POLAND Heimstaden Bostad buys more Warsaw projects

The projects included in the transaction are Moko Botanika in Służewiec district, Studio Okęcie in Włochy district and building D of the Unique Tower complex in Wola-Centrum district. Altogether they will comprise 647 apartments (29,851 sqm) and eleven commercial units (1,068 sqm). The total annual rental income of the units is estimated at PLN 30.6 mln gross. The deal agreed also comes with the option to buy another 60 apartments.

The conclusion of the contract with Heimstaden is in line with the development strategy of the Marvipol Development Group, which includes diversifying the group of clients of our projects. Heimstaden is one of the leading rental real estate operators in Europe, and their unique tenant-centric approach brings inspiring growth prospects in the build-to-rent segment.
Mariusz Książek, the president of Marvipol Development

The acquisition will be structured as a forward purchase for the first project, which is due to be completed delivery in Q3 2021, and a forward funding commitment for the other two.

Heimstaden Bostad was advised by Dentons, Deloitte, Arcadis, Leach & McGuire and CBRE for this transaction, while Marvipol Development was advised by Greenberg Traurig and JLL. “In a relatively short amount of time there was a lot of work to be done on suggesting changes to the apartment design and layouts to better suit potential tenants, as well as a great deal of attention paid to improving the intended functionality and flow of the ground floor commercial space,” commented Conall McGuire, the managing director of Leach & Partners.

Heimstaden Bostad announced its entry into the Polish residential market last December with the acquisition of two build-to-rent projects (640 apartments) in Warsaw’s Praga-Północ and Służewiec districts from Eiffage Immobilier for EUR 65 mln.