Kajima Properties Europe secures refinancing for Student Depot portfolio

Poland: Pan-European development and investment management arm Kajima Properties Europe (KPE) has secured PLN 770 million (€183 million) in five-year financing to refinance its Student Depot student accommodation portfolio in Poland.

The refinancing will be used to refinance ten existing Student Depot assets and fund the development of new schemes, including around 1,000 additional beds in Warsaw and Gdańsk. Construction on the new developments is expected to start in the new year.

PKO Bank Polski acted as lead arranger, agent, security agent, account bank and original lender, while ING Bank Śląski acted as arranger and original lender.

The facility, denominated in the Polish złoty, was provided by a banking consortium led by PKO Bank Polski and ING Bank Śląski.

The transaction comes as demand for PBSA in Poland continues to outstrip supply. The country is home to more than 1.2 million students, yet only around 1.5% are housed in modern private student residences.

Jan Trybulski, head of Poland at KPE, said the refinancing supported the platform’s long-term growth strategy and reflected lender confidence in the Polish PBSA market.

Legal advisers on the transaction included White & Case, acting for KPE, and DLA Piper, acting for the banking consortium.

Highlights:

Kajima Properties Europe secured PLN 770 million (€183 million) in five-year financing to refinance and expand its Student Depot purpose-built student accommodation portfolio in Poland.

The refinancing, provided by PKO Bank Polski and ING Bank Śląski, will refinance 10 existing PBSA assets and support the development of 1,000 new student beds in Warsaw and Gdańsk.

The deal reflects continued institutional lender appetite for student housing in Poland, where demand for modern PBSA significantly exceeds supply.

Student Depot remains Poland’s largest PBSA owner-operator, managing nearly 4,600 student beds across seven major academic cities.