Lending transaction worth PLN 355 million related to refinancing of the housing assets portfolio is the first joint venture of Resi4Rent and ING Bank Śląski, being also the first example of the ING Bank’s financial involvement in institutional rental sector in Poland.

The financing covers four newly built residential investments in Warsaw, Wrocław and Łódź, offering a total of over 1,200 apartments for rent. The obtained funds allow the investor to further develop the platform of subscription apartments. ING has acted as sole arranger and lender in this financing.

- Cooperation with ING Bank Śląski confirms that the business model, as a result of which we have introduced a new product to the market – subscription apartments, delivers the desired effects and makes us a reliable business partner. The concluded contract is a crucial stage in Resi4Rent's development, and the financing obtained unfolds opportunities for further effective operations. Today, we are the largest professional operator of apartments for rent in Poland, and our portfolio includes 8 investments in 5 cities, offering a total of over 2,300 premises. I am delighted that our brand has attracted ING's attention to the corporate rental sector of apartments – says Rafał Ryba, CFO Resi4Rent.

- We are pleased we could contribute to the expansion of the Resi4Rent platform. Thanks to overall size of the Polish market, high quality stock and favorable demographics, the institutional residential rental sector is becoming very interesting part of the Polish commercial real estate landscape. We are pleased that we could roll out our first financing in this emerging sector, notably with such experienced investor and operator like Resi4Rent – adds Artur Niski, Investment Director at ING Bank Śląski SA Real Estate Financing Department.

Resi4Rent was established in 2018. It is a joint venture of Echo Investment, a Polish developer listed on the Warsaw Stock Exchange, holding 30% of shares, and one of the leading international fund management companies holding 70%.

ING Bank Śląski, being a part of the ING Group, is one of the largest banks in Poland, providing services to both retail and corporate clients, including international corporations and major financial institutions. The ING Group, operating via its Real Estate Finance unit, is one of the leading creditors engaged in commercial real estate financing – cooperating with clients in Europe, the United States, and Asia, its portfolio is worth around EUR 30 billion. ING provides tailor-made real estate finance solutions for a variety of asset types, including office, retail, industrial, and logistics space.