EBRD Lends €100 Million To TAG’s Vantage Development To Boost Green Residential Housing In Poland
By Nigina Mirbabaeva
Loan to support development of green apartment buildings in Poland
The European Bank for Reconstruction and Development (EBRD) is supporting the development of high-quality, energy-efficient residential housing in Poland through a €100 million(US$107.64million) loan to the Polish subsidiaries of Vantage Development, a leading residential-for-rent developer and operator, ultimately owned by Germany’s TAG Immobilien.
The EBRD’s loan will enable Vantage to build and operate a portfolio of rental apartments across the country and help address the chronic housing shortage affecting Polish citizens and Ukrainian refugees who have resettled in the country. It will build approximately 3,000 new apartments, supporting Vantage’s long-term goal of creating a portfolio of around 10,000 rental apartment units in Poland.
Despite the growth of residential development in Poland in recent years, there is still an acute shortage of housing. Approximately 1.5 million housing units are needed to meet the demands of the local population, foreign residents and the significant number of Ukrainian refugees.
This is the Bank’s fifth transaction in the private rental sector in Poland in the last two years, reflecting the growing demand for new housing, to address Poland’s systemic housing shortage.
All buildings financed by the EBRD will be developed in accordance with high energy efficiency standards, exceeding Poland’s “nearly Zero Energy Buildings” (nZEB) requirements by at least 10 per cent, in line with the Bank’s Green Economy Transition (GET) approach. This will foster a greener, more energy-efficient housing stock in Poland, contributing to the country’s decarbonisation goals.
Vantage is a leading developer and operator of residential-for-rent projects in Poland. It is ultimately owned by TAG Immobilien, a leading residential-for-rent provider in Germany.
The EBRD is among the leading institutional investors in Poland. Since the start of its operations in the country in 1991, the Bank has invested more than €14.9 billion in 542 projects. Last year the Bank invested a record €1.3 billion in Poland.
