Heimstaden subsidiary Heimstaden Bostad AB is buying the 400-apartment residential project Aurora in Warsaw from development 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 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 includes a good mix of studios and 1, 2 and 3 bedroom apartments with an average size of 49 sqm, all fully furnished to Heimstaden standard.
"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.
"Personally, pleased to have closed our 4th transaction in Poland, and continue our Polish growth story", adds Jason Drennan, Investment Director for Heimstaden in Poland.
Heimstaden Bostad was advised by Arcadis, CBRE, Deloitte, Leach & McGuire, and Dentons in the transaction.
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