Resi4Rent – a major institutional residential rental provider in Poland – has reached an agreement with Vantage Development, a member of the TAG Immobilien group, on its largest transaction to date. Resi4Rent is a joint venture between Echo Investment, Poland’s largest real estate developer, majority-owned by WING, and a global investment fund advised by Griffin Capital Partners. The transaction valued at PLN 2,405 million (i.e. equivalent to EUR 565 million) includes 5,322 units in 18 projects located in six major Polish cities - Warsaw, Cracow, Gdansk, Wroclaw, Lodz and Poznan. The parties have signed a preliminary agreement on August 16, and the transaction is subject to customary approval by the Polish antimonopoly authority.

With this transaction, WING has once again proven that it is a key player in the Central European real estate market and is capable of building a residential portfolio that attracts the interest of even the largest institutional investors.

This record-breaking transaction clearly demonstrates that the development know-how and long-term strategic thinking represented by WING bring outstanding results not only in the domestic but also in the international markets. Resi4Rent has now become the leading institutional rental housing platform in Poland, with nearly 10, 000 units. The sale of Echo Investment’s portfolio confirms that the WING Group is a key player in the region’s real estate sector. We also have a significant residential property portfolio in Hungary: LIVING has delivered more than 2,000 apartments in Budapest to date, and our goal is to further expand the domestic residential portfolio in the coming years and be present in other major cities,

said Noah Steinberg, President and CEO of WING Zrt.

The total occupancy rate of the portfolio sold in the transaction is close to 100%. The transaction, concluded at a yield of 6.3% reflects the strong demand for rental housing in Polish cities. Following the closing of the deal, the Resi4Rent portfolio will include 1,700 operating units, 2,200 units under construction, and more than 600 planned units in the pipeline. The funds raised by Echo Investment will be used to finance new projects.

Resi4Rent has been operating since 2018. Its key strategy element is full responsibility for the investment process, from design to property management and leasing. Transparent lease terms, efficient management and high customer service standards contribute to high customer satisfaction. The company’s furnished and fully equipped units house ca. 18 000 residents.

WING is one of the leading real estate development and investment companies in Hungary, whose residential property development brand, LIVING has delivered more than 2,000 apartments in Budapest and is currently developing several residential parks. The company's strategic goal is to create a premium quality, long-term value-added real estate portfolio, both domestically and internationally. The transaction in Poland is an important milestone in strengthening the company's international presence.