There are other cities besides Madrid on the company’s sights, such as Barcelona or Palma de Mallorca. Investing in the housing rental market is «a new step» for the company, according to the developer’s CEO Javier García- Valcárcel to Spanish newspaper Cinco Días.
«The rental market is interesting for us, because there is a lot of institutional investment interested in entering this business in Spain. Furthermore, this activity is not affected by the buildings’ sales peak season which affects the development activity. It’s more stable», explains Gestilar’s CEO to the same newspaper.
It is in the company’s plans to legally frame the new company within the Spanish Socimi (REIT) regime on the long term. «We wish to create a Socimi on the long term, when we have assets worth at least 100 million euro», reveals Javier García- Valcárcel to the Spanish newspaper.
Taking into account the current slow and expensive scenario concerning construction, Gestilar decided to invest in housing internal construction. In order to do that, the company will create Gestilar Construtora and, at the same time, it should buy Rayet, a company dedicated to this segment.