Real estate developer Galio Group and the international real estate group Grupo Lar are going to develop housing projects in Poland.
The partnership aims at creating model and high quality dwellings focused on the first-time home buyers. The projects will be developed in convenient and easily accessible locations. The planned extent of cooperation is about 1,100 dwellings and the expected investment value will reach almost PLN 200 million.
Nerijus Maknevičius, CEO of Galio Group, says that entry into Poland’s housing market is an important step in implementing the company’s geographic expansion strategy and diversifying the real estate portfolio not only by asset classes, but also by regions.
“Poland is a leader in the region – a large, rapidly growing and culturally familiar market. Projects here are very similar to those we develop in Vilnius, therefore, the market entry process is quite fast and smooth”, – says N. Maknevičius.
According to him, Grupo Lar was selected as a partner due to its long-standing presence in the real estate market of Poland, strong local team and well-known brand with enduring trust among buyers.
In implementing the requirements of local law, the parties have submitted a notification to the Polish Office of Competition and Consumer Protection regarding concentration by creation of a joint venture. The transaction on creation of a joint venture will be completed after obtaining an authorisation from the Polish Office of Competition and Consumer Protection.
Grupo Lar is an international real estate group incorporated in Spain in 1969. It currently operates in more than ten countries in Europe and Latin America, developing residential, office, retail, logistics, and mixed-purpose projects in these markets. The Group’s portfolio consists of more than 20 thousand constructed dwellings and outstanding investment management experience.
Galio Group has been successfully operating in the market for almost 20 years and has established itself in the segment of commercial and residential real estate. The company’s portfolio consists of various projects implemented in the Baltic Region. At present, the company is actively engaged in developing residential projects “reVINGIS” and “Mosso” in Vilnius.