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May 2026
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Largest Real Estate Development Public Companies in Brazil
Benchmark revenue and EBITDA valuation multiples for public comps like
Zion Capital Fundo De Investimento Imobiliario, RBR Desenvolvimento, FII Ancar IC, Cury Construtora and Cyrela Brazil.
 | Zion Capital Fundo De Investimento Imobiliario Fii main objective is to acquire shares in real estate developments predominantly in the death care sector, seeking to achieve good income for its shareholders. | -- | -- | $5B | $5B | (2722.7x) | - | ||
| Rbr Desenvolvimento Comercial Feeder Fof Fundo DE Inv Imob is Brazil based company. It is a real estate investment fund. | $14 | -23% | $5B | $5B | 18348.9x | - | ||
| Fundo de Investimento Imobiliario Ancar I C is a real estate investment trust. The company invests majorly in Shopping Centers. | $82 | +78% | $3B | $3B | - | - | ||
| Cury Construtora E Incorporadora SA is engaged in the real estate business. It develops commercial, residential buildings, condominiums and housing complexes. | $6 | +10% | $2B | $2B | 2.4x | 10.2x | ||
| Cyrela Brazil Realty SA Empreend e Part is a Brazilian construction company engaged in the development and construction of residential properties, individually or together with other entities. The company has four operating segments; the Cyrela segment includes real estate projects classified by the Launch Committee as high-end and luxury, both of the Parent and joint ventures, the Living segment includes real estate projects classified by the Launch Committee as Living, both of the Parent and joint ventures, MCMV segment includes real estate projects defined by the Launch Committee as Minha Casa, Minha Vida, both of the Parent and joint ventures and Other segment include land subdivision and service rendering activities. | $4 | -12% | $2B | $3B | 1.4x | 4.0x | ||
| Kinea Rendimentos Imobiliarios Fundo de Investimento Imobiliario - FII is a real estate investment fund. It invests in real estate including financial assets & mortgage-backed securities. | $21 | +15% | $2B | $2B | 8.7x | - | ||
| JHSF Participacoes SA is a real estate company. The company is involved in in the development, purchase and sale, as well as lease of residential and commercial properties; the construction and operation of shopping centers; the provision of administration and contract management services, and the operation of hotels and tourist activities. JHSF has four segments of business: Recurring income, Real estate business and airport, Hotels and restaurants and Main administrative office. | $2 | +117% | $1B | $2B | 2.5x | 3.2x | ||
| Kinea Indices Precos Fundo Investimento Imobiliario - FII is a real estate investment trust engaged in real estate sector. | $18 | +5% | $1B | $1B | 7.6x | - | ||
| Direcional Engenharia SA is a real estate development and construction company. It focuses on the development of large-scale residential housing targeting the low-income segment, particularly in the North and Mid-West regions of Brazil. Geographically, the business presence of the firm are seen in the states of Rio de Janeiro, Sao Paulo, the Rio Grande do Sul, Minas Gerais, Para, and Amazonas, among others. | $3 | +1% | $1B | $2B | 1.8x | 6.3x | ||
| XP Malls Fundo De Investimento Imobiliario is a real estate investment trust. Its objective is to obtain income through the commercial operation of shopping malls, as well as capital gain through the purchase and sale of properties. | $21 | +9% | $1B | $1B | 376.8x | - | ||
| CSHG Logistica - Fundo de Investimento Imobiliario - FII is a real estate investment fund. | -- | -- | $1B | $846M | 13.9x | 13.7x | ||
| Maxi Renda Fundo Invest Imobiliario FII is a closed-end fund. | $2 | +8% | $900M | $900M | - | - | ||
| BTG Pactual Logistica FII is a real estate investment trust. The company invests in real estate for the operation of logistics warehouses and industrial plants. | $21 | +8% | $894M | $894M | - | - | ||
| Kinea Renda Imobiliaria Fundo Invest Imobiliario FII is a real estate investment fund. It has a diversified portfolio, with 16 commercial and logistics properties. | $31 | +14% | $884M | $884M | - | - | ||
| Construtora Tenda SA is engaged in the performance of general construction works: the merger of property; the purchase and sale of properties; providing construction management services; intermediating the sale of consortium shares; and participation in other companies. Subsidiaries share the managerial, operating structures, and corporate costs. The SPEs are exclusively engaged in real estate operations and are linked to specific projects. The company focuses on affordable housing which allows it to pursue scale gains and continuous improvement. It has a single SKU for no-elevator buildings. It has two segments On-site and Off-site. | $6 | +38% | $793M | $873M | 1.1x | 6.1x | ||
