CHALLENGE
Europe Operational Capital Markets (UK) and Corporate Finance & Valuation (PL) were appointed by Eiffage Immobilier Polska to seek an investment partner to develop approximately 636 build to rent units across two sites in Warsaw.
The first asset is located in Mokotow, one of the most affluent residential districts in Poland’s capital. Consisting of a total residential area of over 15,000 sq m, it is due for delivery in Q1 2023. It will also feature a supermarket and a gym for residents and the local community. The second building, located in the Praga Polnoc area, is due for completion in Q1 2022 and will have a total residential area of over 8,000 sqm.
Savills were tasked with securing an investor and executing one of the largest multifamily forward funding transactions ever in Poland. Savills advised on and brokered both deals. The agreed purchase price amounted to approximately €65 million.
SOLUTION
Working closely with our colleagues Kamil Kowa and Bartosz Cislo in the Corporate Finance & Valuation team in Poland, we prepared the opportunity for marketing. The marketing pack presented to potential funders was well received by the market and significant interest was generated – with three bids generated by the process.
RESULTS
Having secured a number of offers from the institutional market, Heimsaden were selected as the preferred party.
Savills managed the process throughout - from initial approaches to the market through to legal exchange, which occurred in Q4 2020 - making this the biggest multifamily forward funding transaction in Poland. The total consideration brokered by Savills was approximately €65 million.