Cornerstone Partners, a corporate and real estate private equity investment manager, together with Crestyl Group, a Czech leader in developing multi-purpose real estate projects, have entered into a contract to buy Polish residential developer Budimex Nieruchomości for €330 million ($400 million).
“This acquisition is a first step to build a leading player in both residential for sale, as well as the PRS sector,” says Paweł Dębowski, managing partner at Cornerstone Partners. “Together with Crestyl Group, we plan to turn it into a major player in CEE.”
The long-term outlook for Poland's housing market is positive. Despite consistent growth, the number of apartment units in Poland per 1,000 inhabitants is still significantly lower than the E.U. average.
Omar Koleilat, CEO at Crestyl Group, adds: "It is why we are very excited to enter the Polish market. Its residential sector, still very fragmented, presents us with enormous opportunities. This partne
