Spain's Chamartin plans to step up its presence in Germany with the development of shopping malls under the Dolce Vita brand. The construction company told PropertyEU it is seeking new opportunities in the German market, where it currently has 20 projects located mainly in Berlin. In addition, Chamartin said it does not rule out expanding further in Poland and entering new European markets.
Spain's Chamartin plans to step up its presence in Germany with the development of shopping malls under the Dolce Vita brand. The construction company told PropertyEU it is seeking new opportunities in the German market, where it currently has 20 projects located mainly in Berlin. In addition, Chamartin said it does not rule out expanding further in Poland and entering new European markets.
'Chamartin's strategy for 2007 is to consolidate its presence in Germany. At the same time it aims to diversify its operations both geographically and product-wise,' the company stated. The Spanish developer, headed by Carlos Cutillas, purchased 50% of Germany's Meermann group in 2005 and has up to now developed only offices and residential units in that country. Besides the 20 German projects, Chamartin has two developments in Poland in which it has invested more than EUR 500 mln.
Chamartin said t will also launch a new retail unit under the name Chamartin Investimento. The move is aimed at consolidating the assets of its Portuguese affiliate Amorim, purchased at the end of 2006 for EUR 500 mln. Amorim specialises in the development of shopping centres. Including the acquisition, Chamartin has a total of 17 malls, of which 13 are located in Portugal and four in Spain.