![BM Brascan Lajes logo](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>)
September 2026
Largest Buildings & Property Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
HSI Renda Imobiliária, RBR Desenvolvimento, HSI Malls, Fundo Riza Terrax and Btsp II FII.
 | Hsi Renda Imobiliaria - Fundo DE Investimento Imobiliario aims to obtain income and capital gains through investment in real estate or real rights over real estate. | $17 | -8% | $15B | $15B | 1052.0x | 1616.6x | ||
| Rbr Desenvolvimento Comercial Feeder Fof Fundo DE Inv Imob is Brazil based company. It is a real estate investment fund. | $15 | -20% | $4.7B | $4.7B | 15340.5x | - | ||
| HSI Malls FII is a Brazilian listed real estate investment fund focused on shopping centers. It earns income from shopping-center properties and holds both direct property interests and shares in property-owning companies. The fund trades as HSML11 and is managed by HSI Gestora de Fundos Imobiliários, a separate entity. | $16 | -1% | $333M | $309M | 5.9x | 16.7x | ||
| Fundo De Investimento Imobiliario Riza Terrax aims to invest exclusively in Agricultural Land in Brazil. The operations proposed by the company bring a new type of long-term financing for Brazilian rural producers. | $16 | -6% | $309M | $305M | 9.1x | 8.9x | ||
| Btsp II Fundo DE Investimento Imobiliario FII is a closed end fund. The fund aims to develop real estate ventures focused on logistics and industrial operations, located in the Southeast and Midwest Regions, through the acquisition of land for construction or the acquisition of properties under construction or completed, for subsequent lease, rental or sale, including assets and rights related thereto, as well as other properties with potential income generation, and assets and rights related thereto. | $21 | +4% | $137M | $137M | 14.2x | 8.1x | ||
| Kinea Oportunidades Real Estate Fundo De Investimento Imobiliario is a real estate fund is organized in the form of a closed condominium in which the redemption of shares is not permitted with an indefinite duration. | $13 | -8% | $121M | $121M | 3.9x | - | ||
| SYN Prop E Tech SA is involved in the real estate sector. It focuses on the development, sale, and lease of commercial properties, operation of shopping malls, provision of management, contract management, real estate development services, and other related services. The company is organized into three operating segments Buildings, Shopping malls, Services, and Others. The maximum revenue of the company is earned from the Shopping malls consisting of the lease of stores in shopping malls. The Buildings segment consists of the sale and lease of completed office buildings, the Services segment consists of services involving the management of shopping malls, development of properties, and operation of parking lots, and the others segment consists of the lease of other types of properties. | $1 | -24% | $113M | $311M | 4.8x | 6.6x | ||
| Aj Malls Fundo De Investimento Imobiliario is engaged in the activity of managing securities portfolios. | $2 | +12% | $51M | $51M | 71.9x | - | ||
| Fundo de Investimento BM Brascan Lajes Corporativas - FII is a real estate investment trust. The Fund aims to invest in real estate developments, through the acquisition and exploitation of commercial properties, ready or under construction, land, parking spaces or other types of properties where commercial enterprises can be developed. | $19 | +8% | $19M | $19M | - | - | ||
| FII Torre Almirante is a Brazilian listed real estate investment fund that holds a 40% interest in the Torre Almirante commercial property in central Rio de Janeiro. The fund earns rental income from its share of the property and distributes results to unitholders. It is administered by BTG Pactual Servicos Financeiros, a separate legal entity. | $123 | -- | $14M | $12M | - | - | ||
| General Shopping e Outlets do Brasil SA is engaged in the planning and management of shopping centers, leasing commercial stores, leasing advertising and promotional space, managing shopping center and parking lots, and planning and leasing of electrical and water supply equipment at the developments. It operates through two segments. The Rent segment refers to the lease of space to tenants and other commercial spaces such as sales stand for publicity and promotion, exploitation of parking lots, and fees concerning the transfer of rights to use property spaces. The Services segment relates to the management of energy and power supply of shopping malls as well as the exploitation of parking lots. The company makes the majority of its revenue from the Services segment. | $1 | -3% | $1M | $361M | 9.7x | 13.1x | ||
| Median | $16 | -4% | $121M | $305M | 9.7x | 11.0x |
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