Leach & McGuire have advised on the successful acquisition of 2,496 apartments from Budimex by Heimstaden Bostad. The deal is a new record for the Polish residential market with the units spread over 13 different projects in 5 of Poland’s largest cities: Warsaw, Krakow, Gdansk, Poznan and Wroclaw.

The value of the transaction amounts to over 300mln EUR and all the apartments will be finished to turnkey standard and rented out.

Commenting on the acquisition, Conall McGuire said: ‘Due to all the moving parts and the different stages of advancement of each of the projects in the portfolio we were faced with a unique set of challenges but delighted to now be able to thank our team and all involved for a monumental effort in getting the transaction across the line and we are thrilled that everything has been closed successfully. It is a testament to the strength in depth of the Polish PRS market that Heimstaden have taken on such a large portfolio not only in the capital but also in the main regional cities. Once again it’s been tremendously exciting to be involved at the coalface and we look forward to the continued development of the Polish PRS market.’

Wednesday, 26 May, 2021