A lending transaction worth appr. €78.3 million (PLN 355 million) related to the refinancing of a residential portfolio is the first joint venture of Resi4Rent and ING Bank Śląski.
The financing covers four newly built residential investments in Warsaw, Wrocław and Łódź, offering a total of over 1,200 apartments for rent. The obtained funds allow the investor to further develop the platform of subscription apartments. ING has acted as sole arranger and lender in this financing.
“Cooperation with ING Bank Śląski confirms that the business model, as a result of which we have introduced a new product to the market – subscription apartments, delivers the desired effects and makes us a reliable business partner. The concluded contract is a crucial stage in Resi4Rent’s development, and the financing obtained unfolds opportunities for further effective operations. Today, we are the largest professional operator of apartments for rent in Poland, and our portfolio includes 8 investments in 5 cities, offering a total of over 2,300 premises. I am delighted that our brand has attracted ING’s attention to the corporate rental sector of apartments,” says Rafał Ryba, CFO of Resi4Rent.
“We are pleased we could contribute to the expansion of the Resi4Rent platform. Thanks to the overall size of the Polish market, high-quality stock and favourable demographics, the institutional residential rental sector is becoming a very interesting part of the Polish commercial real estate landscape. We are pleased that we could roll out our first financing in this emerging sector, notably with such experienced investors and operators like Resi4Rent,” adds Artur Niski, Investment Director at ING Bank Śląski SA Real Estate Financing Department.
Resi4Rent was established in 2018. It is a joint venture of Echo Investment, a Polish developer listed on the Warsaw Stock Exchange, holding 30 percent of shares, and one of the leading international fund management companies holding 70 percent.
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