Empreendimento Fasano Itaim was originally developed by Even and acquired in 2021 by Gafisa.
THE Gafissa announced on Friday the 30th the sale of its 80% stake in the project Fasano Itaim – development which includes the property where the brand’s hotel and restaurant will be built. The deal cost 330 million reais, which places it in the ranking of the largest real estate transactions in 2022.
The sale was communicated by the company, but without revealing the buyer. Behind the scenes, information was circulating that the asset was being sold by the entrepreneur Nelson Tanuro through investment funds – which has been denied by the company and its lawyers.
The situation could give rise to the suspicion of a conflict of interest, given that it is Tanure who dictates the law to Gafisa, a company of which she is the reference shareholder and member of the developer’s board of directors.
The Fasano Itaim development was originally developed by Even and acquired in 2021 by Gafisa. The project is iconic not only for its luxury, but also for its location. The Itaim neighborhood has little available land and a zoning law that makes large-scale new construction difficult.
The Itaim hotel should open in April, when it will become the eleventh in the Fasano chain. The management of the Fasano-branded hotels, restaurants and bars is a subsidiary of JHSF, a company focused on business for the wealthy. Only the properties belong to third parties.
Fasano has ten other hotels operating in São Paulo, Rio de Janeiro, Belo Horizonte, Salvador, Angra dos Reis, Trancoso, Porto Feliz, Punta del Este and New York. There is also another planned for the capital São Paulo, in the upscale Cidade Jardim district.
Commercial property
When it acquired the project from Even almost two years ago, Gafisa also acquired 32 studio apartments located in the same building as the hotel. These studios have not been sold and will be used for long-term leasing by the group.
Just over two years ago, the developer created Gafisa Properties, an arm dedicated to the purchase, management and sale of commercial properties with a focus on obtaining rental income. This branch has expanded through acquisitions, including two shopping malls in Rio de Janeiro: Jardim Guadalupe and São Conrado Fashion Mall.
The sale of Fasano Itaim was the first sale – and it attracted attention because it took place shortly after the acquisition of the project and which would have generated income with the rental of the space from April, when the inauguration is scheduled.
offer you can’t refuse
According to sources of real estate, Gafisa received a “non-reusable” offer, that is, with a significant appreciation of the asset. Two years ago the hotel was valued at 232 million reais, while yesterday’s sale was 412 million reais (considering 100% of the assets; Gafisa held 80%).
Part of the proceeds from the sale has now entered the company’s cash register, while the other part will be paid in January. The developer will use the money for prepayment of debts and debt relief.
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Source: Terra
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
