Successful Transaction of Purchasing 707 PRS Apartments

Leach & McGuire have advised on the purchase of 647 apartments from Marvipol by Heimstaden Bostad – 60 apartments for private use as part of the transaction for the investor owner.

The value of the transaction came to approximately 381 mln PLN.

136 apartments are in the Unique Tower project on ul. Grzybowska which is due for completion before the end of 2021. A further 417 units are in Moko Botanika on ul. Bokserska where the first phase should be ready mid-2022 and the remainder by the end of 2022. Last but not least there are a further 94 units due in the second half of 2022 in Studio Okecie. Heimstaden have an option on a further 60 units in the Bokserska scheme.

The apartments will be finished to turnkey standard and rented out.

This is Heimstaden Bostad’s second acquisition in Poland – the first being the purchase of 640 apartments announced in December 2020.

Commenting on the deal, Conall McGuire said: ‘’It has been a great pleasure to continue our co-operation with Heimstaden on this second purchase of theirs. There was a lot of work to be done on suggesting changes to apartment design and layouts to better suit the needs of a PRS / BTR product as well as a great deal of attention paid to improve the intended functionality and flow of the ground floor commercial spaces.’’

Tom Leach added: ‘’Whilst it is undeniable that Covid-19 has made all sectors of the real estate business more difficult, residential is one of the sectors that has showed most resistance to the pandemic. Heimstaden have a long-term view on the Polish residential market and are optimistic about its future. Wlochy, Sluzewiec and Wola have their own specifics when it comes to the rental market which also needed to be taken into account in our analysis. It is exciting to think that the first batch of these units will already be ready-to-rent before the end of this year and in the meantime we look forward to the next acquisitions. ’’