‘Van der Vorm Vastgoed’, one of the leading privately owned Dutch investment funds with a long-standing position on the Polish market, successfully closed negotiations for another property development. The fund has completed the signing of several preliminary agreements for the purchase of units in the so-called ‘Greendustry’ transaction on Romanowicza Street in the centre of Krakow. The acquired apartments will be intended for long-term rental.
Long-standing cooperation with leading fund
Van der Vorm Vastgoed Group is one of the leading Dutch investment funds based in Rotterdam. The company has properties throughout the European Union: in the Netherlands, Belgium and France, the UK and Poland. It is thanks to the support of the lawyers in the real estate department that our client – over the course of several years of cooperation – has been able to realise several significant projects. The professional approach of the law firm’s commissioned activities made it possible to realise such transactions as the Warsaw “La Praga”, the complex of residential buildings on Zaczarowane Koło Street in Krakow’s Krowodrza district, or even the purchase of a historic tenement house in the centre of Krakow’s Old Town, transformed into a luxury aparthotel.
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What distinguishes the “Greendustry” investment?
The ‘Greendustry’ investment project on Romanowicza Street in Krakow’s Podgórze district is a place created for people who value tranquillity but still want to live near the city centre. Podgórze is sometimes called by Krakow citizens “a city within a city”, due to many green areas, the multitude of niche restaurants, pubs, and cafés or the proximity of the Bulwary Wiślane. The unique character of the district is also due to its historical background; after all, during World War II, it was precisely the border of the Jewish ghetto that ran through Podgórze, which means that many old tenements, buildings or even parts of the wall have survived there in their original state to this day. The competent combination of modern solutions used in the development industry with centuries-old historic buildings requires exceptional care and good taste from the developer. The whole must not only fulfill its utilitarian purpose but also fit in with the character of the unique urban space. Therefore, the developer ‘Quelle Lokum’ became the transaction party with which the group decided to cooperate.
Preliminary agreements for the purchase of premises at Romanowicza Street were concluded at the beginning of August this year in Kraków between the fund and the previously mentioned ‘Quelle Lokum’. The planned delivery date for the units is Q2 2023.
Poland – a strategic market for the Dutch fund
Margarethe van der Vorm – head of the investment department – states that the Van der Vorm Vastgoed Group has seen Poland as a strategic market for years, and that ‘Greendustry’ is not the first project of its kind, as the fund has already made more than a dozen similar investments of this type in the Warsaw and Krakow areas. Specialists from our law firm have had the pleasure of advising on all transactions. Each investment is an exciting new venture for us. We make every effort to secure our client’s interests first and foremost during the entire investment process: from the technical and legal audit to obtaining the necessary permits for the project to the negotiations leading to the final sale and purchase agreement.
In the implementation of the transaction involving the purchase of 128 units, we acted in stages. In the first stage, Van der Vorm signed an agreement for the purchase of 50 units. The second stage of the transaction, which was finalised in July this year, involves the purchase of a further 78 units. These are so-called ‘high standard’ units, as our client is focused on expanding its offer with modern and comfortable units, while maintaining a price balance. As a result, the properties in the fund’s portfolio suit even the most demanding customers.
We are delighted to be able to contribute to Van der Vorm’s further success! The investments on which we had the opportunity to advise our client represent an important element in the investment portfolio of this Dutch fund; they are also an extremely valuable part of our portfolio. We hope to undertake further projects together in the future – not only in Krakow!