Brazil Real Estate Fund Loses Tenant, Faces BRL 1.15 Hit Per Share

Contract termination after missed payments removes about BRL 1.15 per share from FIIB11’s monthly cash flow, increasing pressure on the fund’s distributions

Rodrigo Moretti, CEO of Wetzel, the company being evicted from Perini Business Park

By: SiiLA News

03/09/2026

Managed by Coinvalores, the Industrial do Brasil FII (FIIB11) announced in a statement filing that Wetzel, an industrial company, will be evicted from the industrial property Perini Business Park, located in Joinville, Santa Catarina.

With an outstanding debt of BRL 1.66 million, the company received a settlement proposal to pay the amount in installments, but the negotiations were unsuccessful. According to the document, the company made a payment of BRL 179,600 in February — equivalent to the first installment of the agreement — but failed to pay the rent for the previous month.

According to the filing, “without any indication of an immediate solution,” the fund informed the tenant that all previously granted deadlines had been exceeded and that the outstanding obligations had not been fully settled, thereby justifying the property’s repossession.

“As a result of the termination of the contracts, the Tenant must vacate the property, and to ensure the repossession of the asset, the Fund will adopt the appropriate legal measures, including filing the relevant eviction lawsuit as well as the appropriate enforcement action,” the document stated.

Financial impact

Within FII’s portfolio, the company occupies 24,000 square meters, representing about 23% of Perini Business Park. The direct impact for shareholders is that the contract represented about BRL 0.97 per share in monthly revenue, with BRL 0.18 per share related to lease charges (such as property fees and other expenses reimbursed by the tenant). Combined, these amounts indicate that the tenant contributed approximately BRL 1.15 per share per month to the fund’s cash flow.

With the termination of the contract and the company’s departure from the property, this revenue will no longer flow into the fund’s cash position. As a result, the manager estimates a potential negative impact of around BRL 1.15 per share on the monthly cash flow, at least in the short term.

The fund currently has 14,800 shareholders, who collectively hold around 685,000 shares. Since August 2025, FIIB11 has been experiencing a decline in both share prices and income distributions. During the period, the price dropped from around BRL 500 per share to BRL 475, while monthly dividends fell from BRL 3.58 per share — a level maintained between June and November — to BRL 3.10 in January 2026 and BRL 3.00 in the most recent distribution, referring to February.

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