Heimstaden Bostad, the Nordic-based pan-European residential property company, is buying a 400-apartment residential project named Aurora in Warsaw from the developer company Dantex.
The transaction is structured as a turnkey forward funded acquisition, where Heimstaden Bostad said it did not carry any direct development risk. Completion is scheduled for mid-2024.
The project is part of a larger housing development in the Wlochy district, 10-15 minutes outside the centre of Warsaw.
‘The Polish economy and housing market present strong investment fundamentals for our residential product and we believe it will continue in the years to come,’ said Stanislav Kubácek, MD of Heimstaden's Investment team for Eastern Europe.
Heimstaden Bostad’s footprint consists of 2,600 apartments in Warsaw and a total of 4,400 apartments in Poland, currently being developed by local developers for Heimstaden on a turnkey basis. The first 282 homes will be completed and offered to the Polish market by the end of the year.
In an interview last year, the company explained its strategies, including expanding in its chosen locations.
