Griffin Real Estate, in joint venture with a fund managed by the Real Estate Group of Ares Management Corporation, acquired a 98.04% stake in Murapol SA – one of the most active residential developers in Poland, having sold nearly 3,700 apartments in 2019 and 2,140 in Q1-Q3 2020. With a highly-integrated value chain, Murapol is focused on delivering affordable units to a broad segment of the Polish residential market throughout the country’s largest cities. Murapol Group has been operating in the multi-family housing sector for 19 years, making 66 investments at that time, with nearly 300 buildings and more than 17,300 apartments inhabited by more than 52,000 people. The Company has a business model that is unique in the industry and a rich portfolio of projects under construction and under various stages of preparation. In 2019, the Murapol signed contracts for the sale of nearly 3,700 apartments. The portfolio of projects under construction within the Murapol Group as at the end of 2019 consisted of more than 6,850 apartments with a total usable area of approximately 300,000 square meters, located in 57 buildings as part of 21 investment projects all over Poland. In addition, Murapol has a rich land bank that will enable the company to deliver nearly 17, 700 new units in the future.
From January to September 2020, Murapol Group delivered a total of 2,480 flats, including 1,391 from July to September, delivering the highest number of apartments on the Polish market from all the developer companies. The results are more than 60% better than in Q1-Q3 2019. The company also expanded the land bank and explored potential of the online channel by introducing, as the first developer company in Poland, on-line reservations and meetings with customers.
