Pátria proposes liquidation of three real estate funds in reorganization

Pátria has proposed a reorganization of four credit-based real estate investment funds (FIIs) that could lead to the liquidation of three specific funds. The plan involves migrating investors from RPRI11 (RBR Premium Recebíveis Imobiliários), RBRR11 (RBR Rendimento High Grade), and VCJR11 (Vectis Juros Real) into a single vehicle: Pátria Crédito Imobiliário Índice de Preços (PCIP11).

If approved, the three target funds will sell their assets to PCIP11 and subsequently be liquidated. Shareholders of the liquidated funds will receive PCIP11 shares and any remaining cash proportional to their current holdings. To facilitate this, PCIP11 plans to conduct a public offering of shares at net asset value to raise the capital necessary to acquire the assets from the other three funds.

The operation requires approval through extraordinary general meetings for all four funds. Because the funds are managed or administered by entities linked to Pátria, the transaction involves potential conflicts of interest, necessitating shareholder votes.