Resi4Rent has secured a €50 million loan from the European Bank for Reconstruction and Development (EBRD) for new investments in the institutional rental market in cities hosting refugees from Ukraine, the company said. This is the first EBRD financing for the institutional rental sector (PRS) in Poland.
"The financing is provided under the EBRD's Resilience and Livelihoods Framework programme, which aims to support Ukraine and countries affected by the Russian invasion of Ukraine. The loan will be used to develop and operate a portfolio of subscription housing and will focus on new developments in cities that have received the largest number of Ukrainian refugees, such as Warsaw, Kraków, Wrocław, Gdańsk, Łódź and Poznań," the release reads.
As highlighted, since the start of the war in Ukraine, the supply of available housing has been more than halved and the current housing gap is estimated at around 2 to even 2.5 million units, depending on the source.
"Poland needed an innovative solution to ease the pressure on the housing market and we are happy to have created one. [...] Our bank will also work with national and local authorities to increase the supply of affordable state and private housing, including by unlocking suitable unused land. This approach aims to alleviate not only the current strong demand for housing, but also the long-standing housing shortage for Polish citizens and residents," said EBRD Director of Real Estate and Tourism Vlaho Kojakovic, as quoted in the release.
Resi4Rent currently has 3,000 subscription units in 11 locations: in Warsaw, Wrocław, Łódź, Gdańsk, Poznań and Kraków. In 2023, the company plans to deliver 1,110 units in Warsaw and Wrocław. By 2025, Resi4Rent will have built a portfolio of 10,000 subscription units, it stated.
