Since the last analysis of the VINO11, in 14/05/2026, the office fund of Vinci Real Estate unlocked three points that had been weighing on the thesis: BBS Brooklyn left 44% for 80% occupation (COW Working, Evenesse and Velotax entered), the defaults of Edo Rocha and Stationery 16 were fully resolvedand the Joompro was delivered to the Haddock Wolf 347, adding about R$ 0,001/recurring revenue unit. Relevant vacancy has dropped from 4 to 3 out of 9 assets. The operative, in short, has improved.
And yet the unit did not follow: from R$ 4,58 to R$ 4,62 — a marginal rise, while the asset value retreated slightly to R$ 9,81/unit and pushed the 0,51 P/VP for 0,47, a discount of 53%. The question the unitholder asks is direct: if the fund is solving the problems, why does the market keep taking so much — and this changes the decision to keep?
What has improved since May
The highlight of the reanalysis is the Standardization of BBS Brooklyn. . The property, which ran with 44% of occupation and was the main operational drag of the wallet, received three new tenants — COW Working, Evertesse and Velotax — and closed May in 80% occupancy. . With this, what was once a revenue hole starts to contribute, and the relevant vacancy of the fund ceased to affect 4 of the 9 assets to affect only 3.
The second point is: integral resolution of the defaults of Edo Rocha and Stationery 16. . They were cases that consumed provision and generated noise in management reports; with the correctness, the generation of cash becomes cleaner and more predictable.
The third is the delivery of Joompro at Haddock Lobo 347 in June/2026, which adds about R$ 0,001/recurring revenue unit. At the same address, the fund manager informed three potential contracts in exchange for minutes — if confirmed, reduce the 26% vacancy of Haddock (today with contracts signed partially in deficiency curve). It is the type of pipeline that, in addition, will recompose the active occupation to active.
♪ What still worries ♪
The first caveat is structural: a concentration in the Globo SP Headquarters, which accounts for about 60% of the fund revenue. . It is an atypical, long contract with a maturity after 2030 — which gives predictability — but it also means that a single tenant defines the health of most of the result. Any future renegotiation in this asset is the event of greatest magnitude of the thesis.
The second is the leverage of R$ 422,5 millions, equivalent to 36% of real estate assets, all in IPCA-indexed CRIs: R$ 355 million in the Globo Headquarters to IPCA+6,948% up to Jan/2037 and R$ 67 million in the Haddock to IPCA+5,575% up to Oct/2035. In high inflation cycles, this carrying cost directly pushes the distributable result.
The third is the very unit: 63% drop from IPO (from R$ 12,70 to R$ 4,62), with net profitability of -27% against +34% from IFIX in the same period. The discount of 53% on VP can be value reading — or sign that the market pricing revisions and the patrimonial revaluation ahead. The Colliers report of Dec/2025 has already marked -0,97% in the set of properties (Haddock -7%, Oscar Freire -6%), and there is a review cluster in 2026-2027, with 20% of revenue under review already in 2026.
Finally, the R$ 0,040 DPS follows below the historical recurring generation of R$ 0,055. . The recurring result of May was R$ 0,038/unit — the fund pulled R$ 0,002 from the reservation to maintain payment. The guide is from R$ 0,038–0,045 to Jun/2026. The good news is the mattress: there is R$ 0,197/unit (R$ 16,3 million) of undistributed accumulated result, which management intends to use to improve the capital structure. The departure of Leandro Bousquet — leader of Real Estate da Vinci for 13 years, who left the house in Aug/2025 and took over XP Asset at Mar/2026 — is a point of attention of governance that is worth following.
| Metric | Analysis 14/05 | Review 10/06 |
|---|---|---|
| Quotation | R$ 4,58 | R$ 4,62 |
| P/VP | 0,51 | 0,47 |
| BBS Brooklyn (occupation) | 44% | 80% |
| Relevant vacancy assets | 4 out of 9 | 3 out of 9 |
| Failure to comply (Edo Rocha, Stationery 16) | open | resolved |
| Leverage | R$ 421 Mi | R$ 422,5 Mi |
| DPS | R$ 0,040 | R$ 0,040 |
Verdict
For who it is — and for whom it is not
It makes sense to who already has position and seeks exposure to corporate slabs with high patrimonial discount, tolerates the concentration in Globo and sees in the recovery of occupation a trigger of re-enactment in the medium term. 12,77%'s DY remunerated the wait, although with DPS below the history.
It doesn't make sense to who needs stable and growing dividend in the short term (the DPS is below the recurrent generation and depends on reserve), for those who do not tolerate dependence on a single tenant, or for those who avoid low liquidity — the fund turned only R$ 617 thousand/day in May/2026.
