The new company has already acquired 25.000 square meters in Gizzeria
AMCI Habitat, together with the construction group Arana, has created the company Residencial Mediterráneo to promote and build homes in Italy, thus intensifying the internationalization plans of its businesses, as reported by the company to the National Securities Market Commission (CNMV).
The new company has already acquired 25.000 square meters with a license in Gizzeria (Italy), where it will build 307 homes that will be delivered to their buyers in 2009.
AMCI Habitat has paid 3,5 million euros for a 40% stake in the share capital of Residencial Mediterráneo.
The first development by this company, located in Calabria, southern Italy, is expected to generate €62 million in revenue, of which AMCI Habitat anticipates a return of €7,5 million.
With this new project, it is estimated that 30% of AMCI Habitat's investment is in the Italian and Bulgarian markets. In June, the real estate company acquired a 42% stake in Grupo G56 Developments in Bulgaria, a company owned by Bulgarian partners and the Spanish architecture, engineering, and construction firm G56, marking its first investment abroad. EFECOM
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