Making its debut into Poland’s built-to-let market Bouwfonds European Residential Fund (BERF) took over the Pereca housing block in Warsaw from local developer Matexi. Worth nearly €23m (PLN 100m), the forward funding transaction concerns a 193-flat apartment building, located on Pereca street in Warsaw’s Wola district. It’s also the first investment made by the institutional investor into the country’s emerging affordable rental housing sector. Michael Dubois, Managing Director Residential Real Estate at Bouwfonds IM, said the deal is the first step in the open-ended fund’s drive to build strong portfolio in Poland, having already established its market position in Germany, The Netherlands, the UK, France and in Scandinavia. REAS advised the seller in the deal.
“The transaction was conducted through a forward funding structure, which makes the buyer also the financing provider for the investment process,” said Mirosław Bednarek, CEO of Matexi Polska. Matexi will develop the scheme, with Unibep selected to oversee the construction.
