KPE secures PLN770m refinancing for Student Depot portfolio

Kajima Properties Europe (KPE), the pan-European development and investment management arm of the NIKKEI-listed Kajima Corporation, has completed the refinancing of its Student Depot portfolio, securing a PLN 770 million (€183 million) five-year investment facility on significantly improved terms.

A consortium of PKO Bank Polski and ING Bank Śląski arranged the financing. PKO Bank Polski acted as Lead Arranger, Agent, Security Agent, Account Bank and Original Lender, while ING Bank Śląski acted as Arranger and Original Lender.

The five-year facility will refinance 10 existing Student Depot assets and provide funding for the development of new assets, including 1,000 beds in Warsaw and Gdańsk, commencing on-site in the new year. The refinancing further strengthens the platform’s position as Poland’s largest provider of modern purpose-built student accommodation (PBSA).

The transaction reflects the confidence of leading financial institutions in the quality of Student Depot’s portfolio and the operational excellence achieved under Kajima’s ownership.

The financing also highlights the investment appeal of the PBSA sector in Poland, where demand continues to outstrip supply: more than 1.2 million students nationwide, yet only 1.5 percent secure places in modern private dormitories.

Advisors on the transaction included White & Case, representing KPE, and DLA Piper, representing the banking consortium.

Jan Trybulski, Head of Poland at KPE, said: “This refinancing marks an important milestone for Student Depot and KPE. The support of PKO Bank Polski and ING Bank Śląski reflects the strength of Student Depot’s assets and operations, as well as confidence in the Polish student housing market and the disciplined execution of KPE’s long-term strategy. It further reinforces Student Depot’s position as the leading PBSA owner-operator in Poland and supports the continued growth of its portfolio.”