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Israeli Group Taga-Urbanica to Invest €100MM in Portugal
4 September 2018
The Israeli group Taga-Urbanica is setting up shop in Portugal through the Real Estate Boutique, with an acquisition of four buildings in the city of Porto for rehabilitation. The company intends to invest 100 million euros in Portugal in the years to 2023.
The group explained that its choice to invest in Portugal through the Real Estate Boutique was due to the latter’s presence in Israel of over three years and “the trust that its operations in Portugal conveyed to us,” said Shlomi Avni, the CEO of Taga-Urbanica. “The company has been successfully developing projects in other cities, including London, Berlin and New York, and is also evaluating other markets. Portugal is, at this moment, our biggest investment in a new market.”
The total invested, which includes acquisition costs, projects and the rehabilitation of buildings, is around €8.5 million.
Taga-Urbanica also said that this would be the first round of its investments in Portugal. The Israeli group aims to build, in the next five years, a portfolio of around 700 rehabilitated apartments, both in Porto and in Lisbon.
Original Story: Diário Imobiliário
Translation: Richard Turner