BGK Nieruchomości registered

State-owned lender BGK has registered its subsidiary BGK Nieruchomości which is set to operate a portfolio of residential properties which it will rent out at preferential rates. BGK wants to acquire the first assets in Q2 2014 and start renting them out at the end of 2014. BGK plans to purchase some 20,000 apartments for a total sum of PLN 5 billion. It will buy entire apartment blocks in Poland’s major cities: Warsaw, Kraków, Wrocław, Gdańsk, Poznań and Łódź. Only 17 percent of dwellings are rented apartments, while the EU average stands at 33 percent. In Germany as many as 46 percent of all apartments are rented.