WARSAW – (Realty News Report) – Hines, the global real estate firm based in Houston, has started developing apartments in Poland in a new partnership with the Kajima firm.
New Multifamily To Be Built in Warsaw, Krakow & Gdansk
The Hines-Kajima 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, urbanization 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.”
New Development & Redevelopment of Old Polish Apartments
Hines and Kajima, pan-European real assets business, 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.
The deal follows Kajima’s recent opening of a Warsaw office, led by Jan Trybulski, head of Poland at Kajima who 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 PRS 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 organizations expect to enter joint venture arrangements on or before the initial financial commitment connected with the first investment.
The Knight Frank real estate firm introduced and advised Hines and Kajima.
Hines, founded in Houston in 1957 by the late Mr. Gerald D. Hines, now has a presence in 285 cities in 28 countries. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million SF. The firm currently has more than 198 developments currently underway around the world, including multifamily projects.
Hines provides third-party property-level services totaling 4.3 million square meters in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
March 22, 2022 Realty News Report Copyright 2022
Photo: Courtesy Hines – Krakow
File: Hines Building Apartments in Poland in New Venture
File: (2) Wojciech Rumian CEO of Hines Polska. Hines Building Apartments in Poland in New Venture with Kajima