It is over. XPIN11 (inVista Industrial FII, formerly XP Industrial) is in liquidation. Unit trading was suspended on July 7, 2026—with the final trading session on July 6—and the fund is in the final stage of returning capital to its 39,441 unitholders. If you hold units in your portfolio, there is one thing you need to do between July 16 and July 20, and that is what this report covers: what you will receive, when, and what to do now to avoid overpaying taxes.
⚠️ Urgent action—deadline July 16–20, 2026: Every unitholder must report their average acquisition cost (PM) for XPIN11 units through a Pipefy form provided by the administrator (Vórtx). This figure determines how much income tax (IR) applies to the liquidation gain.
The rule is simple: if your average cost < R$ 83.89, there is a taxable gain, and tax applies to the difference. If your average cost ≥ R$ 83.89, there is no taxable gain (and any capital loss can be used to offset future gains). Investors who fail to report their average cost risk being taxed on a less favorable basis. Don't miss this window.
How Much Each Unit Is Worth in the Payout
The Material Fact notice dated June 30, 2026 (FundosNet ID 1236212) finalized the exact figures. Each XPIN11 unit converts into three components, totaling R$ 83.89 per unit:
Where this money came from: unitholders approved (February–March 2026) the sale of six industrial warehouses to IBBP11 for R$ 339.1 million, alongside the settlement of the fund's real estate credit notes (CRIs) totaling R$ 130.3 million, followed by liquidation. What remains after paying off debts and expenses is what is being returned to investors.
Answering What Unitholders Are Really Asking
"My units disappeared from my portfolio—did the fund close?" Yes, the fund is being liquidated. Trading was suspended on July 7 because it makes no sense to trade units that are about to be converted into other assets. You haven't lost anything: your XPIN11 units will be exchanged for the package above (XPLG11 + IVBP11 + cash). It is a substitution, not a disappearance.
"What is this IVBP11 fund?" It is a new FII created to absorb XPIN11 unitholders. It invests exclusively in IBBP11—the fund that purchased the warehouses (the exact same Brazilian Business Park industrial properties previously held by XPIN11). In practice, you go from owning the real estate directly to holding exposure through IVBP11 to IBBP11. The initial offering price for IVBP11 is R$ 10 per unit.
"I don't want units in any fund, I want my cash." Understandable, but the transaction structure does not offer an all-cash option. What you can do: as soon as XPLG11 and IVBP11 units land in your account, you can sell them on the market normally. XPLG11 is liquid (see below); IVBP11, being new, may have thinner liquidity at first. There is no lock-up—the choice is yours.
"What is the final timeline for all of this?" The distribution of the earnings reserve is announced on July 17 and paid on July 24, 2026. The liquidation process concludes on July 31, 2026. Between now and then, the only action required on your part is submitting your average cost via the Pipefy form (July 16–20).
The Income Tax Calculation
Income tax applies to the gain: the difference between the R$ 83.89 received and your average acquisition cost (PM). The tax rate is 20% (the standard capital gains rate for FIIs). Those R$ 2.517 in cash are not a bonus—they are the vehicle the administrator uses to collect the withheld income tax at the source. Consider three scenarios:
| Your Average Cost | Gain per Unit | Tax (20%) |
|---|---|---|
| R$ 70.00 | R$ 13.89 | R$ 2.78/unit |
| R$ 90.00 | no gain (R$ 83.89 < R$ 90) | R$ 0.00 |
| R$ 100.00 (IPO investors) | loss of R$ 16.11 | R$ 0.00—offsets future gains |
This is why your average cost matters: investors who bought cheaply (low cost basis) realize a gain and pay tax; those who bought high (a high cost basis, typical for many who entered in recent years) pay nothing and actually record a tax-deductible loss. If you do not report your average cost via Pipefy, the administrator cannot apply the correct baseline—hence the urgency.
Was It a Good Investment? The 7.5-Year Math
XPIN11 launched in July 2018 with an IPO price of R$ 100 per unit (raising ~R$ 180 million from 121 initial unitholders). Over subsequent years, it grew significantly: total assets jumped from R$ 191 million to R$ 730 million, and the unitholder base reached nearly 47,000. The unit price peaked at R$ 124.50 in January 2021. Then troubles mounted: delinquency peaked at roughly 21% in 2023 (led by Sogefi, which is currently facing judicial collection), distribution per unit was compressed, and the ultimate solution became selling off the portfolio.
For investors who participated in the IPO at R$ 100, the outcome is positive overall, even if disappointing in price: R$ 83.89 in capital return plus accumulated dividends distributed over 7.5 years. With monthly payouts running between roughly R$ 0.62 and R$ 0.85 per unit for more than seven years, this totals approximately R$ 60 to R$ 65 per unit in income. Combined, this delivers a gross return above the invested capital—though well below the return of selling near the peak of R$ 124.50.
The accounting discrepancy is striking: the fund's net asset value per unit was R$ 105.14, yet the final payout is R$ 83.89—representing a crystallized loss of R$ 21.25 per unit (-20.2%) in the transaction. To be frank, this net asset value was never realistically achievable for unit sales—the market priced XPIN11 at a price-to-book ratio of 0.59 (trading at R$ 62.04 just before suspension). The final payout of R$ 83.89 actually came in above the screen price, but below the book value that never materialized in practice.
Important technical detail: the DPU of R$ 0.85 per month in recent months did not reflect current earnings. It was sustained by drawing down cash reserves from the partial asset sale in September 2024. The fund's true operating performance was closer to R$ 0.57 to R$ 0.67 per unit. In other words, the 14% screen yield was partly a return of capital, not real estate income.
The Last Trading Price Spread: Why a "Free" 35% Gain Doesn't Exist
Strictly by the numbers, comparing the final trading price (R$ 62.04) to the payout (R$ 83.89) reveals a gap of +35%. One might think, "I should just buy it and wait for the payout." You cannot—units have been suspended since July 7. The window has closed. This spread only benefits investors who already held units prior to the suspension. Anyone on the sidelines cannot participate.
What to Do With XPLG11 and IVBP11 Upon Receipt
Once the assets land in your account, you face two independent decisions:
XPLG11 is a well-established logistics real estate fund traded with good liquidity—if you want to exit, the market can easily absorb it. IVBP11 requires caution: because it is newly created and holds a single underlying asset (IBBP11), unitholders inherit the price fluctuations of IBBP11 between approval and liquidation without a price floor. If the market re-prices the warehouses downward during this interval, the actual value of IVBP11 could diverge from its nominal R$ 47.42. There is no lock-up: you can sell the day you receive them—but assess liquidity before placing large sell orders for IVBP11.
Verdict—Neutral: The liquidation process is fair and transparent in its numbers, and the R$ 83.89 payout came in above the screen price. However, the -20.2% gap relative to book value is very real and falls squarely on investors who bought in at high prices over recent years. If you hold XPIN11: You don't need to do anything other than submit your average cost via Pipefy between July 16 and July 20—the rest happens automatically by July 31. If you were planning to buy in to capture the payout: It is too late; units are suspended. Upon receiving XPLG11 and IVBP11, evaluate each as a separate decision: XPLG11 is liquid and up to you; IVBP11 is new and illiquid—assess carefully before selling in a panic.
