PL

Catella moves into Kraków PRS

Investment & finance
POLAND The Catella European Residential (CER) Fund has acquired a mixed-use development project of residential apartments and student accommodation in Kraków for around EUR 20 mln from Hines.

“Catella Residential’s third investment in Poland and our first outside Warsaw, brings further pan-European diversification to CER and means the fund’s total assets under management have now hit EUR 1.5 bln. Kraków is Poland’s second largest city and not only a major tourist destination, it is also the place where the fast-growing business process outsourcing industry is increasingly choosing to locate. BPO companies occupy more than half a million square metres of offices in Kraków,” commented Viktoria Hoffmann, an investment advisor in Catella.

The 154 new apartments and 139 student units purchased by CER, which is managed by Berlin-based Catella Residential Investment Management and Catella Real Estate, are part of a large new residential development scheme constructed by Hines close to the old city centre and market square. Two buildings are devoted to residential apartments with student accommodation in a third.

The first tenants will be moving into their new homes in January.

“Kraków is one of the fastest expanding cities in Poland, attracting young people from around the country and neighbouring states to study and work. The city has some of Poland’s best universities and the growing number of jobs in the BPO sector are also a big draw,” stated Dariusz Węglicki, the Catella Residential IM partner in Poland

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