Polish housing rental fund to be launched in Q1/Q2
February 5, 2014
The Polish government will launch its housing rental fund at the turn of Q1 and Q2 and expects the fund to spend several hundred million zloty this year from the planned total pool of PLN 5 billion, state bank BGK capital investment department head Piotr Kuszewski said on Tuesday.
The fund, a part of an economic stimulation package, will be managed by Poland's special-purpose bank BGK.
The fund, which is expected to invest PLN 5 billion in housing projects it will then rent, plans to spend several hundred million zloty already in 2014.
According to earlier estimates, the PLN 5 billion cash pile should allow the fund to buy 20,000 apartments of floor space of up to 50-60 sqm in Poland's six largest cities.
The fund will seek large discounts from developers, as it will seek to achieve the assumed ROI of 4%, Kuszewski said.