| Opportunity Fundo de Investimento Imobiliario is a real estate investment fund. It is engaged in the distribution of investment funds including; Equity Funds, Multimarket, Multigestor, Referenced, and Imobiliaros Exclusive Funds. | $579 | +7% | $766M | $766M | - | - | ||
| XP Log Fundo de Investimento Imobiliario is a real estate investment trust. Its objective is to obtain income, by investing at least two thirds of the shareholders' equity, directly or indirectly, in commercial exploitation of enterprises mainly in the logistics or industrial area, by means of the lease of any real rights over real estate, however, may seek capital gain, through the purchase and sale of real estate, quotas and or shares of special purpose companies that hold real rights over properties. Additionally, on a complementary basis, the Fund may make investments in other financial assets. | $19 | +0% | $762M | $749M | 15.1x | 16.6x | ||
| EZ TEC Empreendimentos e Participacoes SA is a real estate development company that operates out of Brazil. The company and its subsidiaries engage in the development & sale of real estate, the management & lease of its own properties, land allotment, construction of condominiums, and services related to projects. The company defines its operations to include two revenue generating segments: commercial projects and residential projects. A majority of revenue is derived from the residential project segment, while a smaller portion is derived from the commercial projects segment. The company earns majority of its revenue in Brazil. | $3 | +23% | $718M | $721M | 2.4x | 5.2x | ||
| MRV Engenharia e Participacoes SA is engaged in the management of own and third-party assets, development, construction and sale of Company-owned or third-party real estate, the provision of technical engineering services related to the functions of the technicians in charge, real estate consultancy services, dealing service of goods and services supply in residential real estate segment and holding equity interests in other companies as a shareholder. Real estate development and the construction of real estate are performed directly by the Company or other business partners. The operating segments of the company are Real estate development, Luggo, Resia and Land development. | $1 | -7% | $639M | $2B | 0.8x | 16.5x | ||
| Vinci Shopping Centers Fundo Investimento Imobiliario-FII is a real estate investment trust. The company invests in real estate properties of shopping centers and / or related, such as strip malls, outlet centers, among others. The objective of the Fund is to obtain income through the investment of resources, predominantly in real estate, as well as in any real rights over real estate or, even, through indirect investment in real estate through the acquisition of real estate assets. | $21 | +7% | $610M | $551M | 8.0x | 27.4x | ||
| Trx Real Estate Fundo Investimento Imobiliario is a real estate investment fund. The fund aims to acquire any real rights over real estate, relating to buildings, corporate, commercial, industrial, retail or logistics developments, whether built or to be built, for lease under atypical (built-to-suit) or typical contracts. | $18 | -8% | $584M | $584M | 6.2x | - | ||
| Hedge Brasil Shopping Fundo DE Investimento Imobiliario is a Brazilian real estate investment fund with objective to obtain capital appreciation by acquisition of interests in shopping centers. The objective of the Fund is the acquisition for commercial exploitation of commercial real estate projects, which are duly built or are subject to renovations, improvements or expansions, through the acquisition of portions and/or the entirety of real estate projects, directly or indirectly, through the assets provided for in the Regulation, for subsequent sale, rental or leasing, including assets and rights related to them. | $4 | +4% | $512M | $505M | 9.7x | 8.1x | ||
| Capitania Securities II Fundo de Investimento Imobiliario is a real estate investment trust. The company invests in marketable securities. Its services include asset allocation, servicing, investment management, and treasury services. | $2 | +10% | $498M | $498M | - | - | ||
| Fundo Investimento Imobiliario Iridium Recebiveis Imobiliarios is a real estate investment fund whose main focus is investment in real estate recieveable certificates. | $11 | -- | $400M | $400M | - | - | ||
