Deal that gave PVBI11 full ownership of Faria Lima 4440 faces CVM investigation

The investigation centers on the fact that PVBI11 exercised a right granted to it as a co-owner but directly acquired only 0.5% of the property. Most of the stake was initially acquired by another vehicle.

One hypothesis raised by market participants is that the CVM may be questioning how the right of first refusal was exercised.

At the time of the 0.5% acquisition, another major player was interested in Faria Lima 4440. Unlike PVBI11, this company had the funds available to invest in the property. The FII therefore acquired only a minimal stake, effectively blocking the transaction.

This maneuver gave Patria time to secure the necessary funding. One year later, it used another fund to acquire the remaining 49.5% stake. This structure is now under investigation by the CVM.

The documents confirm that the acquisition was divided in this manner, but they do not prove that the right of first refusal was improperly assigned or that this forms the basis of the allegations. The answer depends on the contents of the proceeding and the agreements signed in 2023.

When contacted, Patria stated that it “has not yet been granted access to the contents of the proceeding in question. The asset manager reiterates that it operates transparently and always in the best interests of the unitholders of the funds under its management, in strict compliance with applicable laws and regulations.”

In addition to the proceeding, PVBI11 is facing operational pressure. In June 2026, its physical vacancy rate reached 19%, while the asset manager projected distributions of approximately BRL 0.37 per unit for the following six months. There is no known connection between the vacancy rate and the CVM proceeding.