Syrena Real Estate has sold its first PRS project at 171 Wolska Street in Warsaw. The new owner is the Belgian company Xior Student Housing NV, the market leader in student housing in Europe. The transaction value was 12 million euros, making it the second successful sale of a stabilised PRS project in Poland.

Located at the intersection of Goleszowska and Wolska streets in Warsaw, the building was PRS Syrena Real Estate's first independent project. The company purchased the property from Dantex Holding in October 2022 using its own funds, and then carried out the finishing work and commercialised it in a record time of two months. Thanks to effective management, the property was almost fully occupied throughout the entire period of ownership, and rental rates increased by an impressive 33%. It is worth noting that 100% of the lease agreements were denominated in euros.

‘We are proud of this transaction – our return on capital was 35% in just two years,’ comments Witold Zatoński, founder of Syrena Real Estate. ’We have proven that fully let and stabilised PRS projects in Poland are attractive assets for core investors. In particular, rental income from apartments is characterised by steady growth and much more stability than in other commercial real estate sectors.

The building offers 117 modern, fully furnished and air-conditioned apartments and 400 sqm of commercial space on the ground floor, which is occupied by the LUX MED Group's dental clinic. The location – just 200 metres from a tram stop – ensures quick access to the city centre and universities such as the University of Warsaw and the Medical University of Warsaw.

‘This is further proof that the Polish PRS market is gaining liquidity and maturing,‘ says Artur Kaźmierczak, partner at Syrena Real Estate. “Although we are selling this building, we are by no means saying goodbye to the ”living’ sector. We still have ambitious plans in both PRS and PBSA (student housing).’

Xior Student Housing is the first Belgian listed company specialising in student housing. It is present in eight European markets and manages more than 21,000 beds in 42 cities. In Poland, Xior is already operating in Warsaw, Katowice, Łódź and Kraków, and is planning to debut in Wrocław soon.