WSE-listed, state-controlled real estate group Polski Holding Nieruchomości (PHN) wants to increase the value of its portfolio to PLN 6 billion by 2023. PHN’s assets are currently valued at PLN 2.5 billion, the company said in its strategy update.
PHN plans to spend PLN 700 million on new commercial real estate, which would generate rental revenues. Yield on the property portfolio is expected to increase to 6 percent from the current 4.3 percent.
PHN plans to develop 75,000 sqm GLA of office space in Warsaw and 60,000 sqm GLA on the regional markets. On residential market, PHN wants to increase its portfolio by some 70,000 sqm per year till 2023. The company will also be active on the hospitality market, planning to launch a hotel project every three years, with Marriott Moxy and Residence Inn being the first ones.