Hines and Kajima have announced the conclusion of an agreement to pursue development projects in Poland in the private rental housing sector (PRS).
The deal follows Kajima’s recent opening of a Warsaw office, led by Jan Trybulski, Head of Poland at Kajima who said: “This project sees two global investors and developers joining forces in one of Europe’s fastest growing economies. Poland has great fundamentals and a thriving PRS sector. We are hugely excited to be combining our strong track record in the country with that of Hines, to deliver an ambitious pipeline of developments.” Krzysztof Cipiur and George Lewis of Knight Frank introduced the parties and advised on the terms. The two companies expect to enter into a joint-venture agreement. The signing of the contract will take place on the initial financial commitment connected with the first investment. The joint venture will pursue opportunities in Warsaw, Kraków, Wrocław, Gdańsk, and other key Polish regional cities.
“Hines Poland has experience in both residential projects for sale and for rent. We are watching the development of the PRS sector with great interest,” comments Wojciech Rumian, CEO of Hines Polska. “Progressive economic growth, urbanisation and generational changes will drive this sector in the long term. The aim is to provide a distinctive product and a whole range of services that have an impact on the positive experience of future tenants,” adds Wojciech Rumian.
Hines and Kajima plan to start creating joint projects in the second half of 2022 and then expand the portfolio. The strategy is expected to include pure development and value-add projects alongside redevelopment of existing facilities with a change of use. The combined teams will also seek joint solutions for operational management across the portfolio using their extensive experience in Poland and Western markets.
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