Real estate company Nordic Real Estate Partners (NREP) has invested in the Polish private rented sector (PRS) market for the first time.
Linklaters advised NREP on the transaction, which involves the acquisition of a logistics space spanning 130,000 square metres, and the development of 10,000 new build residential apartments in Poland’s capital city, Warsaw, by 2025.
By the end of this year, NREP intends to have invested EUR 500 million in Poland, which has one of the biggest residential markets in Europe. Nonetheless, Poland requires new quality housing, since three of four homes in the country were built prior to 1989.
In order to aid its expansion into Poland, NREP will be hiring a Polish taskforce. In a statement, NREP’s chief innovation officer Jani Nokkanen said: “Poland is a European supply chain nexus and for us, as the largest pan-Nordic provider of modern logistics facilities, it is a very interesting market where massive infrastructure investments are planned.”
NREP’s CEO Claus Mathisen added: “Poland is sometimes described as Europe’s tiger economy, with low unemployment and rising wages. However, real estate quality and supply is generally lagging the impressive growth rates, and we see an opportunity to bring NREP’s approach and create value for all stakeholders.”