Promoter Gesture He will enter the league of major promoters next year. The company of Madrid origin born in the heat of the recovery of the real estate sector after the bubble will deliver, in 2024, 1,000 housing units, exceeding the 800 with which this year will end. “2023 and 2024 will be special and unique years,” he says Raul GuerreroCEO of Gestilar, in an interview with Assets. The promoter recognizes that Its “cruising speed” is to deliver between 300 and 400 domain residential per year. “Delivering 1,000 houses per year is not a level of activity that we will maintain in the years to come. From 2025, we hope to return to our normal production,” explains the manager.
Most residential properties to be delivered next year will be build to rent, an anglicism with which built-to-rent promotions are known in real estate. Concretely, Gestilar plans to deliver two developments in Getafe to the management company DWS, with which it has agreed to sell them in 2021. Work is also pending the completion of a development of 121 apartments in Palma de Mallorca, which the promoter has agreed to transfer once it is operational for the Aberdeen fund. In addition to all this, Gestilar plans to deliver around 300 units to Madrid and Lisbon.
New investments in 2024
During the following year, the promoter chaired by Javier García-Valcárcel hopes to accelerate its activity in Galicia, focusing on the Barrio del Cura, the largest urban development in Vigo. 92 housing units will also be launched in Portonovo, next to Sanxenxo, and the launch of a new program in the same city. “A significant part of our activity will focus on Galicia during the year 2024,” emphasizes the CEO. They also hope to start new developments in Lisbon and Madrid.
In the area of land operations, Gestilar focuses on several regions in Spain. “We are considering transactions in Madrid and Galicia, places where we are very present. Also in Catalonia, where we have nothing at the moment, but where everything we have done has gone well. In the Balearics , we want to continue to develop our activity and in Andalusia we would like to expand in Seville and on the Costa del Sol, after closing our entrance to Córdoba in 2023”, develops Raúl Guerrero. The promoter has a the soil bank will continue to launch projects for two or three years.
The CEO assures that Gestilar It also focuses on the promotion plans of households in public-private collaboration that the administrations are launching, in which they will cede land to companies that will build and rent housing at prices below those of the market: “The investment funds have a lot of appetite and we hope that the administrations of Madrid, Catalonia or Valencia will launch their competitive processes during the first quarter of 2024. Our intention is to be present in as many plans as possible. The “coldest” market at the moment is that of the promotion of building to rent, which is in the adjustment phase after the rise in interest rates.
The developer has launched two new companies in recent months, Cooper and houses by Gestilar. The first is a cooperative manager which was launched at the end of 2022, but which only began its activity in 2023, with the launch a project in ARPO, the new district of Pozuelo de Alarcón, in the municipality with the highest per capita income in Spain, in which 5,500 new homes will be built. “We formed a cooperative to build 126 sheltered apartments, which were very well received. We will begin work once the ongoing urbanization works are completed,” says Guerrero.
In the case of Homes by Gestilar, this is a prop technology (to start up real estate) dedicated to purchasing, renovating and selling, a process called house flipping, goods with an average value of between 300,000 and 500,000 euros. All the activity of this subsidiary is carried out with the shareholders’ own capital. “We buy, renovate and sell approximately 100 homes per yearbut we would like to reach 250 or 300. These are properties that are aimed at a medium-high segment of the population, which has a lot of liquidity and is not affected by the rise in rates”, explains the CEO of Gestilar This is a more frenetic segment of activity than the usual promotion, purchase of land and its development: the first is carried out in 130 or 140 days, while the second activity takes at least two to three years .