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POLAND Atrium buys first resi-for-rent projects – in Poland

Residential
Atrium European Real Estate has announced that it has signed its first two residential transactions, for two properties with around 650 apartments for rent in Warsaw and Kraków – for a combined EUR 53 mln.

Both transactions are expected to be finalised by the first half of 2022, with all the apartments expected to come into use by the end of 2022.

While the identity of the seller and the properties have not been disclosed, one is located in Warsaw’s southwestern Włochy district. The 541-apartment building complex is scheduled for completion no later than Q2 2022 and will be marketed for young professionals and young families, with units of various sizes and layouts. The other property is a 109-apartment building in Kraków’s Krowodrza district (west of the city centre), which is expected to be completed in Q1 2022.

These transactions mark a step forward in our strategy to diversify our portfolio into the residential for rent sector and leverage growth opportunities that will allow us to continue to deliver strong, long-term, sustainable returns to our shareholders. The assets, which will provide modern, purpose-built homes in high-demand areas in Warsaw and Kraków, exemplify how we will seek to take advantage of the strong macroeconomic fundamentals and urbanisation trends in locations where there is currently a lack of good quality rental apartments. We currently have an identified pipeline of a further 4,000 units in Poland as we work towards meeting our ambitious targets and we look forward to building on these initial investments over the coming months.
Liad Barzilai, the CEO of Atrium Group

Atrium is planning to invest further into the properties in order to achieve BREEAM certification. The Israeli-owned company, which was previously focused on the retail sector in the CEE region, is now targeting the creation of a portfolio of app. 5,000 residential for rent units by the end of 2025.

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