Apartments for Rent Fund to launch in Q1/Q2 2014

The Apartments for Rent Fund, a program set up by state-owned lender BGK, will be launched at the end of Q1 2014, or in early Q2, Piotr Kuszewski, head of Capital Investment at BGK, told PAP. The bank wants to spend at least several hundred million złoty on apartments in the first year of its operations. The fund’s aim is to acquire entire apartment blocks from developers and then rent them out to individuals at preferential rates. Altogether, BGK plans to invest PLN 5 billion in residential real estate, the majority of which will be spent in 2015-2016, Kuszewski said.   /bks