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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