — but the high came from the cheapest unit, not from the larger dividend. DPS continues in R$ 0,131. And this DPS has an expiration date.
- Until Jul/26 — DPS R$ 0,131/month: supported by the complementary guarantee (GC) of São Luiz. About the unit of R$ 8,15, this equals 19,3% DY a.a.
- From Aug/26 — DPS R$ 0,074 to R$ 0,080/month: the pure recurrent basis, without the capital gain that is exhausted in July. It converges to DY of approximately 11% a.a.
- The trap: Who buys R$ 8,15 projecting R$ 0,131 perpetual is paying for a Yield that does not exist from August. The real long-term DY is ~11%, not 19,3%.
The distinction is central to understanding the recommendation. The case of ACUMULAR in TEPP11 is not supported by the 19,3% DY — this number is missing in August. It is based on the discount of 15% on equity and medium-term catalysts. The recurring yield of ~11% on the current unit delivery modest prize on the CDI; it is a reasonable pay floor while the reenactment thesis matures, not the thesis itself.
South Tower: the catalyst that can close the discount
The South Tower (Berrini) is declared performed by management and the divestment window. This is the most direct trigger for closing the P/VP. In a fund that negotiates the 0,845 of equity value, selling an asset at or close to it has two simultaneous effects: it makes a cashier who can return to the unit via capital gain and validates, in practice, that the accounting VP is reachable in the private market, pressing the unit upwards towards parity.
That's exactly why the extended discount matters more now than it mattered in May. With the unit to R$ 9,04 (P/VP 0,94), the sale of the South Tower at full value would have little room to re-create. With the R$ 8,15 (P/VP 0,845), the same event has 15 gap points to close — the catalyst has gained leverage. The fund's cash flow covers commitments until August 2027 without relying on new emissions, which gives time for the sale to come out in good condition, not in a hurry.
Risks that the discount does not erase
ACUMULAR is not "buy without looking." O TEPP11 carries concrete risks that limit the size of the position:
| Risk | Exposure | What to Watch |
|---|---|---|
| GPA / CBD (Gardens) | 17,6% revenue | Monousuary, WAULT of 1,4 year. Renter in extrajudicial recovery in RJ, but adiplente. Critical renegotiation in 2027. |
| DPS Step-down | DPS drops ~40% | R$ 0,131 → R$ 0,074–0,080 from Aug/26. Frustrating anyone who gets in through the yield headline. |
| Top Center (Paulist) | Vacance 18,2% | CAPEX of lifts and air conditioning still under evaluation — value not scaled. |
| 5th restricted issue | R$ 120,1 Mi (IP only) | Subscription limited to Professional Investors — risk of partial completion. |
| Leverage | PL 20,9% | R$ 99,8 Mi in 2 IPCA+ CRIs, with depreciations in Jul/26 and Jan/27. |
The 5th issue of R$ 120,1 million (12,4 million new shares to full R$ 9,71) is intended for the acquisition of the BFL (Faria Lima in retrofit) and R$ 91,7 million to the Top Center, with reservation. The emission price above the market share is non-dilutional for those who are already inside, but the capture restricted to IP introduces execution uncertainty. The GPA, with WAULT of 1,4 year and almost one-fifth of revenues, is the most relevant isolated risk: a non-renewal in 2027 would weigh directly on the already reduced recurrent DPS.
Where TEPP11 is Among Pairs
In the brick bucket, offices and medium quality (n=16), the TEPP11 appears in 4th place with comparative note of 6,6 — behind KORE11 (6,9) and ahead of HGPO11 (6,5) and TVRI11 (6,2). The rise in the comparative note from May reflects the improvement of the point of entry: same active, same fund manager, same thesis — 10% cheaper and twice the asset discount.
Verdict: ACUMULAR — note 6,6/10 (comparative) · 6,4/10 (absolute)
O TEPP11 It got cheaper in June/2026 without the foundations getting worse. The unit retreated from R$ 9,04 to R$ 8,15 and the discount on the VP of R$ 9,64 opened from 6% to 15% (P/VP 0,845). The May thesis remains valid — South Tower performed in the divestment window, R$ 0,131 DPS guaranteed up to Jul/26 — and the price improved.
Entry conditions: accumulating aware that 19,3% DY is transitory and converges to ~11% from August. The thesis is the equity discount of 15% plus the South Tower catalyst, not the headline Yield. Size the position respecting the risks of GPA (17,6% of revenues, WAULT 1,4 year) and leverage of 20,9%. Follow the evolution of the 5th issue and the eventual announcement of the sale of the South Tower as closing triggers of the gap.
Fonts
- Management Report and documentsNET TEPP11 (docs 1176788 and 1207805 — confirm DPS R$ 0,131 for sea and Apr/2026)
- Full dividend history: 82 entries from Oct/2019 to Jul/2026 (confirmed)
- 5th Emission prospect TEPP11 (Professional Investor)
- Status Invest — TEPP11
- Fund Explorer — TEPP11
