Netherlands-based Bouwfonds Investment Management has acquired a second asset in Poland for its Bouwfonds European Residential Fund (BERF).
The vendor of the project was a joint venture between Heitman and Hines, with Hines acting as the development manager. The investment volume was not disclosed.
The property comprises 146 apartments and 113 student housing units for rent with a total usable area of 9,200 m2 at Rakowicka Street in Krakow's city centre.
The investment consists of three buildings and is part of the second phase of the Apartamenty Novum project being developed by Heitman and Hines in the inner-city of Krakow. The site is located within a 15-minute walk from Krakow's Old Town and some five minutes from Galeria Krakowska shopping mall and Kraków main railway station.
Michiel Dubois, managing director of residential real estate at Bouwfonds IM, commented: 'Following our first investment in Warsaw in mid-2016, this successful transaction confirms the strategic importance of Poland with its polycentric urban structure for our pan-European portfolio.'
REAS acted as transaction adviser to the deal on behalf of Bouwfonds IM. Other advisers included Clifford Chance, TPA Horwath Poland and Arcadis on behalf of Bouwfonds IM and Dentons for the sellers.
Bouwfonds IM manages €1.6 bn of residential assets out of a total portfolio valued at €6 bn.
