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Gafisa to make £376m investment in Brazil

Date added: 24th March, 2010 at 09:38
(view all articles from March, 2010)

Categories: Property News

Real estate developer Gafisa is to make an investment in Brazil worth £376 million.

The company, which is the second largest housebuilder in the Latin American country, will create opportunities for more people to buy property in Brazil.

As a result of the investment, which was facilitated by a stock offering earlier this week, Gafisa will increase its focus on affordable housing projects in the country.

About 35 per cent of the money raised from the stock offering will be used to buy land to build new property in Brazil, while around 20 per cent will go towards acquisitions.

The Brazilian government is planning to create more than one million new homes as part of its My House, My Life affordable housing project.

President Luiz Inacio Lula da Silva will extend the programme's subsidies in order to give more people the opportunity to buy property in Brazil.

Minister of cities Marcio Fortes commented: "We want the programme to become a lasting one."ADNFCR-1477-ID-19685747-ADNFCR

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