Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ______ No ___X___

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the Registrant is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

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to the registrant in connection with Rule 12g3-2(b): N/A

MATERIAL FACT

GAFISA S.A. (Bovespa, GFSA3; NYSE, GFA) (“Gafisa”) and CONSTRUTORA TENDA S.A. (“Tenda”, and together with Gafisa, the “Companies”) hereby inform shareholders and the market that, in keeping with studies for a potential separation of the Gafisa and Tenda business units into two independent publicly traded Companies, the Companies’ management continue to work on its analysis of strategic alternatives for the Tenda business unit, with the aim of maximizing its value to Gafisa’s shareholders.

Since 2013, Tenda has been notably evolving both operationally and financially, taking advantage of a solid brand recognition, good opportunities and prospects of the low-income segment, supported by the Minha Casa, Minha Vida housing program.

The process of capturing the value of Tenda segment may encompass a tender offer and/or the sale of equity interest, in addition to a separation by way of a corporate restructuring.

Gafisa has engaged Rothschild as a financial advisor to analyze which options available for the business represent the best interests of shareholders, and will inform the market if and when it makes a decision on this matter.

São Paulo, August 16, 2016.

In compliance to CVM Instruction No. 358/2002, as amended, and the Conduct Manual Disclosure and Use of Information and Securities Trading Policy Issued by Gafisa S.A., the release of this Material Fact will be on the following websites: www.cvm.gov.br, www.gafisa.com.br/ri and http://economia.estadao.com.br/fatos-relevantes/.