The real estate fund GARE11 has informed its unitholders of a distribution of R$ 0.083 per unit for the month of August. Payment will be made on September 8, 2026, to investors holding positions at the close of trading on August 31.
Based on the August closing price of R$ 8.44, the monthly distribution represents a dividend yield of approximately 0.98%. Distributions are exempt from income tax for individuals, provided the legal requirements for this type of asset are met.
Fund performance and portfolio
Classified in the urban income segment, GARE11 ended June 2026 with a portfolio of 33 properties totaling about 463,800 square meters of gross leasable area. The most recent report showed zero physical and financial vacancy, as well as a weighted average unexpired lease term (WAULT) of 9.89 years.
The fund’s revenue is diversified, with 61% coming from urban income assets, 31% from logistics properties and 8% from offices. The properties are spread across 15 states and leased to 11 tenants. The largest tenants include Grupo Carrefour, BAT, GPA, Grupo Mateus, MRV, Air Liquide, Desco, Mercado Livre, 3 Corações, Vale and Almanara. Carrefour contributes the most to revenue, followed by BAT and GPA.
Leases and adjustments
Most of the fund’s leases, 94%, are atypical (long-term built-to-suit or sale-leaseback contracts), while typical leases account for 6%. The weighted average term of leases in force remains at 9.89 years, measured by contracted revenue. In June, two leases with Grupo Mateus, located in Itabuna (BA) and Tabuleiro (AL), underwent an annual adjustment of 4.39%, in line with the IPCA as provided for.
This lease structure contributes to stable occupancy, as shown by the absence of vacancy during the period. The entire portfolio is current on payments, according to the latest information released.
Asset recycling plan and property sales
In addition to its operating results, GARE11’s management advanced its asset recycling strategy. A memorandum of understanding was signed to sell ten properties to FII Riza Renda Imobiliária Master for R$ 804.4 million.
The package includes five Atacadão units, three Grupo Mateus stores and two logistics properties linked to Almanara and BRF. The transaction provides for:
- R$ 382 million in cash;
- R$ 250 million in subordinated units of the buying fund;
- R$ 172 million in seller’s finance, to be received as the properties are divested.
The terms of the transaction set out different stages and instruments to ensure liquidity, returns and alignment between the parties. The deal is in line with the fund’s strategy of reducing its exposure to Grupo Carrefour, capturing gains from recycling, lowering financial obligations tied to the assets sold and making room for new acquisitions.
Management also signaled its intention to rebalance its investment verticals, with a tendency to increase the share of the logistics segment, and said there are properties in the allocation pipeline.
This content is for informational purposes only and does not constitute an investment recommendation. Investors should analyze the information to form their own assessment.
Read also:
