TRXF11 Expands Portfolio as Falling Share Price Raises Questions

With R$4.2 billion in new assets and projects announced in two months, the fund launched its 13th share offering at R$94.39, its lowest issuance price since 2022

José Alves Neto (founding partner and vice president), Luiz Amaral (founding partner and CEO), and Gabriel Barbosa (partner and head of asset management) at TRX Day

By: SiiLA News

08/25/2026

TRXF11 is on its way to becoming one of the largest funds in the market, amid a period of rapid growth marked by announcements of asset acquisitions and projects totaling R$4.2 billion in just the past two months. But its latest share offering has raised questions among investors who have not seen these new properties translate into higher share values. Market experts say the issue may stem from a communication gap surrounding the fund.

The 13th offering is restricted to professional investors and was priced in August 2026 based on the fund’s net asset value, which still incorporated property appraisal reports conducted in December 2025. For the initial R$5 billion offering, which could potentially be doubled, the unit price was set at R$94.39.

Market unease has been fueled by the continued decline in the unit price since the fund’s 2022 offerings. Market experts argue that TRX made two mistakes: (1) failing to conduct a new property appraisal before the latest offering, given that the fund’s current conditions differ from those prevailing at the time of the previous valuation; and (2) failing to clearly communicate its long-term strategies and projections to unitholders.

Professor Marcos Baroni, head of Real Estate Funds at Suno Research, highlighted the impact of the situation. “The main source of market noise is that you are carrying out a large offering based on a net asset value that is outdated. They could have conducted a new property appraisal and provided the market with a very detailed explanation of this issue, which, in my view, is extremely sensitive.”

The offering price is around 13% lower than the one announced in 2022, when the fund carried out its seventh issuance. The prospect of a continued decline in the share price, even as acquisitions increase, has generated uncertainty, although Baroni says this perception can be addressed.

TRXF11 subscription price reaches lowest level since 2022

Professor Baroni explained the origin of the market noise from the unitholder’s perspective, as investors cannot clearly see how the fund’s major transactions affect returns. “The second major source of noise is precisely the obligations the fund is taking on in the short term, construction works, and in the medium term, namely seller’s finance, which are the obligations that will have to be paid [...] these are not very clear.”

What TRX says

During TRX Day, an event held last week to present the fund’s strategies and recent transactions, Luiz Amaral, founding partner and CEO of TRX, said one of the factors linked to the share price is the fund’s current financial structure, which includes leveraged debt tied to short-term loans indexed to the CDI rate. One strategy being considered by management is to shift toward longer-term loans indexed to the IPCA inflation rate.

Amaral also acknowledged that the company “has the humility to recognize that we were not able to look at the issue from every angle. In fact, it potentially would have been more appropriate to conduct this revaluation [...] we will take this extraordinary revaluation as a lesson for future transactions.”

The executive said that after the offering closes, the fund will focus on communication and marketing aimed at retail investors. Conducting a new extraordinary property appraisal is not currently under consideration. “I think the best tool to mitigate the noise is what we are trying to do with an event like this. Large investors do not need to read Instagram or a news portal to stay informed. They call me and they know what is happening. This event is for the retail investor.”

During the event, management also highlighted that the fund’s strategy focuses on building a portfolio comprising “tactical assets,” which offer higher returns and greater potential for value creation through acquisitions and disposals, as well as so-called “trophy assets,” which are difficult to replicate and, according to the executives, therefore unique in the market.

Fund history

The fund launched its first share offering in 2020, issuing 1.8 million units at R$101.50 each, for an approximate total of R$189.7 million. Although structured as a hybrid fund, with the ability to invest across different real estate segments, its strategy in its early years was primarily focused on retail properties and supermarkets.

While 94.1% of its GLA was concentrated in retail as of July 2024, by 2025 the fund had already developed a more diversified portfolio, with hospitals accounting for 2.24% of GLA, shopping centers for 4.35%, logistics properties for 17.43%, and retail for 64.14%. Educational buildings and office properties had also become part of the portfolio. The July 2026 management report shows that retail represented 47.56% of the fund’s GLA, while logistics accounted for 34.08%.

With its market price down a cumulative 31.9% since January, the fund closed last Monday, August 24, at R$70.65.

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