Trei Real Estate (Trei) has announced plans to develop two large-scale residential projects in Poland.
In Wroclaw, the company launched the third construction stage of the Bacciarellego 54 quarter, which will deliver a total of 91 apartments when completed by year-end 2022.
In Lodz – the third largest city in Poland after Warsaw and Krakow with a population of around 700,000 – Trei is about to kick off its second construction stage, which comprises 88 residential units.
Trei is planning to build a total of 1,320 residential units in Poland in the years ahead, and will invest a total of €125 mln.
’Demand for modern apartments in major Polish cities still exceeds supply because the country’s open housing market is only just emerging from beneath the shadow of the municipal housing companies,’ said Pepijn Morshuis, CEO of Trei Real Estate. ‘With our two residential developments, we are creating attractive accommodation in popular and green areas of Wroclaw and Lodz. The fast sales progress at either project is very reassuring.’
The company said that it is also preparing the launch of new projects in Warsaw and Poznan. Morshuis added: ‘The Polish real estate market is highly attractive for us as developer, not only for ownership apartments but certainly for rental apartments. An international comparison shows that Poland outperforms the German market, especially in terms of yields. At 5.25% for rental apartments, prime yields are more than twice as high as in Germany, where the going rate is 2.5%.’