HGLG11 was launched in 2010 and is one of Brazil’s most established real estate funds. It is currently the largest logistics FII in the country, ahead of BTLG11. The fund was originally managed by Credit Suisse, but in May 2024 it was acquired by Patria Investimentos, Latin America’s largest independent asset manager, with over R$23 billion in real estate and R$263 billion in total assets under management.
HGLG11 is one of Brazil’s largest and most liquid REITs, with a market capitalization of R$5.3 billion. It represents 3.86% of the IFIX index and is the second-largest holding in the HERT11 ETF, with a 8.69% weighting.
Note that this page was last updated June 24, 2025.
HGLG11 Key Facts
| Metric | Value |
| Fund Name | Patria Log FII RL |
| Gestor | Patria Investimentos |
| Management Fee | 0.60% of market value |
| Manager Website | https://realestate.patria.com/tijolo/hglg11/ |
| Inception | 06/05/2010 |
| Setor | FIIs Logísticos |
| Valor | R$5.3B |
| Number of Properties | 28 Logistics Sites |
| Gross Leaseable Area (ABL) | ~1,600,000 square meters |
| Current Price | R$157.45 |
| Price-to-Book Value | 0.97 |
| Dividend Yield (Trailing 12M) | 8.41% |
| Index/ETF Inclusion | IFIX, HERT11 |
As of the April 2025 Management Report, HGLG11 has outperformed both the IFIX index and Brazil’s benchmark interest rate (CDI) over the long term. From March 2011 to March 2025, it delivered a total return of 586.2%, equivalent to an annualized return of 15.0%.
Performance Track Record
Source: April 2025 Management Report
Portfolio Overview
HGLG11’s portfolio includes 28 logistics properties with a total of approximately 1.6 million square meters of Gross Leasable Area (ABL). Rental income is spread across six Brazilian states, with the majority coming from São Paulo (68.8%) and Minas Gerais (14.2%).
The chart below shows HGLG11’s geographic exposure, along with a breakdown of property values and contracted rent by asset. The largest individual property accounts for 9.0% of the fund’s book value and 9.3% of its rental income.
Source: Management Presentation
85% of HGLG11’s leases are indexed to IPCA, and 14% to IGP-M, meaning nearly all contracts are tied to inflation. Most agreements (70%) follow typical lease structures, while the remainder are atypical.
The portfolio consists primarily of high-quality assets, with 28% rated ‘AAA’, 48% ‘AA’, and 9% ‘A’. Tenants span multiple sectors, led by E-Commerce (25%). Mercado Livre is the largest individual tenant, accounting for 14% of rental income.
Source: Management Presentation
Sector Comparison & KPIs
📈 Market Cap & Yield
HGLG11 is the largest logistics FII on the IFIX, with a market cap over R$1 billion higher than BTLG11. It has a 12-month dividend yield of 8.41%, trailing the logistics FII median of 9.88% by 147 bps. However, due to its scale and longevity, it’s best compared to top-tier peers like BTLG11, XPLG11, and BRCO11.
🧮 Valuation
HGLG11 trades at a price-to-book ratio of 0.97x, above the IFIX logistics peer median of 0.80x, and broadly in line with BTLG11 (0.96x), XPLG11 (0.92x), and BRCO11 (0.92x).
💸 Dividend Pattern
HGLG11 has historically made periodic special payouts in addition to its baseline dividend, using accumulated surplus required by law to be distributed within 6 months. These payouts have become smaller and less frequent, and the baseline dividend of R$1.10/month has remained unchanged since July 2021.
As of April 2025, the fund held an accumulated reserve of R$0.56 per share.
👉 Scroll sideways on mobile to view the full chart
📉 Vacancy & Lease Profile
As of April 2025:
- Vacancy rate: 5.5% (vs. 1% for BTLG11)
- WAULT (Weighted Average Lease Term): 4.6 years (vs. 5.2 for BTLG11)
- Lease expiry: 54% of contracts expire in 2029 or later
Source: Patria Log FII RL – April Management Report
📘 Learn More
- If you’re new to Brazilian REITs (FIIs), check out my Guide for Global Investors or How I Choose FIIs
- For some great charts and graphs check out HGLG11’s page on O Funds Explorer.
🔗 Related Pages
Aviso de Conflito de Interesses
As of this writing, I do not hold a position in HGLG11, though that may change in the future. This content is for informational purposes only and does not constitute financial advice. Always do your own research and consult a licensed advisor before making investment decisions.
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