Crestyl has made its first cross-border acquisition in Poland to become a regional player in the CEE residential sector. Together with Cornerstone Partners, Crestyl completed the acquisition of the Polish residential developer Budimex Nieruchomości. Budimex Nieruchomości was a subsidiary of Poland’s largest construction group, Budimex SA, owned by the Spanish infrastructure giant Ferrovial. It’s a PLN 1.51 billion deal which is expected to result in a six-fold increase in its volume of residential sales.
At the same time, Crestyl also announced the signing of a strategic partnership with Heimstaden Bostad, which is acquiring 2,500 flats for rent over the next 5-year period. Heimstaden claims the deal will make it the largest residential rental operator in Poland. The flats are in various stages of construction and represent around 40% of the Polish developer’s current portfolio. “We’re getting flats not only in Warsaw, but also in Gdansk, Cracow, Wroclaw and Poznan,” said Stanislav Kubáček, head of acquisitions in CEE for Heimstaden.
It’s the latest in a series of similar transactions in Poland for Heimstaden over the past six months. Along with buying 700 flats due for completion this year from Marvipol, it did a deal for 640 units which Eiffage is due to hand over in 2022 and 2023. Heimstaden Bostad was represented by Dentons, Deloitte, Arcadis, Leach & McGuire and JLL. In April, Heimstaden acquired over 220 rental units in Pilsen and its deal with Residomo last year was largest Czech real estate transaction of the year.
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