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Krest prepares its first real estate project in Porto

Krest prepares its first real estate project in Porto
Idealista · 14 May 2021

The first real estate project by the Belgian Krest Real Estate Investments in the city of Porto will start soon. It is a mixed-use complex located in Campanhã that has the signature of the architect Eduardo Souto Moura. This venture is part of its strategy for Portugal, which plans to invest an additional 200 million euros in new projects in the next four years.

This project in the city of Invicta includes the construction of 7,000 square meters for housing, 5,000 sq. mt. for office spaces, and 2,000 sq. mt. for a hotel and restaurant, as described by Krest CEO Claude Kandiyoti.

This project - designed by Souto Moura in partnership with the Metroube studio - aims to generate a residential offer affordable to the Portuguese. The same official guarantees that "the objective is to be affordable". The value of the investment has not been revealed, but it is known that the application for the license should occur, at the latest, until July and although it is expected to start with the construction within a year or a year and a half, Claude Kandiyoti also revealed.

Like all other projects planned for Portugal in the medium term, this project must follow sustainable criteria in line with ESG-Environmental, Social, and Governance. This point is "something that we have decided will be a criterion that we do not give up", stressed the CEO of Krest.

Claude Kandiyoti had already advanced that this enterprise will be born in a land that Krest had already bought five years ago. On the occasion, he revealed that "Campanhã is the place that responds to the existing need in the city", and also assumed that the "bet on Porto is not for the future, it is for now, for the present. We have several projects in sight, but not yet are closed", he added.