| Plano & Plano Desenvolvimento Imobiliario SA is one of the largest construction companies and real estate developers in the Sao Paulo Metropolitan Region. | $2 | -39% | $376M | $396M | 0.6x | 3.3x | ||
| CSHG Recebiveis Imobiliarios - Fundo de Investimento Imobiliario - FII is a real estate investment fund. | -- | -- | $300M | $300M | - | - | ||
| Hedge Top Fofii 3 Fundo Investimento Imobiliario is a real estate investment trust. It is engaged in agribusiness and variable income, from the operations of the Hedging-Griffo brokerage firm to the development of the agricultural commodities trading desk and effective participation in the creation of titles such as CPR and CDA / WA. | $1 | +16% | $298M | $298M | 3.7x | - | ||
| Patria Malls Fundo de Investimento Imobiliario Responsabilidade Ltd Formerly Malls Brasil Fundo Investimento Imobiliario, formerly Malls Brasil Plural Fundo De Investimento Imobiliario is a Brazalian real estate investment firm. The company is engaged in investing in malls and shopping centres including Maceio Shopping. | $21 | +8% | $293M | $274M | 7.6x | 9.0x | ||
| Cshg Real Estate Fundo Invest Imobiliario is engaged in the acquisition of commercial real estate projects for commercial operation. | -- | -- | $291M | $281M | 11.7x | 15.6x | ||
| Pedra Negra Renda Imobiliaria Fundo de Investimento Imobiliario is a real estate investment fund engaged in investment for real estate. | $95 | +55% | $290M | $290M | - | - | ||
| Tivio Renda Imobiliaria Fundo De Investimento Imobiliario is a closed-end fund. The fund aims to make real estate investments through the acquisition of commercial properties or real rights over properties, including, without limitation, commercial stores, commercial buildings, corporate floors, commercial complexes, branches of financial institutions and/or commercial offices, all intended for lease, which may be the object of investment, with a view to obtaining income through the lease of these to tenants, or investment assets, as well as current legislation and regulations. | $18 | +1% | $289M | $289M | 5.0x | - | ||
| Fundo Investimento Imobiliario TG Ativo Real is a closed-end fund. The fund is intended for investors in general, whether individuals, legal entities, investment funds, or any other investment vehicles, domiciled or headquartered, respecting any prohibitions provided for in the regulations in force. | $11 | -35% | $269M | $269M | - | - | ||
| JS Real Estate Multigestao-FII is a real estate investment fund. | $12 | -5% | $250M | $250M | - | - | ||
| Fator Verita Fundo de Investimento Imobiliario - FII is a real estate investment trust. The Fund is a pool of resources and its purpose is to acquire certificates of real estate receivables, real estate credit bills, mortgage bills, shares of real estate investment funds, shares of investment fund in credit rights, investment fund shares classified as fixed income and debentures. | $15 | -3% | $234M | $234M | - | - | ||
| Vectis Juros Real Fundo DE Investimento Imobiliario-FII is a closedend fund of a special nature. | $15 | -3% | $225M | $225M | 6.2x | - | ||
| Even Construtora E Incorporadora SA engages in residential property development. The firm develops residential building projects and also offers commercial properties. It is involved in site prospecting, property development, brokerage and project construction activities. Geographically, the company mainly operates in following segments: States of Sao Paulo, Rio de Janeiro and the Rio Grande do Sul and Other Markets. The States of Sao Paulo segment accounts for the majority of the firm's revenue. | $1 | -20% | $225M | $338M | 0.9x | 4.4x | ||
| Valora Re Iii Fundo DE Investimento Imobiliario is a closed-end investment company. The fund invests in fixed assets, real estate, and shares. | $2 | +4% | $220M | $220M | - | - | ||
| General Shopping E Outlets Do Brasil Fundo DE Inv Imob - FII is a real Estate Investment Fund. The fund's objective is to generate income through the commercial operation of the shopping centers and outlets that make up its portfolio, as well as to obtain capital gains through the purchase and sale of these assets. The fund invests in completed properties; and also participate in investments in greenfield shopping center and outlet projects. | $2 | +42% | $216M | $216M | (64.2x) | - | ||
| Rjdi Fundo De Investimento Imobiliario Resp Limitada is a hybrid real estate investment fund structured as a closed-end fund with multiple classes. Its first class is focused on real estate development in the South Zone of Rio de Janeiro with a fixed term. | $23 | -- | $205M | $205M | - | - | ||
