A bank consortium of Santander Bank Polska and Helaba (Landesbank Hessen-Thüringen) will finance four development projects of Resi4Rent – the largest institutional residential rental platform in Poland. Under the agreement signed, Resi4Rent will receive PLN 198 million of a construction loan which will be converted into an investment loan of up to PLN 230 million after the projects are completed and occupied.
The loan will be dedicated to the projects offering approximately 1,060 apartments for rent, located in Poznań at Szczepanowskiego street, Warsaw at Taśmowa street and Woronicza street and in Gdańsk at Kolobrzeska street.
“The project of Resi4Rent co-financed by our bank, is part of the latest trends in the real estate market that we have observed and is a response to the expectations of both tenants and investors,” says Maciej Tarnawski, Managing Director, Head of Global Debt Financing Poland, Santander Bank Polska.
Already in the third quarter of 2019, Resi4Rent will start the first project in Wrocław, and by the end of the next year – in Łódź. Four projects, financed by Santander Bank Polska and Helaba, will be ready by the end of 2020 and in 2021.
“The key strategic goal of Resi4Rent is to build a platform of 5,000 – 7,000 apartments for rent in the next 2-3 years. We are on the right track to achieve it. We have six projects under construction with over 1,800 and we will start construction of two more in Poznań and Gdańsk with over 460 apartments this summer. What is more, further secured projects in Warsaw and Kraków will allow to build over 2,000 premises,” says Sławomir Imianowski, CEO of Resi4Rent.
“We are glad that the strategy and the business model of Resi4Rent has won the recognition of Santander Bank Polska and Helaba. Their commitment confirms the high quality of our projects, their perfect matching to market needs, but also a good outlook for the development of the long-term rental market in Poland,” adds Barbara Sikora, Board Member, CFO of Resi4Rent.
Resi4Rent is an institutional platform of mid-market apartments, dedicated exclusively to long-term rental, that offers finished premises, equipped with basic furniture and appliances, or completely furnished as requested. The service offered by Resi4Rent is an answer to the changing way of how people live, work and spend their free time in big cities. It supports mobility and financial independence of tenants, and at the same time provides them with flexibility and security of their contracts. At the end of 2019, Resi4Rent will have over 4,000 apartments, of which about 500 are ready, and the rest – under construction or in preparation.
The financing of the first four projects of Resi4Rent was provided by Bank Pekao last year.