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Real Estate

Galli bets on the European market with luxury residence in Portugal

Ricardo Pucci, CEO of Galli, reveals Brazilian investment with Karl Lagerfeld brand on one of Lisbon's most famous streets

2 MIN READ January 23, 2024

Written by Júlia Ribeiro, translated by Helen Richards

In a new investment into the European real estate market, Galli has teamed up with the Karl Lagerfeld brand and the Portuguese asset manager, Overseas, to launch a luxury residential development in Portugal.

The Brazilian company is a partner-investor in the project, scheduled for the third quarter of 2027, which will be located on the central street of Rua Braamcamp, in Lisbon, between Rua Castilho and the emblematic Avenida da Liberdade. There will be 10 apartments for sale, each measuring approximately 250 m² and featuring private pools.

Pedro Vicente, CEO of Overseas (left), Pier Paolo, CEO of Karl Lagerfeld (centre) and Ricardo Pucci, CEO of Galli (right) (Image: Karl Lagerfeld)

According to Ricardo Pucci, CEO of Galli, in an interview with GRI Club, the development will feature a condominium area, rarely seen in the luxury residential segment in the region, with a gym, spa, sauna, and heated pool.

"There are already products in the Portuguese market which are associated with brands, but always in the hotel industry. We want to create something innovative that reflects the exclusivity of the location, and I believe we are breaking barriers with this product”, says the executive.

The investment, of which the value was not revealed, consists of equity from Galli and other Portuguese and Brazilian investors, while the two buildings, to be demolished in place of the residence, were acquired through bank financing.

Pucci also revealed that the SPE is made up of a second company under Galli, opened at the beginning of 2024 to attract investments from Brazilians interested in Portugal. “The idea is for it to remain available not only for this project, but for other opportunities in the local real estate market”, he states.

The development will be located on Rua Braamcamp, next to the famous Av. Liberdade, in Lisbon. (Image: Carlos_Costa/European Commission)

International expansion

The CEO reveals that the investment is part of the international expansion of Galli into Europe and the United States, planned since 2018. In addition to Braamcamp, Galli has previously invested in Portugal and currently has stakes in two other projects in the country.

As well as the interest in Portugal, Pucci highlights that they are also mapping opportunities in France and Spain.

In 2024, in addition to operating in Brazil, the executive emphasises that the "objective is to further strengthen our presence on the European continent. We foresee stability in the Brazilian market, so we are concentrating our expansion efforts mainly in Europe and the United States."

Galli operates in Brazil in the high-end residential sector, covering vertical and horizontal projects, with a portfolio that includes projects located in the south of São Paulo, such as Moema, Alto da Boa Vista, and Chucri Zaidan, as well as Santo André.

"We are currently completing a project of 15,000 m² with R$130 million in PSV. In 2023, we launched two more projects that totalled a PSV of R$120 million. Our expectation is to launch an equivalent volume this year."

In the North American market, Galli's strategy is focused on residential income properties, with partnerships in the area of education in Florida, and multifamily with a focus on affordable housing in Washington.
 
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