| Maua Capital Real Estate Fundo De Investimento Imobiliario is a real estate investment trust. The Fund aims to generate income and capital gains for investors through the acquisition of CRI. | $2 | +12% | $203M | $209M | 7.0x | - | ||
| Valora Hedge Fund Fundo DE Investimento Imobiliario-FII is a real estate investment trust. | $1 | -19% | $197M | $197M | 10.5x | - | ||
| Fundo Investimento Imobiliario Green Towers is a brick-type real estate fund. Its investments are directed at commercial properties in the office segment. The objective of the fund is to provide the quoters with income monthly by means of the location of the corporate offices of Green Towers enterprise. | $16 | +7% | $191M | $191M | 9.8x | - | ||
| BTG Pactual Credito Imobiliario is a real estate fund in the high-grade real estate credit segment. It stands out for the active management of its portfolio, with the primary objective of investing in real estate receivables certificates that offer investors the best return in relation to the risk of operations. | $2 | +4% | $182M | ($14M) | (0.5x) | (0.6x) | ||
| Gazit Malls Fundo De Investimento Imobiliario operates as a real estate investment trust. | $8 | -6% | $181M | $102M | 3.2x | 3.0x | ||
| Parque Anhanguera Fundo DE Investimento Imobiliario - FII is a real estate investment trust engaged in the logistics warehouse segment. | $11 | +3% | $157M | $148M | 9.5x | 9.8x | ||
| Fundo Investimento Imobiliario Brasil Varejo is a closed-end fund. The fund's objective is to provide its unitholders with appreciation and profitability of their investments. | $250 | -6% | $157M | $157M | - | - | ||
| Riza Akin Fundo DE Investimento Imobiliario - FII is Brazil based company. It gets returns by investing in a diversified portfolio of structured credit. It invests in Real estate CRI's, FII, and FIDCs, Diversification across sectors, Instruments, and Structures. | $17 | +7% | $146M | $146M | 6.6x | - | ||
| Trx Real Estate Ii Fundo DE Investimento Imobiliario-FII is a real estate investment trust. | $36 | +37% | $134M | $134M | 9.6x | - | ||
| Bb Premium Malls Fundo De Investimento Imobiliario De Responsabilidade is a real estate investment fund constituted in the form of a closed condominium. Its objective is to generate income and distribute results to shareholders through the purchase of real estate assets in the shopping center segment aimed at high-income consumers. | $1 | -7% | $130M | $130M | 3.7x | - | ||
| BRPR Corporate Offices FII is a closed-end fund. The fund is intended for individuals and legal entities residing and domiciled in Brazil, institutional investors, and Investment funds, as well as non-resident investors, subject to applicable regulations (investors in general). | $11 | +9% | $126M | $124M | 6.0x | 5.8x | ||
| Jfdcam Fundo De Investimento Imobiliario Fii is a Real Estate Investment Fund constituted in the form of a special closed condominium. The Fund's objective is to provide Shareholders with the appreciation and profitability of their Shares predominantly through investments: (i) in the acquisition of Target Properties, directly by the Fund and /or through Specific Purpose Companies, intended for this purpose; (ii) in the development of real estate projects in general (residential, corporate or commercial); and (iii) investment in Other Assets; aiming to make investments made by Shareholders profitable through (a) the payment of remuneration arising from the exploitation of the Fund's Real Estate Assets. | $25 | -- | $123M | $123M | 6.9x | - | ||
| Fundo DE Fundos DE Investimento Imobiliario Kinea FII is a real estate fund. It invests in shares and securities. | $16 | +2% | $111M | $111M | 19.9x | - | ||
| Fundo Invest Imobiliario Shopping Patio Higienopolis is a real estate investment trust. | $182 | +1% | $111M | $111M | - | - | ||
| Fundo Invest Imobiliario Rio Bravo Renda Corporativa is a closed-end fund. The fund's objective is to make long-term real estate investments through the acquisition, leasing, and eventual sale of performing commercial properties, notably corporate office spaces and commercial units in the main national urban centers, and parking spaces related to the properties it owns, according to rules defined in its regulations. | $28 | +8% | $103M | $103M | 8.3x | - | ||
| Itau Total Return Fundo De Investimento Imobiliario is a real estate investment fund organized in the form of a closed condominium. Its objective in investment in real estate projects in the manner provided for in the applicable regulations. | $16 | +5% | $102M | $102M | 14.0x | - | ||
| Fundo De Investi Imobiliario Tellus Rio Bravo Renda Logistica - Fii is a closed-end fund. The fund's main objective is to make investments in real estate ventures in the logistics segment. | $13 | +9% | $97M | $121M | 17.4x | (505.7x) | ||
