Robyg has formed a JV with Centerbridge Partners to invest min. USD 100 million in real estate

Robyg has signed a joint venture agreement with a fund managed by Centerbridge Partners LP to invest in its residential real estate portfolio, the company said. The joint venture will develop projects within Robyg's current developments, as well as invest in new properties acquired from other entities. Initial investments will include properties with more than 100,000 sqm of PUM in the Tri-City and Warsaw. The parties plan to increase this to 200,000 sqm PUM, with a target investment of at least $100 million.

"The establishment of the joint venture in cooperation with the Centerbridge fund - an entity with which we have already cooperated and have excellent relations - is the next stage of Robyg Group's development on the Polish market with the support of our shareholder TAG Immobilien. The residential real estate sector is becoming more and more demanding, and we must be ready to meet new customer expectations and adjust our offer to the current macroeconomic situation. I am convinced that in cooperation with Centerbridge we will enter new areas and develop the scope of our investments," said Oscar Kazanelson supervisory board chairman Vantage Development and Robyg Group.

"We are pleased to be working with Robyg, a reliable partner with an excellent management team that we know well from our previous investments. We see significant value and prospects in supporting Robyg in its next phase of development, which will allow us to jointly capitalize on the attractive fundamentals of the Polish residential market." - Added senior managing director who heads Centerbridge's European investment activities Steven Skaar.

Centerbridge was one of the investors in Bricks Acquisitions Limited, which is a previous shareholder of Robyg.

The Robyg Group builds and sells apartments, as well as general contracting of Robyg and Vantage Development investments. Vantage Development, under the Vantage Rent brand, operates exclusively in the PRS segment - that is, apartments for rent. Each of the companies is financed independently.

Source: Robyg Group and ISBnews
Photo: MÓJ URSUS - ROBYG