Leach & McGuire close acquisition of 127 apartments in Warsaw`s Praga district

Leach and McGuire busy year continues after signing off on the purchase of 127 apartments in the ‘LaPraga’ scheme under development by Nexity Polska at ul. Radzyminska 10 in the Praga district for Dutch family office, Van Der Vorm Vastgoed.

Tom Leach revealed: ‘It is exciting to be so heavily involved in the development of Poland’s PRS market right now. The residential market sprang back into life after the lockdown and I do not think we have ever been so busy. We are particularly happy to get this deal secured we have been searching high and low for the ideal product for the Van Der Vorm team with whom we have been working for the past 3 or 4 years. The La Praga transaction is our biggest deal together yet and is validation of their confidence in the Polish PRS market based on their rental successes to date from earlier investments in both Warsaw and Krakow. We look forward to continuing and growing the relationship.’

The deal was facilitated by Leach & McGuire with Krakow law firm KWKR providing legal assistance to Van Der Vorm and Dentons supporting Nexity. L&M’s team of in-house architects are also responsible for the fitout audit of the units to ensure maximum efficiencies and suitability for the PRS rental market. Leach & McGuire manage units for Van Der Vorm in the Oxygen Residence on ul. Wronia in Warsaw, in the Steam Park scheme on ul. Rakowicka in Krakow and in a stand-alone townhouse on ul. Krakusa also in Krakow.

All together Leach & McGuire now manage over 2,000 residential units throughout Poland including for Catella with their flagship 200-unit Pereca project in Warsaw and their 300-unit PRS/PBSA scheme, Trio, in Krakow with those projects comfortably registering over 90% occupancy despite the challenges this year of Covid-19.