Dentons advised Heimstaden Bostad AB, the third largest European residential property owner and operator on its first transaction in Poland – acquisition of two build-to-rent projects located in Praga Północ and Służewiec districts in Warsaw. The investment, including 640 residential units was purchased from the French developer and contractor Eiffage Immobilier Polska, which will also act as the general contractor. The transaction, worth some €65 million, is structured as a the forward purchase.
Construction work on the two projects, located in Praga-Północ and Służewiec Districts, is to start early in 2021 with completion in Q1 2022 and Q1 2023. Together, they will comprise 640 apartments (24,363 sq. m.) with additional commercial units (2,117 sq. m) and parking space.
Real estate transactions in the private rental sector are becoming an increasingly important element of the investment market. There is a large number of investors interested in entering or planning to increase the scale of their operations in this segment.
The project was supervised by partner Piotr Szafarz, Head of Real Estate in Poland and CEE. The transaction was led by counsel Jarosław Stąpel, who was supported by associates Maciej Roman, Patrycja Pakla and Joanna Popławska.
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