Conall McGuire partner Leach & Partners: The private rental sector in Poland has existed for 15–20 years now, but institutional investors were really nowhere to be seen until relatively recently. The private rental sector in the US and Western Europe is a massive part of the overall residential market and has been for many years, so you could say it was only a matter of time before we started to witness it on the Polish market. Up until now foreign capital looking at Polish real estate has been focused largely on commercial properties, but as the CEE commercial property market has become more competitive and residential yields in the US and Western Europe have compressed, a mixture of investors already active in the PRS chasing diminishing returns in the US and Western Europe as well as commercial investors already present in the CEE region looking for new opportunities have started to consider the PRS in the CEE region – first and foremost in Poland. Bouwfonds and Cate