OSLO, NORWAY: Heimstaden Bostad announced its second acquisition in Poland, consisting of three build-to-rent projects in Warsaw with 647 residential units of 29,851 sqm and 11 commercial units of 1,068 sqm for approximately SEK 842 million (PLN 381 million) and an option to acquire an additional 60 apartments.

The seller and developer is Marvipol Development SA.

The first project, with 136 residential units, is expected to be completed in the third quarter of 2021 and the other two towards the end of 2022. Total estimated gross rental income p.a. is SEK 67.5 million (PLN 30.6 million).

Together with the two build-to-rent projects announced in December 2020, Heimstaden Bostad has entered into forward contracts to acquire 1,350 residential units currently under development in Warsaw.

“We believe strongly in the development of the Polish economy and housing market in general, and Warsaw in particular, and are pleased to establish ourselves as a provider of quality homes in the Polish market,” said Christian Fladeland, co-Chief Investment Officer of Heimstaden.

In 2021, Heimstaden will establish local property management operations to onboard the new properties and provide excellent service to customers in line with its Friendly Homes concept.

The acquisition will be structured as a forward purchase for the first project with delivery in the third quarter of 2021, and a forward funding commitment for the other two.

Heimstaden Bostad AB was advised by Dentons (legal), Deloitte (tax), Arcadis (technical), Leach & Partners (operations) and CBRE (commercial) on the transaction.

Heimstaden Bostad has about 100,900 apartments and a property value of approximately SEK 139 billion. The head office is located in Malmö, Sweden. www.heimstadenbostad.com