The synthesis, characterization and properties of two unprecedented undecanuclear heterobimetallic Zn4Ln7 complexes of formula [Zn4Ln7(L)8(O2)2(OH)4(Cl)4(H2O)4]·Cl·4H2O·4CH3CN (Ln = Gd (1), Dy (2)) encapsulating two peroxide anions are presented, representing a very rare example of a 3d-peroxo-Ln system and expanding the realm of metal-peroxo complexes. These eleven metal ions are arranged in a peculiar structural motif, where Zn4 is located at the peripheral shell wrapping Ln7 in the inner core. The Zn ions are penta-coordinate in all cases, linked to the NO2 donor atoms from the L2- ligand and to a hydroxyl group, and the apical position is occupied by a chloride anion. All LnIII ions in these systems are octa-coordinate with LnO8 and LnNO7 coordination spheres. Magnetocaloric effect (MCE) behavior has been found in the Gd analogue due to multiple low lying excited states arising from antiferromagnetic Gd-Gd exchange interactions. The Dy derivative shows frequency dependent out-of-phase signals indicating the presence of slow relaxation of magnetization below 8 K under zero applied direct current (dc) field, but without reaching a maximum, which is due to a faster quantum tunneling relaxation. The effective barrier extracted from the frequency dependent data is Ueff = 11.2 K and a τ0 of 4.18 × 10-6 s.