Heimstaden Subsidiary Heimstaden Bostad AB, is buying the 400-apartments’ residential project Aurora in Warsaw from the developer company Dantex. The transaction is structured as a turnkey forward funded acquisition, where Heimstaden Bostad does not carry any direct development risk. Completion is scheduled for mid-2024.
The project is part of a successful larger
housing development in the attractive Włochy district, 10-15 minutes outside
the centre of Warsaw and in close walking distance to the Jerozolimskie train
station and the business district Jerozolimskie Corridor. The properties have a total of 19,550 sqm of
lettable space which include a good mix of studios and 1, 2 and 3 bedroom homes
with an average size of 49 sqm, all fully furnished to Heimstaden standard.
With its 2.6 million
inhabitants, Warsaw agglomeration is a vibrant city with more than 225,000
domestic and international students across 76 higher education institutions. In
the last years, Warsaw has experienced a strong immigration and GDP growth,
while the housing supply has struggled to keep up with the population increase
and demand for rental housing.
“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. We are pleased to
announce the purchase of these quality homes in a very attractive part of
Warsaw, which will further strengthen our presence in the capital,” said
Stanislav Kubáček, Managing Director 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.
“With our sustainable and customer centred mindset, we are establishing a
strong and efficient inhouse management platform that will provide excellent service and
sustainable and Friendly Homes to our Polish customers, in line with our
evergreen commitment to the Polish Housing market,“ said Przemek Orchowicz, Head of Operations for
Heimstaden in Poland.
Heimstaden Bostad was advised by Arcadis, CBRE,
Deloitte, Leach & McGuire, and Dentons in the transaction.