XPIN11 Final Liquidation Postponed to Early 2027 Due to Six-Month IVBP11 Lock-Up

The final stage of the XP Industrial FII (XPIN11) liquidation has been postponed from its original July 31, 2026, date, with the ultimate delivery of Invista Business Park FII (IVBP11) quotas now contingent on a six-month regulatory lock-up period. The final outcome remains unchanged—XPIN11 quota holders will receive IVBP11 quotas—but the timeline for the final asset transfer has been significantly revised following requirements set by Brazil’s Securities and Exchange Commission (CVM) and the Brazilian Association of Financial and Capital Markets Entities (Anbima).

The delay is tied directly to the public offering of the IVBP11 quotas. Regulatory exigencies during the registration process restricted the IVBP11 offer to qualified investors only, preventing it from being directed to the general investing public. This required change in the target audience has triggered a mandatory six-month restriction on trading, or "lock-up," of the IVBP11 quotas. The final liquidation of XPIN11 and the direct delivery of the new quotas to former holders will only occur after this lock-up period expires.

While the final closing date for the offer is still subject to confirmation, the revised indicative date for the offer's conclusion is August 31, 2026. Consequently, the final direct delivery of IVBP11 quotas and the winding down of XPIN11 will be pushed into early 2027, occurring only after the expiration of the six-month lock-up. This revision contrasts with the previous indicative schedule that foresaw the final closure at the end of July.

Investors should note, however, that a separate component of the amortization process is proceeding as scheduled. The partial amortization of XPIN11 quotas, which includes the delivery of XP Log FII (XPLG11) quotas and a R$ 18 million cash payment, remains confirmed for July 28, 2026. Despite the broader market recording a downward move, with the Ibovespa (IBOV) falling 1.52% to 174,041.95 points today, the core mechanism of this FII sector consolidation—the transfer of assets to the IVBP11 portfolio—remains in place.

For investors tracking this major real estate fund consolidation, the material date to watch is the confirmed closing of the IVBP11 offer, indicatively August 31, 2026, as this date will determine the start of the six-month lock-up. Following that period, the final transfer and liquidation will be completed, fully realizing the move of XPIN11 holders into the successor fund IVBP11.