Heimstaden Bostad has announced its second acquisition in Poland, involving three build-to-rent projects in Warsaw for SEK 842 mln (€83 mln) and an option to acquire an additional 60 apartments. The seller and developer is Marvipol Development.
In total, the assets will provide 647 residential units across 29,851 m2 of space and 11 commercial units of 1,068 m2.
The first project, with 136 residential units, is expected to be completed in the third quarter of 2021 and the other two towards the end of 2022. It is expected to generate a rental income of SEK 67.5 mln.
The acquisition is structured as a forward purchase for the first project, and a forward funding commitment for the other two.
Together with the two build-to-rent projects announced in December 2020, Heimstaden Bostad has entered into forward contracts to acquire 1,350 residential units currently under development in Warsaw and is planning to establish local property management operations in the city this year. 'We believe strongly in the developmen of the Polish economy and housing market in general, and Warsaw in particular, and are pleased to establish ourselves as a provider of quality homes in the Polish market,' said Christian Fladeland, co-Chief Investment Officer of Heimstaden.
Heimstaden Bostad was advised by Dentons (legal), Deloitte (tax), Arcadis (technical), Leach & Partners (operations) and CBRE (commercial) on the transaction.
