European residential real estate company Heimstaden Bostad has expanded its portfolio with the acquisition of 2,496 apartments in Poland for SEK3.1bn (€306m).
Heimstaden said it has agreed a forward funding deal to buy the homes located in Warsaw, Krakow, Wroclaw, Poznan and Gdansk from Polish residential developer Budimex.
The portfolio consists of 13 projects to develop 2,496 apartments, 5,202sqm of retail space, and accompanying parking spaces. The entire portfolio will be let at market rent, Heimstaden said.
Construction will begin this year and the projects will be completed between the first quarter of 2023 and the first quarter of 2025.
Stanislav Kubáček, senior managing director of Heimstaden’s investment team for CEE and Germany, said: “This expansion will strengthen our presence and make us a leading provider of rental housing in Poland.
“It also enables the establishment of an efficient management platform that will provide Friendly Homes to our Polish customers for years to come.”
To read the digital edition of the latest IPE Real Assets magazine click here.
