Hines and Kajima, the pan-European real assets business, are entering the private rental housing market (PRS) in Poland.
The two companies signed a joint venture agreement to pursue development projects in the country.
The deal follows Kajima’s recent opening of a Warsaw office, led by Jan Trybulski, head of Poland at Kajima.
Jan Trybulski said: “This project sees two global investors and developers joining forces in one of Europe’s fastest growing economies. Poland has great fundamentals and a thriving private rental housing sector. We look forward to combining our strong track record in the country with that of Hines to deliver an ambitious pipeline of developments.”
The two organisations expect to enter joint venture arrangements on or before the initial financial commitment connected with the first investment. The joint venture will target opportunities in Warsaw, Krakow, Wroclaw, Gdansk, and other key Polish regional cities.
“Hines in Poland has experience in both residential projects for sale and for rent and we have been researching the development of the PRS sector for some time,” said Wojciech Rumian, CEO, Hines Polska. “Progressive economic growth, urbanisation and generational changes will drive this sector in the long term. The aim is to provide a distinctive product and a whole range of services that have an impact on the positive experience of future tenants,” added Rumian.
Hines and Kajima plan to start pursuing joint projects in the second half of 2022 and then expand the portfolio. The strategy will include pure development and value-add projects alongside redevelopment of existing facilities with a change of use. The combined teams will also seek joint solutions for operational management across the portfolio using their extensive experience in Poland and western markets.
Knight Frank introduced and advised the parties.