Nordic real estate investor NREP has entered the Polish market with the acquisition of three residential projects comprising more than 1,000 units from Helsinki-listed YIT.
NREP, which recently acquired a 130,000 sq m logistics portfolio in Poland, has declared that it plans to invest €500m in the country by year end and that by 2025 it plans to deliver 10,000 modern homes in major Polish cities.
The three projects that NREP has bought from YIT are located in Warsaw. The first apartments in Parkur Residence and Nordic Bemowo will be ready by 2022 and an 800-unit scheme will follow by 2024. All of the assets will have green roofs, electric vehicle charging stations and areas for urban farming. NREP said that its housing investments will target the increasing demand for one-to-two person households including young urban professionals, singles, or young couples, looking for modern living solutions and a community.
“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,” says Claus Mathisen, CEO of NREP, adding:
“Our northern European pipeline holds an attractive set of opportunities within residential and logistics, and most of these are located in Poland. I expect that we will have acquired assets worth up to €500m and have 8-10 employees in Poland before year-end.”