Gafisa is a leading Brazilian homebuilding company with more than 1,000 completed developments to-date. Gafisa is distinguished by a diversified national portfolio with operations in 100 cities across 21 states in Brazil and an unparalleled product mix that caters to all income segments. Gafisa enjoys a leadership position as Brazil’s most established, well-capitalized and diversified homebuilder. The Company has consolidated this leadership position through a series of highly strategic acquisitions including the 2009 incorporation of Tenda. The Company operates under three brand names:
 | Gafisa: middle and upper income residential high rises in urban areas |
 | AlphaVille: middle and upper middle income residential communities in exurban areas |
 | Tenda: affordable, entry-level housing in both urban and exurban areas |
EI led the Company’s successful initial public equity offering on Brazil's Bovespa in 2006 (Bovespa:GFSA3) and its listing on the New York Stock Exchange in 2007 (NYSE:GFA). Gafisa was the first and remains the only Brazilian real estate company listed on the NYSE. EI monetized its ownership interest in Gafisa from 2007 to 2011 through organized sales to the public market.
MARKET OVERVIEW
The housing industry is one of Brazil’s most compelling sectors, underpinned by an unmet demand of 7 million homes, centered in the affordable and middle-income markets. This shortfall has upward pressure generated by a youthful population and a household formation rate exceeding the production of homes by a fragmented industry. Brazil’s expanding economy has propelled job and income growth which, combined with increasing access to mortgage financing, has enhanced affordability. Brazilian and international banks, and the Federal government through Caixa Economica Federal (CEF), are active providers of mortgage financing, with a particular focus on leading companies such as Gafisa.
