Bouwfonds Investment Management (Bouwfonds IM) has further expanded in Poland and has acquired its second asset in Poland (Krakow) for its Bouwfonds European Residential Fund (BERF). The project is owned by a joint venture between Heitman and Hines with Hines acting as the development manager.
The investment is the second transaction of BERF in Poland. The acquisition comprises 146 apartments and 113 student housing units for rent with a total usable area of approximately 9,200 sq. m. The property is situated at Rakowicka Street in Krakow’s city center. The investment consists of three buildings and is part of the second phase of the Apartamenty Novum project by Heitman and Hines/Heitman, recognized as one of the best residential complexes in the inner-city of Krakow. The site is located within a 15-minute walk from Krakow’s Old Town and some 5 minutes from Galeria Krakowska shopping mall and Kraków Main Railway Station.
Michiel Dubois, Managing Director Residential Real Estate Bouwfonds IM: “We are delighted to have secured this attractive investment opportunity in Krakow. Following our first investment in Warsaw in mid-2016, this successful transaction confirms the strategic importance of Poland with its polycentric urban structure for our pan-European portfolio.”
Wojciech Rumian, Member of the Management Board at Hines Polska: “We are pleased that part of our residential complex in Krakow will be owned and managed by a reputable institutional investor such as Bouwfonds IM. This transaction may also contribute to expanding Hines development activity in the residential-for-rent sector in Poland which has an interesting growth potential.”
Gordon Black, Senior Managing Director at Heitman LLC: “We are extremely pleased with the sale of a sizeable portion of the units at the Apartamenty Novum project to Bouwfonds IM. As a firm, we have been strategically focused on European living sectors and this sale reaffirms the market’s appetite for institutional quality residential properties in well-located European geographies.”
REAS has acted as transaction advisor to the deal on behalf of Bouwfonds IM. Other advisors to the transaction included Clifford Chance, TPA Horwath Poland and Arcadis on behalf of Bouwfonds IM and Dentons on behalf of the sellers.