Units of the Brazilian real estate fund VCJR11 have been locked for trading on the B3 since the close of the trading session on November 5, 2026. Investors who still hold units can no longer sell them—and now face a 20-day window, from November 10 to November 30, to report their average acquisition cost to ensure that the income tax on December’s liquidation is calculated on their actual gain rather than a higher base.
What Was the VCJR11 Real Estate Fund?
VCJR11 was a paper-based real estate fund (FII) managed by Pátria-VBI. It lent money to real estate developers and homebuilders through inflation-linked real estate credit notes (CRIs) yielding IPCA inflation plus 11.4% per year, distributed monthly interest (which is tax-exempt for individual investors), and held R$ 1.38 billion in assets across 40 portfolio titles.
A CRI (Real Estate Credit Certificate) is a debt instrument: the company takes out a loan, and the fund acts as the creditor, receiving monthly interest while the security is active. What made VCJR11 attractive was its tax exemption for individual investors—while a Treasury IPCA+ bond taxes returns at up to 22.5%, the FII delivered the same indexer tax-free. With the portfolio's average LTV (loan-to-value) at 61%—meaning the underlying collateral property was worth, on average, more than 60% above the loan amount—credit risk was moderate by design. As the Selic interest rate fell through 2026 and IPCA-linked securities appreciated, the portfolio enjoyed a tailwind: the fund paid R$ 1.25 per unit in June and July 2026.
Starting in August, that cycle began to wind down. The last declared dividend was R$ 0.82 in October 2026—the result of a semester in which the manager used part of its reserves to keep payouts above recurring cash generation. With the reorganization approved at the unitholder meeting, there is no longer an outlook for new monthly distributions: VCJR11 is being wound down.
What Did the October Unitholder Meeting Approve?
On October 20, 2026, unitholders approved the complete reorganization without reservations: all of VCJR11's assets (its 40 CRIs and R$ 1.38 billion in assets) would be acquired by PCIP11, the fund would be formally liquidated, and each unitholder would receive newly issued units of PCIP11 proportional to their stake. A cash amortization would pay out the remaining liquidation balance.
This site had flagged the merger as the fund's primary binary risk since June 2026—without a meeting date or exchange ratio disclosed, unitholders did not know whether they would be paid out at net asset value (R$ 93.92 per unit in November) or market price. The meeting settled the matter: the reorganization was approved, the assets are moving to PCIP11, and the schedule is set. Investors who bought units at a discount to net asset value (NAV) and receive close to NAV will realize a capital gain—and it is precisely that gain that will be subject to the 20% income tax.
The material fact notice published on November 4, 2026, did not change what was approved; it adjusted operational dates. The transfer of administration to Apex Group moved from November 6 to November 9, and the delivery of units in the PCIP11 real estate fund was pushed from December 4 to December 7. For investors wondering what PCIP11 is: it is a fund managed by the same firm (Pátria-VBI), with a CRI portfolio and a risk profile similar to VCJR11. By receiving PCIP11 units, investors maintain exposure to inflation via real estate credit, now within a consolidated vehicle—and will be able to trade those units normally on the B3 after the credit is settled.
VCJR11 stopped trading on the B3 after the market close. Investors who did not exit earlier will hold their positions until liquidation.
Submit your average acquisition price via the Cuore platform—essential for ensuring income tax applies only to your actual gain.
PCIP11 units on December 7 and cash amortization on December 10.
Why Report Your Average Cost by November 30?
When an FII is liquidated, income tax applies to positive gains at a rate of 20%: the difference between the redemption value received and the acquisition cost of the units. For this calculation to be correct, Apex Group needs your average entry cost—and the submission window through the Cuore platform runs from November 10 to November 30, 2026. The material fact notice classifies this step as "essential for calculating the 20% income tax withholding on positive redemption gains."
Without this declaration, the administrator will calculate the tax based on an unfavorable cost basis—and tax withheld at the source cannot be refunded administratively later. Declaring the correct average cost is your only protection before the close.
The magnitude of the tax depends entirely on your entry price. Using net asset value per unit (R$ 93.92) as a reference for the redemption value—an estimate, as the final figure depends on the portfolio's wind-down and how Apex Group calculates the final value: an investor who bought around R$ 63 (the trading level when units were locked) would have an estimated gain of R$ 30.92 per unit and a withholding tax of approximately R$ 6.18 per unit. For 500 units, that represents about R$ 3,090 in income tax. An investor who entered at R$ 85 would pay around R$ 1.78 per unit (R$ 890 for 500 units). Investors who bought above R$ 93.92 have no gain and owe no tax—but they still need to document their average cost to prevent any withholding from occurring in error.
To calculate: multiply the price paid for each purchase by the quantity acquired, sum the totals, and divide by the total number of units. Brokerage statements are the primary source document. Most brokerages provide position statements with the average cost already calculated—it is worth checking this figure before doing the math manually. If purchases were made across different brokerages over time, your weighted average cost must consolidate all of them.
You can no longer sell VCJR11 units on the B3. Your position will convert into PCIP11 units (credited on December 7) plus a cash payment (December 10). Your remaining task is to log in to the Cuore platform between November 10 and November 30 and submit your average unit cost along with the brokerage notes supporting that figure. Without this declaration, taxes could be calculated on a base higher than your actual gain. October dividends (R$ 0.82 per unit) were likely the last—the liquidation distributes only what remains of the portfolio after the CRIs are wound down.
What to Monitor Through December
Average Cost via Cuore by Nov 30 — Gather your brokerage statements, calculate your weighted average cost, and submit it through the Cuore platform. If your brokerage has a portal to export position history, use that data as a starting point. Do not wait until the final week: the administrator must process submissions within the official deadline.
New Administrator Starting Nov 9: Apex Group — INTRAG (Itaú) is transferring the portfolio to Apex Group, which will manage the liquidation. Communications regarding average cost, redemption values, and taxes will come from Apex. Keep an eye on the email registered with your brokerage and your unitholder portal for any additional document requests.
Receiving PCIP11 on Dec 7 — The fund's units will be credited to your portfolio before the cash payment. Verify that the number of units and credits match your VCJR11 position. If there is a discrepancy in quantity or value, contact your brokerage before December 10.
Cash Amortization on Dec 10 and Tax Review — The liquidation balance paid in cash is the second component of the redemption. Combine both components (PCIP11 units + cash) to determine your total redemption value and compare it against the tax withholding reported by the administrator. If the withheld amount differs from your calculation, contest it in writing with Apex Group before filing your annual tax return.