Group Lar and Galio Group form €46m resi JV in Poland

Spanish real estate developer Lar Group and Lithuanian developer Galio Group have announced a new joint venture aimed at developing 1,000 residential units across Poland. 

Galio Group residential project

This project represents an expected investment of €46 mln and an estimated turnover of around €138 mln.
Grupo Lar will take on the role of managing partner, overseeing crucial aspects such as land acquisition, design, and marketing of the projects. Galio Group, known for its extensive experience in developing large-scale projects in Lithuania, will contribute its specialized knowledge and expertise to the collaboration.
Renata McCabe-Kudla, CEO of Grupo Lar Polska, said: "We believe that the combination of the knowledge and experience of both organizations will allow us to carry out ambitious residential projects in Poland. The signing of this agreement with Galio Group fits perfectly with our long-term strategy, based on growth through cooperation with established and trusted partners." 
Galio Group CEO Nerijus Maknevicius added: "“Poland is a leading market in the region: large, rapidly growing, and culturally close to us. Given the similarities between residential projects in Poland and those in Vilnius, our entry into the market has been efficient and well-structured. Poland is a leading market in the region. We believe that together we will create projects that will set a new standard of quality in residential construction in the country." 
This new partnership further solidifies Grupo Lar's significant presence in Poland, where it has been operating since 2006. The Spanish company has already completed nearly 3,000 homes in the country, with notable projects including Przy Woronicza, Nowe Bielany 2, and Lizbonska, the latter earning the prestigious BREEAM Excellent certification.
The collaboration with Galio Group builds upon Grupo Lar's existing successful partnerships in Poland with developers Develia and Hanner. Through these alliances, Grupo Lar is currently developing an additional 3,000 homes in the country, representing a total value of over €500 mln. Overall, Grupo Lar, with over 55 years of experience, boasts a portfolio of 11,000 homes under development and a valuation of €3.884 bn by the end of 2024.