A fund managed by real estate arm of Ares Management Corporation has teamed up with Griffin Real Estate to buy a Polish housebuilder.

In a joint statement, the companies said they have bought a 98.04% stake in Murapol for an undisclosed sum.

Murapol has been operating in the multi-family housing sector for 19 years and currently has a 17,700 units development pipeline.

John Ruane, partner and co-head of European real estate equity at Ares, said: “Murapol has a solid track record of delivering product to the market as well as a strong pipeline for future growth.

“Poland is one of Europe’s most undersupplied residential markets and exhibits strong demand fundamentals. This acquisition extends our longstanding track record in Poland and aligns with our strategy of investing in residential across Europe’s major markets.”

Piotr Fijołek, a senior partner at Griffin Real Estate, said: “Murapol has strong core operations and significant opportunity for further growth in one of Europe’s most active residential markets.

“Additionally, the Murapol acquisition means adding a new, significant business partner to our practice.”

Nikodem Iskra, president and CEO of Murapol, said: “For the last two years, we have been focused on core property development activities, and we believe that this new partnership with Ares and Griffin will allow us to grow even more rapidly.”