Diversified sale-leaseback with buyback option (CNPJ 28.267.696/0001-36)
Segment: Hybrid / Multi-strategy (Sale-Leaseback) · Price R$ 85.56 · P/BV 0.8378 · BV/unit R$ 102.13 · Net assets R$ 433 Mi · 34,534 unitholders · 8 assets
RZAT11 (Riza Arctium Real Estate FII) is a Brazilian REIT in the Hybrid / Multi-strategy (Sale-Leaseback) segment. Diversified sale-leaseback with buyback option (CNPJ 28.267.696/0001-36)
Acquires properties from companies seeking to free up capital and leases them back via long-term, inflation-indexed contracts (factories, warehouses, gas stations), generating monthly income. Note: a single tenant concentrates a large share of assets, and the performance fee weighs on retained earnings.
This page gathers the factual snapshot of RZAT11 in 2026: what the fund is, what it invests in, what it charges, who manages it and how it got here. Opinion, score and recommendation live in the analysis; payout calendar and projections live in dividends.
Management: Riza Asset Management.
Riza Asset (formerly Riza Capital) is an independent asset manager focused on real estate credit, sale-leasebacks, and structured strategies. RZAT11 is the firm's flagship brick-and-mortar fund, employing a unique strategy: acquiring properties at a discount via sale-leaseback. The firm has a solid track record across RZAG11 (CRA), RZAK11 (CRI), RZTR11 (farmland), and RZLC11 (logistics).
In RZAT11, management demonstrates discipline: three early buybacks executed with extraordinary gains, a negotiated contract termination with Aliança Agrícola (R$ 1.79M in appropriated security deposits + R$ 13.29M in indemnification not yet booked), and two new sales announced in Apr/26.
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Cervejaria Cidade Imperial | BR-364 Highway (Juscelino Kubitschek), Frutal — MG | 100.0% | 1.0% |
| Aspam Logistics Complex | Av. Perimetral Norte, 10,002, Vila João Vaz — Goiânia/GO | 100.0% | 1.0% |
| Splice Indústria | Av. 31 de Março, Votorantim — SP | 100.0% | 1.0% |
| Rápido Araguaia Garage | Av. Presidente JK, 260, Jardim Presidente — Goiânia/GO | 100.0% | 1.0% |
| Atacadão Dia a Dia | Setor Habitacional Mestre d'Armas, Planaltina — DF | 100.0% | 1.0% |
| Rede Monte Carlo Gas Station (Mirassol) | Av. Santos Dumont, 4235 — Mirassol/SP | 100.0% | 1.0% |
| Comfrio Refrigerated Warehouse | BR-020 Highway, 527 — Caucaia/CE | 100.0% | 1.0% |
| Andorinha Transportes Yard (Campo Grande) | Av. Costa e Silva, 1275 — Campo Grande/MS | 100.0% | 1.0% |
HHI 0.4492 — alta.
| Breakdown | Share |
|---|---|
| By state | Sudeste 71.1% · Centro-Oeste 19.3% · Nordeste 3.2% |
| By tenant | Cidade Imperial (beer) 65.2% · Aspam (logistics/aviation) 11.4% · Splice Indústria 7.4% · Rápido Araguaia (transport) 5.2% · Comfrio Logística 3.5% · Atacadão Dia a Dia 3.3% |
| By index | IPCA 100.0% |
P/BV of 0.93 calculated on the share price of R$ 97.29 (06/01/26) and the normalized book value per unit of R$ 104.08 (Apr/26, following the write-down of receivables from completed sales). The Mar/26 book value (R$ 125.93) was inflated by R$ 150M in receivables and is no longer a relevant benchmark.
last close R$ 85.56 · all-time low R$ 79.50 · high R$ 110.50 · book value per unit R$ 102.13.
| Period | What happened |
|---|---|
| DPU R$ 1.70 + guidance R$ 1.65-1.75 | Reflecting Apr/26 earnings (R$ 3.83/unit generated, with R$ 12.6M in other revenue from sales), the fund distributed R$ 1.70/unit in May/26. Management guides to R$ 1.65-1.75 over the coming months due to non-recurring gains, maintaining R$ 2.75/unit in reserved cash. Book value per unit normalized to R$ 104.08 after writing down accounts receivable. |
| Fund constitution | Original FII constitution (under a different name and manager). The fund has operated since 2017, but the current sale-leaseback strategy began in Dec/2019. |
| Riza Asset assumes management | Fund management is transferred to Riza Asset (formerly Riza Capital). Strategic repositioning toward sale-leaseback with a buyback option begins. |
| Initial acquisitions and first offerings | The fund acquires 5 properties in Jun/2021: Comfrio (Caucaia-CE), Rede Monte Carlo (Mirassol and Rio Claro-SP), and Andorinha Transportes (Campo Grande-MS and São Paulo-SP). Total ~R$ 70M. Net assets reach R$ 165M with 1.6M units following an offering. |
| Large offerings — Aspam and Cidade Imperial | Oct/2021: acquisition of Aspam (R$ 68M). Dec/2021: acquisition of Cervejaria Cidade Imperial for R$ 150M , the fund's largest asset. Net assets jump to R$ 253M. |
| Consolidation and unit split | In 2022, new offerings take place, reaching 3.7M units with net assets of R$ 371M. Acquisitions of Splice (Jan/2023) and Atacadão Dia a Dia. The DPU fluctuates between R$ 0.73 and R$ 1.32 depending on the IPCA. |
| Stabilization and new acquisitions | In 2024: acquisitions of Atacadão Dia a Dia (Mar/2024) and Aliança Agrícola (Nov/2024). The fund grows to 4.2M units and R$ 423M in net assets following a new offering. DPU stabilizes at R$ 1.00-1.10/month. |
| Lease termination with Aliança Agrícola | The fund concluded the termination of the atypical lease with Aliança Agrícola (Porto dos Gaúchos-MT). R$ 1.79M of the security deposit was appropriated (R$ 0.42/unit) and a contractual indemnification of R$ 13.29M (R$ 3.14/unit) was recognized— the latter not booked due to recovery uncertainty . Buyback option mechanism: amounts above R$ 38.5M adjusted for inflation will be split 50/50 between th |
| Conclusion of two sales — R$ 69.5M | In April/2026 the fund completed : (1) sale of the Aliança Agrícola property (Porto dos Gaúchos-MT) to C.Vale for R$ 53M — a gain of R$ 8.75M = R$ 2.06/unit ; (2) early repurchase of the Rio Claro-SP property by Rede Monte Carlo for R$ 16.5M (acquired for R$ 15M) — a gain of R$ 1.5M = R$ 0.34/unit . Portfolio reduced to 8 properties. |
| Extraordinary DPU of R$ 1.40 — highest in 4 years | On 04/23/2026, the fund paid R$ 1.40/unit referring to Mar/2026 — a 40% increase vs. Mar/26 (R$ 1.00) and the highest value since 2022 . This reflects Feb/2026 earnings (R$ 1.54/unit generated by the fund) bolstered by the Aliança lease termination and accumulated retained earnings. |
| Updated bylaws — compliance with CVM Circular Letter No. 1/2025 | On 05/14/2026, the administrator filed a new Private Instrument Amending the Bylaws (ID 1198458), along with consolidated bylaws (ID 1198459) and a market announcement (ID 1198460). The change is purely formal: disclosure of essential service provider remuneration will now be made via the ANBIMA Tool (Fee Transparency Platform) , replacing the former 'Remuneration Summary.' The administrator state |