Futureal Investment Partners, a member of Futureal Group, and 1 Asset Management, an investment management company, backed by real estate development company Hanner, have announced the successful transaction involving the division and sale of two buildings within Lipowy Office Park located at Żwirki I Wigury St. in Warsaw, Poland. The price has not been revealed.
The buyer, CEE Student Housing Fund, managed by 1 Asset Management, intends to convert the property into a co-living and Purpose-Built Student Accommodation (PBSA) for students and young professionals.
“We are thrilled to have concluded a transaction that represents a mutually beneficial opportunity for both parties involved”, said Karol Pilniewicz, CEO of Futureal Investment Partners. “The vision for converting part of the Lipowy project into student housing aligns perfectly with the evolving market needs. This deal shows our focus on complex transactions. Futureal Investment Partners is actively searching for new, value-added and opportunistic investment opportunities in the office, retail, and logistics sectors”, Pilniewicz added.
“This is already our second ‘SHED Living’ location in Warsaw. This acquisition aligns with our strategy of building a strong portfolio of modern and sustainable PBSA in the most active academic cities in Poland and other countries in the CEE region. This is a fine example of a redevelopment project, where the previous 21,000 sqm of office space will be repurposed into a modern rental living area with over 650 units, will certainly rejuvenate the surrounding area. There is a immense scarcity of affordable and modern housing in Warsaw, due to an existing undersupply and a constantly growing demand from the youth", said Matas Mockeliunas, a fund partner from 1 Asset Management.
"Investments in this kind of projects are in line with our strategic development focus - to pay more focus to real estate ventures in Central and Southern European countries. With student housing in Poland meet only a fraction of the demand, we see a lot of opportunities within this sector," says Arvydas Avulis, chairman of Hanner's board.
