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Resi4Rent creates portfolio

10 October 2018

Resi4Rent creates portfolio
Resi4Rent will also have apartments in the Browary Warszawskie project
POLAND Echo Investment has signed preliminary sales agreements with Resi4Rent for four projects under development in Warsaw, Wrocław and Łódź.

The combined price comes to PLN 338.7 mln. The projects will together comprise 1,200 apartments and include Browary Warszawskie at ul. Grzybowska 58 in Warsaw, Wodna at ul. Wodna 23 in Łódź as well as Rychtalska on ul. Rychtalska and Kępa on the isle of Kępa Mieszczańska, which are both in Wrocław. Resi4Rent has also been granted a loan by a consortium led by Pekao of PLN 258.7 mln. Additionally Resi4Rent has provided its joint venture with Echo Investment with a cash injection of PLN 41.4 mln by purchasing more shares in the company. The company is to act as a development platform for Polish rental properties. In the first stage of the project the company is to open rental apartments in Warsaw, Łódź and Wrocław and in the second stage the company will take over around 1,700 apartments in projects developed by Echo for which construction work is set to begin over the next twelve months. Tenants should start moving in in Q3 2019. “Resi4Rent will be the largest apartment rental platform in Poland,” claimed Nicklas Lindberg, the CEO of Echo Investment in May this year.

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