Dentons has advised Heimstaden Bostad AB (Heimstaden), the third largest residential property owner and operator in Europe, on the acquisition of three build-to-rent projects in Warsaw – Unique Tower, Moko Botanika and Studio Okęcie – worth €85 million. The investment comprising 647 residential units was purchased from Marvipol Development, a Warsaw residential developer. Together with other two build-to-rent projects purchased in December 2020, Heimstaden has entered into forward contracts to acquire a total of 1,350 residential units currently under development in Warsaw.

The Unique Tower is a luxury residential complex located at 51 Grzybowska Street. The building offers 136 residential units distributed on 24,000 sq. m. This acquisition was structured as a forward purchase with delivery in Q3 2021.

The other two projects – Moko Botanika in Mokotów district and Studio Okęcie in Włochy district will be commissioned by the end of 2022 and their purchase was structured as a forward funding commitment. Once completed, the projects will offer 29,851 sq. m. of residential space and 11 commercial units of 1,068 sq. m.

“Real estate transactions in the private rental sector (PRS) are becoming an increasingly important component of the investment market in Poland. A large number of investors are interested in entering or plan to increase the scale of their operations in this segment,” said Piotr Szafarz, Head of Dentons’ Real Estate in Poland and CEE, who supervised the project.

“We were delighted to support Heimstaden in growing its portfolio in Warsaw,” said Evan Z. Lazar, Co-chairman of the Global Real Estate group at Dentons. “The residential sector has so far proven to be COVID-19 resilient and has retained strong fundamentals across the entire Europe.”

The transaction was led by counsel Jarosław Stąpel and associate Maciej Roman with the support of associate Patrycja Pakla.

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