GLOG11

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What it is

Genial Logística FII (GLOG11), formerly known as Plural Logística, is a real-estate investment fund focused on acquiring and managing logistics properties across Brazil, with the goal of generating rental income for its unitholders. Under ANBIMA’s classification it is a “renda gestão ativa logístico” fund — meaning it actively manages income-generating, built logistics properties.

The fund (CNPJ 36.501.198/0001-34) is a “tijolo” (physical-property) fund with 750,000 units spread among 1,714 unitholders; its sole property, located in Pernambuco, covers 70,222 m². It was launched on 3 March 2021.

Who owns it

The 750,000 units are held by roughly 1,714–2,106 individual and institutional unitholders — no single controlling shareholder or family owns a disclosed majority stake, which is typical of publicly listed Brazilian real-estate funds. The free float is effectively 100%; ownership data broken down by individual unitholders is not disclosed in available sources.

Who runs it

Day-to-day investment decisions are the responsibility of Genial Gestão de Produtos Estruturados Ltda., the structured-products arm of the Genial group, which manages more than R$ 15 billion (US$2.9 bn) across its platforms. The administrator — responsible for legal and fiduciary oversight — is Banco Genial S.A. (CNPJ 45.246.410/0001-55).

The names of the individual portfolio manager and fund director are not disclosed in available sources; the auditor of record is Deloitte Touche Tohmatsu. The management fee is split 80% to Genial Gestão and 20% to Banco Genial, together totalling 0.7% of net assets per year.

The money, in plain words

The fund earned a net positive result of approximately R$ 3.972 million (about US$ 762,000) in 2024, driven directly by rental income from its sole property. That works out to roughly R$ 5.30 (US$1)per unit in annual income — a thin but steady stream from a single warehouse.

Total net assets stand at R$ 81.52 million (US$16 mn), giving a net asset value per unit of R$ 108.69. (US$21)

Over the trailing twelve months unitholders received R$ 5.44 (US$1)per unit in distributions — a dividend yield of 7.4% on the current market price of R$ 73.59. (US$14)The price-to-book ratio (P/VP) is 0.68, meaning that for every real of underlying property value, the market was paying only 68 cents — a discount that now makes sense because the fund is being closed rather than grown.

At end-December 2025, cash and financial investments totalled approximately R$ 1.56 million (US$299 k).

What it is doing now

The central event: GLOG11 proposed — and unitholders approved — the sale of its entire 50% stake in the Parque Logístico Pernambuco to VILG11 (Vinci Logística FII), which already held the other 50%, for R$ 56.177 million (US$11 mn); the approval of the sale triggers the fund’s liquidation and closure. At R$ 1,599 (US$307)per leasable square metre under GLOG11’s ownership (our calculation: R$ 56.177 (US$11)M ÷ 35,111 m²), the exit price is below recent comparable transactions in the Suape/Pernambuco region.

The sale was formally approved at the unitholders’ assembly on 7 May 2026; the fund then entered the liquidation phase — with units trading on B3 only until 15 June 2026 — and the schedule calls for amortisation (cash return) to unitholders thereafter. The warehouse sits 9 km from the port of Suape and 35 km from Recife’s international airport; Suape is the Northeast’s leading port, connected to more than 160 ports worldwide.

What to watch

• Cash return timing: The fund’s schedule points to amortisation and payment to unitholders in July 2026. Any delay or shortfall versus the R$ 108.69 (US$21)NAV per unit would directly hit investors who bought above R$ 73. (US$14)
• Discount to NAV: The 31% gap between the market price (R$ 73 (US$14)–75) and book value (R$ 108.69 (US$21)) reflects market scepticism about the full NAV being returned — watch for the final liquidation statement from Banco Genial to see what investors actually receive.
• Suape logistics market: Pernambuco holds roughly 31 active logistics developments with more than 1.4 million m² of leasable area, making it the Northeast’s leading market and Brazil’s third-largest logistics hub. The sale price will act as a benchmark for similar assets in the region.
• VILG11 integration: The buyer, Vinci Logística, now controls 100% of the Parque Logístico Pernambuco complex; how it manages the asset — and whether occupancy improves from 79.6% — matters for the regional market, not for GLOG11 investors.

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This is news, not investment advice.