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Gestilar Arrives in Portugal With an €80-Million Investment

14 January 2019

The Spanish real estate developer Gestilar has begun its international expansion, inaugurating its first investment in Portugal, where it plans to develop 170 homes in Lisbon.

For this, the company chaired by Javier García-Valcárcel acquired a 26,000-square-meter plot of land in the municipality of Oeiras. Gestilar plans to begin construction on the development in the third quarter of this year and deliver the homes by the end of 2021. The company plans to invest 80 million euros in the project.

The project will be developed in two phases: the first with 110 homes and the second with 60.

The president of Gestilar, Javier García-Valcárcel, believes that Portugal offers the company a good opportunity due to “significant imbalances” between supply and demand. This, together with an expanding economy and the commitment of foreign investors to the country, has helped to boost a market with “high growth potential,” the executive added.

Although the company has arrived in Portugal now, the company already has some knowledge of the Portuguese market. García-Valcárcel has employees who know the language and the relevant legislation, and who also have experience in real estate development in the country.

The developer, which was constituted in 2009, currently has six ventures underway in Madrid, two in Catalonia, one in Galicia and another in Mallorca.

Original Story: Expansión – Rebeca Arroyo

Translation: Richard Turner