GP in the real estate market

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1 GP in the real estate market GP Investments unique accumulated experience in different segments of the real estate industry gives the Company an important competitive advantage for capturing new opportunities in this space. Our successful story in the sector began in 1997 with the acquisition of Gafisa, a respected company and one of the leaders in the residential real estate segment, firmed up in 2006 into BRMalls, which became the largest integrated shopping mall company in Brazil, and continued through more recent investments. 20% OF THE BRAZILIAN SHOPPING MALLS ARE CONTROLLED BY THREE COMPANIES, COMPARED TO A WORLD AVERAGE OF 50%. BRMALLS IS THE LARGEST IN THE SECTOR, WITH 40 SHOPPING MALLS AND FIVE EXPANSION PROJECTS. The current portfolio includes BR Properties (acquisition, management, development and rental of commercial real estate) and BHG Brazilian Hospitality Group (acquisition, development and management of hotels, focused on business tourism). These are companies that have shown significant progress since we made the investment and should continue to deliver high growth rates going forward based on consolidation opportunities, asset stabilization and on the strength of the Brazilian economy, which should require consistent investments in those fields.

2 Gafisa: Evolution of Units Sold ( 000) Claudio Bruni BR Properties CEO Carlos Medeiros BRMalls CEO The good results reflect GP s particular way of qualifying the management of the companies. The essential things are properly put in place, and that is where GP s experience comes in play, is how Claudio Bruni, CEO of BR Properties, describes it. Right from the start, we have had the monitoring and dedication of the partners, pointing out the correct path to take, advising us on strategic actions and, at the same time, providing us with lots of freedom to run the company in our own special way, he adds. Peter Vader, CEO of BHG, reinforces this thought: Moreover, GP encourages us to set more ambitious targets, something that is of immeasurable value when it comes time to achieving results. The main aspect is the management model, says Carlos Medeiros, one of GP Investments partners, who was responsible for the development of Gafisa and also has been the CEO of BRMalls ever since the company was acquired in We combine challenging targets, disciplined execution and aggressive compensation for the main executives in an environment that stimulates teamwork, performance excellence and consistent achievement of long-term results, he says. Having the partner participate in the management of the company brings another perspective to the table, because it joins up the vision of the investor with that of the entrepreneur, he believes.

3 BR Properties: Evolution of Properties and GLA GLA (thousand sq.m) Number properties , ,000 3,500 2,000 3,000 2, ,000 1,500 1,000 1, BRMalls: Evolution of Malls and GLA GLA (thousand sq.m) Number of malls ,036 1, Combined experience in all segments of the real estate market BRMalls has stakes in about 40 malls focused on consumers from all social classes, and is the only shopping mall company with a presence in all five regions of Brazil. It grew very quickly, combining an aggressive acquisition strategy with the development of new projects a break with the traditional dynamics of the sector, which had primarily and almost exclusively focused on real estate development until then. GP s divestment process occurred in three stages and was concluded in January 2010, after the company went public on the BM&FBovespa in ,000 m 2 of new properties should enter the market in São Paulo by BR Properties is the leader of its segment. For its part, BR Properties, which was founded in 2007, debuted in the Brazilian stock exchange at the beginning of 2010 a year in which it doubled in size. It was a period of fantastic acquisition opportunities, consolidation of portfolios and projects, says Claudio Bruni. Another indication of the company s potential, according to him, was how it has accessed the international debt market, through a US$200 million issuance of perpetual notes.

4 4,000 GUEST ROOMS WILL BE BUILT BY BHG IN 30 BRAZILIAN CITIES THROUGH AN AGRESSIVE DEVELOPMENT AND CONSTRUCTION PROCESS OVER THE NEXT FIVE YEARS. BR Properties operations include office space, industrial warehouses and retail locations, centered in Rio de Janeiro, São Paulo, Minas Gerais and Paraná, states that concentrate 60% of Brazil s GDP. Claudio recalls that BR Properties widely exceeded the targets that had been established by GP and the six co-investors who supported the creation of the company. Our plan was to invest R$600 million through 2008, but we reached this amount one year before. And we ended 2010 with R$4.8 billion in assets and a market cap of R$2.6 billion. GP conducted a partial divestment in the company through block trades conducted on the BM&FBovespa between December 2010 and April In the hotel segment, BHG is notable for a strategy that is centered on the business travel segment. Its portfolio includes hotels in urban centers of over 250,000 inhabitants, which attract business travelers. The premises are 3-, 4- or 5-stars, with the flexibility to move in category depending upon the economic moment. BHG quickly became the third largest in the sector in Brazil, with more than 6,000 rooms under management. One of our competitive advantages is to couple hotel management with ownership; we are the only company in the sector that does both, says CEO Peter Vader. Growth has been supported through a combination of hotel acquisitions, management of third-party assets and greenfield projects. BHG: Evolution of Hotels and Rooms 2, Number of rooms Number of hotels 4, , Peter Vader BHG s CEO 5,

5 Expansion Dynamics In the view of the three executives, the next few years should see the same market growth dynamics, with major consolidation opportunities and few really active competitors, all taking place within a favorable Brazilian economic scenario. They identify the availability of additional funding for commercial properties to be among the main challenges for the future in view of the fact that real estate credit tends to be directed to housing construction. The outlook for an increase in real interest rates makes this a more critical aspect; however, at the same time, it creates new business opportunities. Such a scenario encourages property owners to sell their businesses and that represents an additional advantage for well-managed and focused groups. According to Claudio Bruni, the commercial real estate segment is undergoing a very positive moment, mainly in São Paulo and Rio de Janeiro, with vacancy rates under 5% overall and nearly zero in Rio de Janeiro. The projects that are on the drawing board for the next few years are insufficient to satisfy demand, which should drive real estate rental and sales prices up higher. In this scenario, BR Properties will continue investing primarily in existing properties, with aggressive targets for generating business opportunities. The team is perfectly aligned and we have a very significant growth plan in place, Claudio Bruni says. In the hotel sector, the growth stems from the greater mobility of the local population. In Peter Vader s view, the market will not be able to substantially increase the number of guest rooms available in the next five years, which should translate into an increase in the average daily room rate. According to Peter, the commitment is to properly capitalize BHG, manage the company adequately and prioritize achieving low costs and maximized results.

6 Accumulated expertise Gafisa: Revenues increased by 19 times between the initial investment in 1997 and the divestment of the company in 2007, providing a 6.3x return on capital invested. BRMalls: Only six months after being acquired by GP, the company concluded an IPO, raising R$657 million, the equivalent to 2.5x the initial investment. EBITDA increased 6 times between 2006 and In January 2010, the remaining stake was sold, resulting in a return rate of 47% (in US$) and a 3.2x multiple on invested capital slightly more than three years after the original investment. BR Properties: In three years, it became the largest commercial real estate company in Brazil, with a portfolio valued at R$4.8 billion. Partial divestments resulted in a 29% IRR. BHG: Focusing on business tourism, BHG quickly became the third largest hotel chain in the country.

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