Dentons advised Heimstaden, a leading European company in the residential real estate sector, on the refinancing of the acquisition of two residential complexes in Warsaw: Heimstaden Bokserska and Heimstaden Grzybowska. The funds were raised through a loan of €47.2 million provided by Santander Bank Polska.
This is the second transaction involving the Heimstaden Bokserska and Heimstaden Grzybowska complexes on which Dentons has advised. In January 2021, Dentons’ Real Estate team advised Heimstaden on the conclusion of preliminary agreements with Marvipol Development defining the terms of acquisition of the aforementioned residential complexes. At that time, it was the second transaction of the investor in the Polish private rental sector (PRS) market. Its completion, also with the involvement of Dentons, took place in the second half of 2022.
Together, the investments have created a total of 566 high-quality apartments for stable, long-term rental. A significant part of the offering consists of large units designed for families with children. All apartments were quickly handed over to tenants.
"This was a unique project for a number of reasons. It is the first transaction between Heimstaden and Santander, which we hope marks the beginning of a long-term partnership between the parties. Moreover, it is a very positive signal for the Polish real estate market, especially the PRS sector, where obtaining financing can sometimes be a significant challenge. The project demonstrates that this market is becoming increasingly mature and attractive to institutional investors," said Bartosz Nojek, Co-Head of the Banking and Finance practice team at Dentons' Warsaw office.
Bartosz Nojek (partner) led the transaction with the support of Jakub Zienkiewicz (counsel) and Kamil Bator (associate).