Robyg and Vantage: We have the possibility to introduce new investments in 2023.

by   CIJ News iDesk III
2023-01-19   16:06

Robyg Group and Vantage Development - companies owned by TAG Immobilien - feel ready to introduce new investments this year, announced Oscar Kazanelson - chairman of the supervisory board of Robyg and newly appointed chairman of the supervisory board of Vantage Development. In total, TAG Immobilien Group sold 2,419 apartments on the Polish market in 2022 and handed over more than 4,500 units (including apartments for rent) to customers.

"The year 2023 will certainly be a challenging one for the entire economy, including in the residential construction sector. That's why we are focusing on building synergies within the large, strong TAG Immobilien Group. This gives us a strong position, a large land bank, complementary businesses, and allows us to prepare for more difficult times in the economy with confidence. Regardless, we hope that both those in power and the financial sector will focus on building the availability of financing for Poles. Because the demand for apartments in Poland is very high - and the main roadblock is precisely the ability to take out a loan. Robyg Group and Vantage Development have great experience and excellent financial ratios - this will provide us with liquidity in our operations and the ability to introduce new investments this year," Kazanelson said.

In total, TAG Immobilien Group in the Polish market in 2022 sold 2,419 apartments and handed over more than 4,500 units to customers (including apartments for rent), including Vantage Development sold 275 units and handed over 309 units to buyers. At the same time, nearly 800 units were put into service for lease. Vantage Rent's offer at year-end included 1,153 rental units, of which 740 were already leased. 408 units of the 413 remaining for lease were delivered in December 2022. The company assumes that it will take about two months to reach full occupancy (i.e. about 97-98%). The portfolio of rental apartments will be steadily expanded, already reaching almost 2,300 units by the end of Q1 2023, and more than 3,300 by the end of 2024, it was also reported.

Last October, Robyg Vice President Eyal Keltsh was appointed chairman of the board of Robyg and Vantage Development. This is part of building synergies within TAG Immobilien Group and combining management competencies. Oscar Kazanelson, chairman of the Robyg supervisory board, was additionally to take over as chairman of the Vantage supervisory board.

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.