Central European investor Atrium European Real Estate has signed its first two residential transactions, both in Poland, for €53 mln.
The acquisitions, comprising around 650 units in total, are part of the firm's plans to diversify its portfolio which is currently focused on shopping centes in Central Europe. Atrium is targeting the creation of a portfolio of approximately 5,000 residential for rent units by the end of 2025.
The first property is located in the Wlochy district in the western part of Warsaw. The 541-unit building complex is scheduled for completion no later than Q2 2022, and will target young professionals as well as young families with units of various sizes and layouts.
The second property is being developed in Krakow, the second largest city in Poland. The 109-unit building is also expected to be delivered in Q1 2022.
Both transactions are expected to be completed by the first half of 2022, with all apartments operational by the end of 2022.
Atrium plans to invest further into the properties in order to achieve the highest sustainability standards and a BREEAM certification.
Commenting on the acquisitions, Liad Barzilai, CEO of Atrium Group, said: 'These transactions mark a step forward in our strategy to diversify our portfolio into the residential for rent sector and leverage growth opportunities that will allow us to continue to deliver strong, long term sustainable returns to our shareholders. We currently have an identified pipeline of a further 4,000 units in Poland as we work towards meeting our ambitious targets and we look forward to building on these initial investments over the coming months.'
