Interview by Morten Lindholm

WBJ: Vastint has operated in Poland for over 30 years. Has it been a straight growth line? Can you tell us about the journey?

Roger Andersson: Vastint is a real estate company with a clearly defined long-term strategy. Since 1992, when we began our exciting journey on the Polish market, we have been committed to our projects and our clients, focusing on the sustainability of the developments in which we are involved.  

For many years, we were associated exclusively with the commercial real estate sector, but we have diversified our business, and it is currently based on three pillars - developing projects and managing assets in the office, hotel, and residential segments.

Upon entering the residential market, drawing from the Scandinavian experience, we decided to revolutionize it slightly. In all our residential projects, we start the sale process only after the completion of the construction works, and we hand over the apartments in a finishing standard that allows you to move in on the first day after the purchase. Thus, the sales model differs from that traditionally used on the Polish market, when the transaction is concluded at the "hole in the ground" stage. This strategy applies to all our residential developments.

Do you measure the total value of what you have built and how you have improved life in Poland? Do you keep all your projects, or do you sell some also? Could you share some numbers?

We have built an effective real estate portfolio with a current market value of 800 million euros. We have also secured several new projects. There are over 500,000 m2 of space in the pipeline, including approximately 150,000 m2 of offices, nearly 20,000 m2 of hotels and more than 357,000 m2 of residential space. We plan to deliver nearly 6,000 apartments over the next five years. 

As a rule, we keep completed properties in the portfolio for further management. However, in times of prosperity and increased investor interest, we can decide to sell. Four years ago, among others, we sold seven buildings constructed in the Business Garden's first stage in Poznań and Wroclaw. These transactions prove the attractiveness of Polish regional cities, which offer assets with excellent potential. By the same token, they are also a confirmation by the market of the high quality of the Business Garden projects.

I visited you in the Business Garden project in Warsaw when it opened in 2013, and I remember feeling ‘WOW!’ about the design, quality, and size. Was it one of the largest transformative projects at that time?

The concept of our business parks has permanently redefined the way in which modern workplaces are created. Our idea was innovative because we focused on users’ needs and environmentally friendly solutions. The result has been unique projects with an above-standard proportion of green areas, which create a pleasant atmosphere for the office buildings' eye-catching architecture and also provide employees with relaxation and sports zones. This is a completely new kind of work environment.

Even 20 years after the idea was conceived, Business Garden projects have not lost their appeal. On the contrary, they remain attractive to tenants because they not only offer high-quality office space and a wide range of amenities, but they also include emotional benefits and a sense of belonging to a larger community.  

You have other and maybe even more impressive projects in the pipeline. Let’s talk about them one by one. First, my personal favorite - Stara Rzeźnia – the old Slaughterhouse in Poznan. Can you give us an idea of what the project entails, how big it will be, your ambitions for the project and when you expect it to open in its full scale? 

Stara Rzeźnia has existed on the map of Poznan for more than 100 years, and we are thrilled that once it is put into use in the next five or six years, it will continue to serve future generations of city dwellers.

We recently had the opportunity to present the project’s concept for the first time. This innovative new plan for the area’s development also reflects our respect for the location’s identity and history. Historic buildings, under the care of the conservator of monuments, will be meticulously restored. Brick facades will regain their former glory and original appearance. The interiors will be adjusted to suit new functions and any new construction. These post-industrial buildings will then be complemented by modern architecture.

The entirety will create a coherent framework for new workplaces, housing, crafts, cultural, retail, service facilities and restaurants. The scale of the investment and the heterogeneity of the project will create a space open to the public and friendly to everyone. It will be conducive to social integration and attract crowds of passers-by, regulars, friends, and entire families. 

I look forward to the moment when I can go there for my morning coffee and stay until an evening dinner with friends.

Another huge project is Airport Village, what, and where is that?

Airport Village is a very special project for several reasons. First, it will be built on Żwirki i Wigury Street near Okęcie Airport. Building near airports is not yet popular in Poland, but in our opinion, this very location is one of the advantages of this development. Secondly, the urban planning concept of Airport Village is based on Ebenzer Howard's idea of a Garden City. 

A new local center with a diverse functional program will be built on a 15-ha site. There will be apartments, offices, restaurants, small service outlets, and educational and medical facilities thoughtfully arranged in individual zones. The open layout of the site plan will be integrated with greenery and recreational areas and centered around a central park. The project will not have a "bedroom" suburban character. On the contrary, we want it to be a people-friendly, open, functional and, above all, self-sufficient place.  

We still have to wait for this project. There is a whole permit process ahead.

Your Gdynia Waterfront project. What an excellent location. Is the project finished?  Is it for both residential and office use?

This is a particularly important project for the city and a future center for businesses, services, recreation and meetings for the residents of Gdynia and the many tourists who visit the area. In addition, its prestigious location with direct access to the water will make the complex a multi-colored and vibrant heart of the area.

The essence of the complex is its multifunctionality, well-planned architecture, its large number of public spaces, and the general accessibility of almost the entire area. Despite this diversity, the whole premise is functionally logical and visually consistent. This type of urban design has been a visible new quality in Polish architecture for several years. It constitutes a phenomenon whose significance for Polish cities can hardly be overestimated, and the involvement of one of the best architectural studios in the country and an experienced investor guarantees a sustainable and user-friendly development.

The part of the complex currently under construction includes two residential buildings and two office buildings, while the third and final phase will include two hotels, conference and spa spaces, numerous commercial establishments, and public facilities, including a cinema. An important element of the concept is the arcades with a public square and landscaping that highlights the various functional zones of the future development with an estimated area of 75,000 m2.

The time of ESG is upon us. How is Vastint preparing for the new requirements in sustainable building methods, modern technology and general care of our world and people?

As I mentioned before, we have a long-term perspective on our business, and we recognize a responsibility not only towards our coworkers and customers but also to suppliers, business partners, and the community as a whole. We know that long-term thinking, responsible business practices, and profitability go hand in hand. 

As we develop our own portfolio, we actively manage the process to ensure a high level of sustainability and other ESG considerations in our business activities. Our buildings are becoming part of people's lives, so they must respond to people's needs, be health-friendly and, most importantly, be sustainable.

The Vastint Group can boast over 70 certified properties in Europe, including five of the 30 highest-scoring LEED-certified properties in the world. Vastint has completed some of the first sustainable buildings in several of the countries where it is active. Business Garden Riga was the first office complex that received LEED certification in Latvia and the Courtyard Brussels EU hotel is the first LEED-certified project of this type in the Benelux countries. The Riverview housing estate in Gdansk is the first to receive LEED certification in its category in Poland.  Altogether, 35 of our buildings have undergone an environmental certification process in Poland. 

On top of that, we work actively on measuring and improving the use of different media, utilities, and services to ensure that the result is positive both for the economic competitiveness of the buildings, as well as reducing their carbon footprint.