PATL11 Liquidation Details Set: Swap for HGLG11 Shares Plus Cash

The real estate fund PATL11 has finalized the operational details for its final liquidation payout, setting a total amortization value of R$ 66.33 per share. Under the terms of the liquidation, which stems from the sale of the fund's portfolio to CGHG Logística (HGLG11), investors holding PATL11 will receive their payout in a structured two-part distribution scheduled to be completed by early July 2026.

The payout structure is split into Parcela A and Parcela B. Parcela A, valued at R$ 59.07 per share, will be paid out in HGLG11 share receipts at an exchange ratio of 0.38976146. This exchange ratio was calculated using HGLG11’s market closing price of R$ 151.55 on June 29, 2026. Parcela B, valued at R$ 7.26 per share, will be paid directly to investors in cash, net of any applicable withholding taxes. The delivery of HGLG11 share receipts is scheduled for July 3, 2026, while the cash distribution of Parcela B is expected to follow on July 7, 2026.

This transition offers a strategic portfolio transition for PATL11 holders, who will automatically gain exposure to HGLG11, one of the premier industrial and logistics funds on the Brazilian B3 exchange. For tax purposes, the acquisition cost of the newly received HGLG11 shares will be registered at the June 29 reference price of R$ 151.55 per share. Any fractional shares resulting from the exchange ratio will be grouped and auctioned on the B3, with the net proceeds credited directly to the respective investors' accounts.

The liquidation process concludes as Brazilian financial markets experience minor fluctuations. In recent trading, the Ibovespa (IBOV) edged down 0.20% to 171,688.61. Meanwhile, major blue-chip equities showed modest gains: Petrobras (PETR4) rose 0.08% to 37.83, Vale (VALE3) ticked up 0.12% to 77.97, and Itaú Unibanco (ITUB4) gained 0.62% to trade at 42.44.