# Brazilian real estate investment fund reorganizations

> Live situation record from CLSTR: https://clstr.news/situations/brazilian-real-estate-investment-fund-reorganizations
> Updated: 2026-09-17T15:07:35.000Z. Sources: 7. Developments: 2.

Brazilian real estate investment funds (FIIs) are undergoing various structural reorganizations and liquidations. 

Pátria proposed a plan to reorganize four credit-based funds, which would involve liquidating RPRI11, RBRR11, and VCJR11 by migrating their assets and investors into a single vehicle, Pátria Crédito Imobiliário Índice de Preços (PCIP11). This process requires shareholder approval due to potential conflicts of interest.

In a separate development, Suno Asset announced the liquidation of KISU11 and SNFF11 to be incorporated into Suno Multiestratégia (SNME11), with final trading for the liquidated funds expected in October 2026. Additionally, Patria Renda Urbana FII (HGRU11) reported maintaining its dividend payout at R$ 0.95 per share for August.

## Timeline

### 2026-09-17: Brazilian real estate funds report dividend stability and structural reorganizations

Patria Renda Urbana FII maintained R$ 0.95 dividends in August, while Suno Asset announced the liquidation of KISU11 and SNFF11 into SNME11.

4 sources. https://clstr.news/cluster/brazilian-real-estate-funds-report-dividend-stability-and-structural-reorganizations

### 2026-08-24: Pátria proposes liquidation of three real estate funds in reorganization

Pátria has proposed reorganizing four real estate investment funds, which would liquidate RPRI11, RBRR11, and VCJR11 into PCIP11.

5 sources. https://clstr.news/cluster/ptria-proposes-liquidation-of-three-real-estate-funds-in-reorganization

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Cite as: Brazilian real estate investment fund reorganizations. CLSTR, https://clstr.news/situations/brazilian-real-estate-investment-fund-reorganizations