INVESTMENT HIGHLIGHTS
- The Sponsor is looking to sale this operating student accommodation residence perfectly located in Krakow, Poland. The property opened in September 2019. Currently has a 56% occupancy despite COVID.
- Poland offers great potential for growth of the student accommodation sector. While the student population percentage of 3.4% is in line with Western Europe (UK - 3.5%; Germany- 3.4%) the number of beds as percentage of students of 0.3% is significantly lower than Germany (9%) or UK (22%).
- The property is located in Zabłocie Distr ict in Kraków at 4th Romanowicza St. Its excellent location allows easy access to universities and other points of interest like main train station, old city and other amenities. Main advantage of 4th Romanowicza St. is close proximity of Andrzej Frycz Modrzewski Kraków University with over 2000 foreign students an medical faculties.
- The property features 710 beds distributed across 2909 units with 53 one-bed units, 126 two-bed units, 39 three-bed units and 72 four-bed units. Residential area is 12,783 sqm. It also has 1,400 sqm of retail space and 2,000 sqm of common areas and amenities.
- The residence has strong international demand, with Polish students representing c.30% of total accommodation, followed by Ukraine and Italy with c. 15% each. Half of the tenants are students from a private university – Kraków Academy of Andrzej Frycz Modrzewski which is located in the neighborhood. The second biggest group are representants from Jagiellonian University, the oldest University in Poland, and the third group are Economic University students.
- It is expected the residence will generate NOI of €2.4m annually upon stabilisation (post-Covid) at 95% occupancy. The owner is looking for offers in the €35m range (7% yield upon stabilisation).
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