Gestesa expands in Hungary

Pharma

Spanish property developer and investor Gestesa has been expanding its business in the Central European region since 2006. Its first agencies in the region were established in Hungary and then in Poland.

The company has started its expansion in Hungary with the building of an office block with 14,000 square meter floorspace at Baross Square and a property investment in the north-west agglomeration of the Buda side. Total value of the investments is €50 million ($70 million), 80% of it flowing into the office block development. Gestesa’s Hungarian agency has €20 million ($28 million) for carrying out acquisitions in 2007, said Zoltán Gyöngyösi, CEO of Gestesa’s local subsidiary. Gestesa’s sales revenue was €151.1 million ($212.9 million) in 2006 from selling properties. (Napi Gazdaság)

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