Spanish real estate company Grupo Lar has partnered with Lithuanian real estate developer Hanner for a €180 mln investment in Poland's residential market.
The six-year joint venture will see Grupo Lar build 1,300 new homes across eight key Warsaw neighborhoods by 2027.
Grupo Lar will not only co-invest but also spearhead the entire life cycle of these projects, from securing prime Warsaw land to navigating urban planning and overseeing development. All homes will meet the highest quality standards and adhere to BREEAM sustainability principles, reflecting Grupo Lar's commitment to sustainability and environmental responsibility.
Renata McCabe, country manager of Grupo Lar in Poland, said: ‘This agreement with Hanner is a great opportunity to continue growing in the Polish market. Grupo Lar aims to contribute to expanding the supply of quality homes for sale and is exploring diversification into new segments, such as rental and student residences, in which Grupo Lar already has extensive experience in the Spanish market and aims to replicate it in the Polish market. In summary, we believe that Poland is a market with tremendous potential. Hanner is the best partner we could have due to its experience and professionalism. This collaboration has strengthened our position in the market.’
Arvydas Avulis, chairman of the Board of Hanner, added: ‘Investments in residential projects in Warsaw are in line with our strategic development direction - to pay more attention to projects in Central and Southern European countries. The partnership with Grupo Lar is a great opportunity for us to enter the fast-growing and very interesting Warsaw residential market.’
The joint venture with Hanner represents Grupo Lar's latest commitment to the Polish residential market, which it entered in 2006 and where it is preparing to enter the Build to Rent segment. So far, it has delivered over 2,300 homes across 20 projects in Warsaw.
Grupo Lar also has an ongoing collaboration with Polish developer Develia on three residential projects for sale, with two already launched and the third coming in 2024.
