Finnish construction company YIT has signed a €100m deal with real estate company NREP to construct rental housing projects in central Warsaw, Poland.
The project will involve construction of more than 1,000 apartments with green roof tops, charging stations for electric cars, and areas for urban farming.
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This is said to be NREP’s first residential housing investment in Poland.
The company aims to deliver approximately 10,000 modern homes in major Polish cities by 2025.
Most of the houses will be designed to meet the growing demand for one to two person households such as singles, or couples without children, young professionals looking for modern living solutions.
The first rental apartment is scheduled to be completed by the end of 2022.
YIT Housing CEE Division senior vice president Tom Sandvik said: “Our strategic objective is to accelerate the development of multi-phase area projects by implementing some of the project phases as rental housing projects in cooperation with institutional investors.
“Institutional investment in rental housing projects is common in Finland and the market is now also developing strongly in the CEE countries. We are pleased to contribute to the development of the rental housing market in Warsaw together with a reliable partner such as NREP.”
NREP also acquired BIK, a local logistics real estate investor and developer with a portfolio of four standing assets with two potential extensions and a land plot.
NREP’s logistics business unit Logicenters will manage the newly acquired assets in Poland.
These assets are currently occupied by customers including FedEx, Dachser and smaller local companies.
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Rendering of Smartti Mokotów 1 and 2. Credit: YIT Corporation.
