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Heimstaden Bostad builds Polish portfolio with $372.7 million deal

·1-min read

(Reuters) - Real estate company Heimstaden's subsidiary Heimstaden Bostad AB said on Monday it had bought a newbuild portfolio from Budimex for SEK 3.1 billion ($372.69 million) to expand its presence in Poland.

The portfolio, which is located in Warsaw, Krakow, Wroclaw, Poznan and Gdansk, consists of 13 projects to develop 2,496 apartments, 5,202 square miles of retail space, and accompanying parking spaces, a statement said.

It said the construction will begin in 2021 and the projects would be completed between first quarter of 2023 and first quarter of 2025.

The portfolio is estimated annually to generate gross rental income of SEK 246 million with net operating income of SEK 179 million, the statement said.

Heimstaden Bostad entered the Polish market in December 2020.

Earlier on Monday, Heimstaden Bostad said it was entering the British market by acquiring a newbuild project with 752 residential units in Birmingham, central England, for SEK 1.9 billion.

($1 = 8.3180 Swedish crowns)

(Reporting by Anirudh Saligrama in Bengaluru; editing by Barbara Lewis)