Bouwfonds European Residential Fund (BERF) expanded its operations in Poland and acquired the second project which will be fully allocated for letting in the form of apartments and as halls of residence for students. The investment is located in Kraków at ul. Rakowicka. The sellers were the shareholders in the joint venture Hines and Heitman.
This transaction shows that the residential investment market in Kraków is growing. The investment is currently in the construction phase, it will include 152 apartments and 139 student flats for rental with the joint usable area of around 9,200 sq.m. The investment is composed of three buildings and constitutes part of the second phase of the Apartamenty Novum project. The tax advice for the entire transaction has been overseen by TPA Poland.
In the recent years the Private Residential Sector (PRS) has been developing in Poland. BERF is another institutional investor entering out domestic market with TPA’s assistance. We are happy that we are in the group of trusted advisors participating in the formation of the Polish Private Residential Sector,
-comments Małgorzata Dankowska, Partner managing the real estate team and the Warsaw tax practice of TPA Poland.
It is worth adding that in July 2016 BERF signed an agreement concerning the development project located in ul. Pereca in Warsaw with Matexi Polska. The building houses 193 residential premises and a service part, which the buyer also earmarked for rental.
BERF operates under the Rabo Real Estate group. It manages a portfolio worth EUR 6 billion in total, composed of commercial and residential property, transport infrastructure, car parks and agricultural property. The value of the residential portfolio amounts to EUR 1.6 billion.