| Mitre Realty Empreendimentos E Participacoes SA is a real estate developer and builder. The company builds residential and commercial real estate properties. Its property portfolio includes Haus Miter Perdizes, Roots Freguesia do O, Haus Miter Alto Butanta, Haus Miter Pinheiros, Roots Vila Prudente, Haus Miter Brooklin, Guilhermina Esperanca Roots, Haus Miter Butanta, Haus Miter Vl. Mariana, MaxMiter, Les Champs, Vila Matilde Roots, and Livepark. | $1 | -6% | $77M | $177M | 0.8x | 7.9x | ||
| TG Core Asset Ltda is an independent asset manager focused on the real estate market. | -- | -- | $77M | $77M | - | - | ||
| CIA Melhoramentos de Sao Paulo primarily engages in publishing business in Brazil. It offers paperback and digital books primarily for children, teenagers, and schools; cooking books; and customized books for companies. The company also engages in developing and maintaining forests; conducting reforestation activities of pines and eucalyptus; and urban, industrial, or infrastructure projects of real estate development. In addition, it is involved in the production of fibers, such as thermo ground wood, Bleached Thermo Ground Wood and Neolux Fibers, used as raw material for the production of paperboard, tissue and special papers. | $9 | -- | $59M | $94M | 2.7x | 42.8x | ||
| Aj Malls Fundo De Investimento Imobiliario is engaged in the activity of managing securities portfolios. | $2 | +20% | $53M | $53M | 74.5x | - | ||
| LPS Brasil - Consultoria de Imoveis SA is a real estate service provider. It is engaged in providing brokerage services for the sale and purchase of properties, real estate consulting, holding of equity interests in other companies, and providing bank correspondent services. The reporting segments of the company include brokerage, franchises, and financing promotion, where the brokerage segment derives a majority of revenue. | $0 | -- | $44M | $33M | 0.8x | 1.9x | ||
| Alphaville SA is a real estate development company. The company develops and invests in residential projects and other properties. | $0 | -63% | $24M | $141M | 1.2x | 12.6x | ||
| RNI Negocios Imobiliarios SA is in the purchase and sale of real estate. It also engages in parceling or plotting of land; development of real estate and construction of properties for sale; and provision of third-party services. The company operates in several real estate segments, always prioritizing the ideals of social responsibility and sustainability, and aims to offer high-quality projects that provide comfort and well-being with security. The Company has a portfolio that serves 3 different product lines Moradas, Terra Nova and Stillo. | -- | -- | $17M | $102M | - | - | ||
| Tecnisa SA is a real estate company. The company is engaged mainly in the development and construction of residential and commercial real estate, individually or together with other entities, by holding a full interest in subsidiaries, joint ventures, or associates. It has only one reporting segment development and sale of properties. Tecnisa's mission is to offer the real estate market products and services that will generate profits and satisfy clients in such a way as to guarantee the company's sustainability and the enhancement of the Tecnisa brand. | $0 | -31% | $17M | $118M | 2.9x | (33.9x) | ||
| Rossi Residencial SA is a real estate company. The company is engaged in the development, construction, and sale of residential and commercial properties, and land subdivision in Brazil. It is also engaged in providing civil engineering services and holds interests in Special Purpose Entities and consortia. | $0 | -- | $6M | $78M | 2.7x | 1.9x | ||
| Gafisa SA is a Brazilian company that is engaged in the real estate development of residential units on behalf of third parties. It provides civil construction and civil engineering services, develops and implements marketing strategies related to its own and third-party real estate ventures, and invests in other companies that share similar objectives. The company operates in Sao Paulo and its metropolitan area. | $0 | -95% | $5M | $322M | 2.6x | (3.8x) | ||
| Xp Corporate Macae Fundo Invest Imobiliario FII is obtaining gains from the acquisition, of commercial operations, and buildings. | $2 | -- | $4M | $4M | - | - | ||
| Joao Fortes Engenharia SA is engaged in the development, marketing and management of residential, commercial and industrial building, such as residential houses, commercial and business centers, corporate headquarters, hotels and special projects. | $0 | -- | $1M | $70M | 2.0x | (1.5x) | ||
| Median | $11 | +5% | $230M | $260M | 6.0x | 5.9x |
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