Press release
8.11.2021
The construction of over 800 modern living units have started at the intersection of Postępu and Domaniewska Streets in Warsaw. The development brings a much-needed change to the traditional office area of Mokotów by introducing modern living project with vast amount of common areas and services thus accelerating the trend of a ’15-minute city’. The project has been developed by YIT for the leading Nordic real estate investor NREP. Unibep has been chosen as the general contractor. Smartti Mokotów will be the largest professionally run lease facility in Poland.
- The project will bring new life into the Mokotów district. It was designed to meet the increasing demand for 1-2-person households i.e. commuting professionals, singles or divorcees, and couples, looking for modern living solutions with a community vibe. Every living unit will be fully fitted out and furnished – with modern kitchens, bathrooms and balconies. In addition, the project will contain vast amount of complementary facilities – we expect to see a restaurant, a gym, and plenty of space for working or relaxation. There is also an open-air gym planned on the rooftop garden. - explains Rune Kock, Partner and Head of Living at NREP.
Smartti Mokotów is being built in the direct neighborhood of offices, universities and shopping centers. Its creation is in line with the ’15-min city’ idea developed worldwide in an aftershock of the COVID pandemic. It is an urban concept where most of the daily needs can be met on foot or by bike from the residents' homes.
- We started to develop this area, with an objective to bring the much-needed change to the heart of Mokotów, by bringing in modern living solutions and reducing the traffic. Therefore, finding the investor that shares similar business and ethical values and will develop this site together with us was crucial. The cooperation with NREP is particularly important for YIT, as it allows us to shape the professional rental market over the Vistula River. - summarizes Tomasz Konarski, CEO of YIT in Poland.
The units for rent will be offered in the professional lease model, ensuring transparent and flexible contracts and high quality of service, both on short- or long-term, with clear pricing known in advance. This project marks a significant increase into the PRS market, which is still at its beginnings in Poland, and currently estimated to account for 0.3% of Polish rental stock.
- The private rental offering in Poland is growing, but still in its infancy compared to Denmark, Sweden or Finland, where 30-40% of the population rents their dwelling. Only 16% of Poles rent their homes, and we see demand for modern, customer-friendly rental options of high quality, much like what we provide successfully to the Nordic capitals. We are very happy to be able to bring this product to the Polish market. - adds Kock.
In the transaction announced in June 2021, leading Nordic real estate investor NREP signed a contract to more than 1000 units in Warsaw from YIT, Finland’s largest urban construction company. The purchase included two stages of Smartti Mokotów, Parkur Residence on Ursynów and Nordic Bemowo investments. On Nov, 5th the foundation stone laying ceremony at Smartti Mokotów construction site took place. The ceremony was attended by representatives of the investor, developer, and the general contractor and by the Ambassadors of Denmark and Finland.
In the whole process YIT is responsible for the design and construction of the investment. Work commenced now on the first stage of the project, and overall, more than 800 units will be built over two stages. This is NREP's first project in the professional lease market located outside the Nordic countries. NREP operates over 10.000 such units across the Nordics and is known as a forerunner in providing high quality living solutions meeting needs of modern renters.
About NREP:
NREP is a real estate investor that develops, operates, and innovates to improve the built environment, for the benefit of all stakeholders. NREP takes a long-term approach to value creation across its main segments: Living, Logistics, Care, Offices and Technology. The company has more than 400 employees and manages 5.5 million square meters of real estate. Assets under Management is €12.5bn, with investments across Denmark, Finland, Sweden, Norway, and Poland. NREP averages more than one investment per week and is recognized as a pioneer within sustainability, customer centricity and use of technology. For more information, visit www.nrep.com
For further details, contact:
Anna Groß, Mariel & Haan Communications, +49 15207157198, anna.gross@marielhaan.com
Patrycja Rabińska, Mariel & Haan Communications, +48 504006016, patrycja.rabinska@marielhaan.com
About YIT:
YIT is the largest Finnish and a significant North European urban developer and construction company. YIT’s goal is to create more sustainable, functional and attractive cities and living environments. YIT develops and build apartments, business premises and entire areas, also specializing in demanding infrastructure construction. YIT owns properties together with its partners, supporting the implementation of significant development projects. YIT employs approximately 7,400 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland. YIT revenue in 2020 was approximately EUR 3.1 billion. YIT Corporation’s share is listed on Nasdaq Helsinki Oy.
