Syrena Real Estate has sold its first PRS project at 171 Wolska Street in Warsaw. The new owner is the Belgian company Xior Student Housing NV. The transaction value was €12 million, making it the second successful sale of a stabilised PRS project in Poland.
Located at the intersection of Goleszowska and Wolska streets in Warsaw, the building was PRS Syrena Real Estate's first independent project. The company purchased the property from Dantex Holding in October 2022 using its own funds, carried out the finishing work, and commercialised it in just two months. The property was almost fully occupied throughout the entire period of ownership, and rental rates increased by an impressive 33%. It is noteworthy that 100% of the lease agreements were denominated in euros.
"We are proud of this transaction – our return on capital was 35% in just two years", comments Witold Zatoński, founder of Syrena Real Estate. "We have proven that fully let and stabilised PRS projects in Poland are attractive assets for core investors. In particular, rental income from apartments is characterised by steady growth and much more stability than in other commercial real estate sectors", he added.
The building offers 117 fully furnished and air-conditioned apartments and 400 sqm of commercial space on the ground floor, which is occupied by the Lux Med Group's dental clinic. The location – just 200 metres from a tram stop – ensures quick access to the city centre and universities such as the University of Warsaw and the Medical University of Warsaw.
"This is further proof that the Polish PRS market is gaining liquidity and maturing", says Artur Kaźmierczak, partner at Syrena Real Estate. “Although we are selling this building, we are by no means saying goodbye to the 'living’ sector. We still have ambitious plans in both PRS and PBSA (student housing)".
