Heimstaden acquires new build-to-rent projects in Warsaw

by   CIJ News iDesk II
2021-01-27   16:16
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Heimstaden Bostad has acquired assets consisting of three build-to-rent projects in Warsaw with 647 apartments of 29,851 sqm and 11 commercial units of 1,068 sqm and an option to acquire an additional 60 apartments. The cost of the deal is for PLN 381 million. The seller and developer is Marvipol Development. The first project, with 136 residential apartments, is scheduled to be completed in the third quarter of this year and the other two towards the end of 2022. Together with the two build-to-rent projects announced in December 2020, Heimstaden Bostad has entered into forward contracts to acquire 1,350 residential units currently under development in Warsaw. In 2021, Heimstaden will establish local property management operations to onboard the new properties. The acquisition will be structured as a forward purchase for the first project with delivery in the third quarter of 2021, and a forward funding commitment for the other two. Heimstaden Bostad was advised by Dentons, Deloitte, Arcadis, Leach & Partners as well as CBRE during the transaction process.