Caixa Geral de Depositos and Iberdrola Inmobiliaria have signed a cooperation agreement for the management of projects in the Portuguese real estate market. The agreement was signed in Madrid through the subsidiaries Imocaixa, Iberdrola Inmobiliaria and Gestao Imobiliária, and regards both the finance and the development of projects in the real estate sector.
Caixa Geral de Depositos and Iberdrola Inmobiliaria have signed a cooperation agreement for the management of projects in the Portuguese real estate market. The agreement was signed in Madrid through the subsidiaries Imocaixa, Iberdrola Inmobiliaria and Gestao Imobiliária, and regards both the finance and the development of projects in the real estate sector.
The two companies are not currently working together on any project. 'The cooperation agreement establishes the basis and principles that will be used by the two companies as a starting point to analyze and develop ventures together, as well as it establishes the lines ruling the relation between the two groups,' said Iberdrola.
Iberdrola is Spain's second largest electricity company, and it is also active in the real estate sector through its subsidiary Iberdrola Inmobiliaria. The company has announced that it intends to invest about EUR 1 bn in the real estate sector in the next three years.
