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Nathan North 22 April 2020

Nathan North

Deputy editor

+48 22 356 25 22

Nathan is responsible for the English section of the magazine. Nathan was born in Manchester in the UK and completed a master’s degree in philosophy at the University of London. As well being responsible for editing the English section of ‘Eurobuild CEE’ magazine, he also contributes news from around Central Europe and articles on the investment and industrial markets and on architecture. In his free time he likes playing piano, drawing and cooking.

6B47 to begin first dorm project in Warsaw
APA Wojciechowski's architectural concept of the building in Praga-Południe district
POLAND 6B47 Poland has acquired a 0.22 ha site on ul. Grochowska in Warsaw’s Praga Południe district from petrol station operator Circle K for the development of a 12,000 sqm comprising a student hall of residence, a commercial section an underground car park.

The architectural concept of the building has been prepared by the APA Wojciechowski studio.

The company, which last year sold the Silesia Outlet centre in Gliwice, co-financed the purchase with its own equity and funds provided by an investor invited to the transaction.

For this transaction, 6B47 Poland was advised by BSWW Legal & Tax, Accace and Wojciech Doliński of TPA Real Estate Services.

“After selling the Silesia Outlet project for EUR 31.5 mln, we have entered the student dormitory sector with our first project in Warsaw. By selling the outlet in Gliwice, we secured capital for the purchase of further plots. We are glad that we were able to obtain additional capital for this project from a new investor who is co-financing this project with us,” emphasises Mirosław Januszko, a member of the board of 6B47 Poland.

6B47 Poland is part of the 6B47 Poland is part of Vienna-based 6B47 Real Estate Investors group. It Polish projects so far include Zyndrama boutique apartments in Wrocław and Silesia Outlet Centre in Gliwice. Recently it has secured land for a housing and service development near Wrocław’s Old Town.

“Our idea is to co-finance our projects with the participation of external investors involved in a specific project. We invest between 10 pct and 40 pct of our own capital in each project, and the rest consists of private investors’ equity. We offer a profit between 10 pct and 15 pct per year, which is an attractive return on capital. To minimise the risk to our investors, we prepare projects for institutional investors who buy them back from us after the whole development process is finished. We also carry out projects in form of joint ventures, forward funding and forward purchase. We secure projects for which we prepare a business plan in advance. Financing is secured in the phase of obtaining the building permit. With a project prepared this way, we are open for cooperation with potential investors. We see that investors on the student housing market are very interested in this project, therefore we have decided to engage in further investments in this segment. The company is particularly eager to buy plots of land or completed buildings from institutions for which such assets are no longer needed – as was the case with Circle K. We are active in the residential and hospitality segment – dormitories, resi for rent / PRS and hotels. We are also looking at the warehouse segment and small business units,” explains Mirosław Januszko.

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