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Kajima and Tonsa JV targets Europe’s BTR housing market

Poland’s Tonsa Fund and Kajima Properties have formed a joint venture to undertake housing development, initially in Poland.

The new venture will focus on the private rented sector and the first joint scheme will be a project in Gdansk.

The new cooperation agreement will form the basis of further projects in Poland and Europe, the two firms said in a statement.

London-headquartered Kajima Properties is a wholly owned subsidiary of Kajima Corporation of Japan which operates globally. Kajima Properties covers western and central Europe and focuses on the logistics and office sectors in addition to residential.

Tonsa Fund’s Polish assets in Poland include Olivia Business Center in Gdańsk, the largest modern office and business centre in the Tri-City conurbation. Currently comprising 175,000 sq m of space, further phases will increase this to 200,000 sq m, making it the largest office project in Poland. The project’s largest occupiers include Airhelp, Amazon, Arrow, Bayer, Deloitte, Energa, EPAM, Fujifilm, Nordea, PwC, Ricoh, Sii, Staples, ThyssenKrupp.

Tonsa representative Marcin Szpak said: “We have focused our activities in Poland so far in the office and construction sectors, and with this contract we are starting our activity in the built to rent apartments sector.”  He added that the sector has substantial potential for growth.

“Kajima has many years of experience developing and managing successful private rental projects in the US, and as this sector is increasingly seen as a key real estate sector in Europe. We see Poland as a market with great potential that offers significant growth opportunities for our portfolio,” said Kajima senior investment manager Daniel Bumpstead.