Van der Vorm Group, a Dutch investment fund, has completed the acquisition of 119 residential units located on Siennicka Street in Warsaw. The ready-to-use apartments are earmarked for long-term rental in the PRS sector. The acquisition represents a further milestone in Van der Vorm’s expansion in the Polish PRS sector to add to their portfolio of properties in Warsaw and Kraków, consisting predominantly of residential PRS and hotel-use properties.
Margarethe van der Vorm, overseeing foreign investments on the Van der Vorm Group’s management board, expressed enthusiasm about the latest acquisition: “The commercial residential rental market (PRS) in Poland is smaller than other European cities where we are active. We recognize a market where we can bring together a lot of our national and international experience to introduce a beautiful and profitable residential product. In Poland, we see an up-and-coming market with a large, young, highly educated target group that is fully engaged in building a successful professional and life career. We offer them high-quality and fully furnished rental apartments in strategic locations in Warsaw and Krakow: within walking distance of the city center, vibrancy, and mobility. And the beauty is: there is still plenty of room for growth in Poland, in terms of space but also due to the strong Polish economy.”
René Voortmeijer (CCO of Van der Vorm Group) added: “We now have a leading position in the commercial residential rental market in Poland. And we continue to invest and expand: we still see plenty of opportunities. We focus on strategic locations, close to the station, the university, and the city centre. To further expand our portfolio, we continue to search and talk with partner companies and equity partners who share our ambitions.”
The acquisition signifies the fifth in a series of PRS transactions in the partnership between Hamilton May for Van Der Vorm, and the third one in Warsaw. Robert Watkins, CEO of Hamilton May, commented: “The acquisition is unique in that Siennicka was one of a very small number of available standing assets in Warsaw’s residential market. Most PRS acquisitions are made in the early stages of the project with approximately a 2-3 year lead time, however, Siennicka will be ready for pre-leasing within a matter of months, subject to the completion of the fitout works. It’s a testament to our team that we could secure the purchase for Van der Vorm and help with their strategic expansion.”
Contributing to the success of Van der Vorm in Poland, the KWKR Konieczny Wierzbicki and Partners law firm, a longstanding advisor to the fund, played a crucial role in the recent transaction. The legal team provided comprehensive legal services and contributed to the preparation of necessary legal reports.
“This interesting investment was unique for us, as it involved the purchase of an entire building that had already been constructed. This required detailed due diligence, including legal, tax and technical aspects. The transaction was characterised by a short schedule, which required precise and efficient teamwork. Thanks to the commitment and cooperation of our entire law firm team, we were able to complete the transaction by the agreed plan, which certainly contributed to its success. We are proud of the results of our cooperation and pleased to have reached another milestone in our collaboration with Van der Vorm Group,” points out Marcin Wierzbicki, managing partner at KWKR Konieczny Wierzbicki and Partners law firm.
