(WARSAW) - Hines, the global real estate firm, and Kajima, the pan-European real assets business, have announced an agreement to pursue development projects in Poland in the private rental housing sector (PRS).
The deal follows Kajima’s recent opening of a Warsaw office, led by Jan Trybulski, head of Poland at Kajima who said: “This project sees two global investors and developers joining forces in one of Europe’s fastest-growing economies. Poland has great fundamentals and a thriving PRS sector. We look forward to combining our strong track record in the country with that of Hines to deliver an ambitious pipeline of developments.”
The two organizations expect to enter joint venture arrangements on or before the initial financial commitment connected with the first investment. The joint venture will target opportunities in Warsaw, Krakow, Wroclaw, Gdansk, and other key Polish regional cities.
“Hines in Poland has experience in both residential projects for sale and for rent and we have been researching the development of the PRS sector for some time,” said Wojciech Rumian, CEO, Hines Polska. “Progressive economic growth, urbanization and generational changes will drive this sector in the long term. The aim is to provide a distinctive product and a whole range of services that have an impact on the positive experience of future tenants,” added Rumian.
Hines and Kajima plan to start pursuing joint projects in the second half of 2022 and then expand the portfolio. The strategy will include pure development and value-add projects alongside redevelopment of existing facilities with a change of use. The combined teams will also seek joint solutions for operational management across the portfolio using their extensive experience in Poland and western markets.
Knight Frank introduced and advised the parties.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 17 cities as well as a presence in 60 cities in 14 countries. Hines oversees investment assets under management valued at approximately €24.5 billion and provides third-party property-level services totaling 4.3 million square meters in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.
- Includes both the global Hines organization as well as RIA AUM as of 31 December 2021
Kajima is a real asset investor, developer, and manager. From homes to hospitals, learning spaces to working places, civic buildings to care facilities, Kajima shapes places around the people who use them.
Kajima aims to identify investment opportunities on a project-by-project basis, benefitting from the significant resources of its parent company (Kajima Corporation) and collaborating with existing and new partners to develop, invest and enhance equity in a diverse range of assets.
Kajima works across six key sectors: offices, logistics, residential, social infrastructure, regeneration and renewable energy, providing creative building solutions to both the public and private sectors.
Notable development projects by Kajima in the UK include 77 Coleman, a commercial development in London, the Estate Modernisation Programme (EMP) for South West London and St George’s Mental Health NHS Trust, and Rochdale Town Centre, a mixed-use regeneration project in partnership with Genr8. In Europe, Kajima has built a significant pan-European logistics portfolio and a fully integrated student accommodation business comprising 2,500 operational beds in Poland. Website: https://kajima.co.uk/.