4 November 2024
We are pleased to announce that we advised LifeSpot, a long-term housing rental platform in Poland managed by Griffin Capital Partners, on their purchase, from Cavare S.A., of a project being developed on ul. Ostrobramska in Warsaw.
The transaction is valued at approximately PLN 59 million and the residential development, which is already under construction, to be completed in the third quarter of 2025, will include 143 apartments with an aggregate net leasable area of 4,600 square metres. The forward funding transaction consisted of a property sale agreement and a development management agreement (DMA) for the construction of a PRS building.
The Private Rented Sector (PRS) is a sector of the residential real estate market in which specialised, professional agents rent out residential properties. At the end of September 2024, the PRS accounted for approximately 1% of the institutional rental market in Poland, but investments in this sector are increasing year-on-year.
LifeSpot is a long-term rental housing platform in Poland managed by Griffin Capital Partners. The platform currently operates over two thousand units in Warsaw, Krakow, the Tri-City, Wrocław, Łódź and Katowice, with a further two thousand units under construction.
Cavare S.A. is a new entity owned by Cavatina Group S.A. Over the next few years, Cavare plans to build and make available for long-term rental 2,700 apartments throughout the largest cities in Poland.
The transaction team included Piotr Fedorowicz (a partner and the head of the real estate practice), Alicja Szymańska (associate) and Rafał Ćwikliński (associate).
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