GAFISA S.A.

CNPJ/MF nº 01.545.826/0001-07

NIRE 35.300.147.952

Publicly-held Company

MATERIAL FACT

São Conrado Fashion Mall and Jardim Guadalupe Shopping

GAFISA S.A. (B3: GFSA3; OTC: GFASY) ("Gafisa" or "Company"), in compliance with CVM Instruction No. 358/2002, as amended, complementing the Material Fact already disclosed, informs its shareholders and the market in general that, in line with its strategy of investing in assets with the potential turnaround, Gafisa Propriedades concluded the acquisition of Jardim Guadalupe Shopping ("Jd. Guadalupe"), and signed an agreement for the acquisition of São Conrado Fashion Mall ("Fashion Mall"), both located in the city of Rio de Janeiro. The conclusion of Fashion Mall's acquisition is subject to approval of its current creditors.

This transaction totals R$99.3 million, in two tranches, the first tranche upon conclusion and the second tranche in January 2022. The acquisition was made through an equity investment fund (FIP).

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

Therefore, Gafisa Propriedades consolidates itself as a new business unit of Gafisa, which will explore the management of owned and third-party real properties, thus, allowing an increasingly solid balance sheet to Gafisa, diversifying assets and becoming a wide real estate platform to complement the Company's 65 years of history.

São Paulo, January 18, 2021.

Ian Andrade

Chief Financial and Investor Relations Officer

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.

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Gafisa SA published this content on 18 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2021 18:53:06 UTC