Gafisa : Presentation - Shopping Jardim Guadalupe and São Conrado Fashion Mall

Transaction Scope

With this transaction, Gafisa Propriedades enters in the shopping mall segment through two relevant assets located in the city of Rio de Janeiro.

Gross Leasable Area (GLA):	113 stores
	21 kiosks
17,040 m2	629 parking lots

Acquisition of 97% of asset

Gross Leasable Area (GLA):	206 stores
40,700 m2	1,443 parking lots

Acquisition of 85% of asset

Transaction Structure

Gafisa S.A.

Gafisa

InvestorsPropriedades

74% 26%

FIP

Assets

Uses and Sources

Uses

R$ MM Sources

R$ MM

Fashion Mall (97%)

39.8

Investors

73.5

Jd. Guadalupe (85%)	59.5	Gafisa Propriedades	25.8
(to be disbursed Jan/22)

Total	99.3	Total	99.3

In this transaction, besides the direct investment, Gafisa Propriedades manages third-party capital, as technical advisor, since it owns nearly 26% of FIP quotas, corresponding to 100% of referred FIP's voting capital, also entitled to nominate two members of its investment committee, whilst the Fund's manager nominates the third member.

Also, Gafisa's capital contribution shall take place in January 2022, when the second tranche shall be paid.

Investment Rationale - Fashion Mall

One of the most traditional shopping centers in the city of Rio de Janeiro, São Conrado Fashion Mall is an asset with excellent turnaround potential.

• Acquisition through valuation* significantly below the replacement cost / construction cost

• R$ ~ 6,800/m2 per ABL *
• R$ ~ 2,700/m2 per total built-up area *

• It considers the acquisition amount added to the net financial debt of R$ 76 million with Banco Itaú.

Located in the core of one of the most traditional and upper-class districts of Rio de Janeiro's south area, São Conrado is connected to important transport corridors, such as Lagoa- Barra freeway and the subway station line 4.