Kajima Properties Europe has closed a €183m five-year debt facility for its Student Depot portfolio, marking one of the largest PBSA refinancing deals in Central Europe this year. The transaction, arranged by a consortium of PKO Bank Polski and ING Bank Śląski, will refinance 10 existing assets and fund 1,000 new beds in Warsaw and Gdansk.
The refinancing delivers significantly improved terms for the platform, which operates nearly 4,600 beds across seven Polish cities, including Warsaw, Kraków, Gdansk, Wroclaw, Poznan, Lodz and Lublin. PKO Bank Polski acted as Lead Arranger, Agent, Security Agent, Account Bank and Original Lender, whilst ING Bank Śląski served as Arranger and Original Lender.
What makes this deal particularly compelling for institutional investors is the underlying supply-demand imbalance: Poland has more than 1.2 million students, yet only 1.5% secure places in modern private accommodation. This structural shortage, combined with Student Depot's market-leading position, creates a defensive asset class with significant expansion potential in a country where university enrollment continues to grow, and student mobility remains strong.
The transaction reflects mounting institutional confidence in Polish PBSA, a sector that has historically underperformed its Western European counterparts in terms of institutional capital allocation despite comparable fundamentals. With construction costs stabilising and financing conditions improving, the refinancing signals a potential inflection point for development activity in the region.
Jan Trybulski, Head of Poland at Kajima Properties Europe, said: "This refinancing marks an important milestone for Student Depot and KPE. The support of PKO Bank Polski and ING Bank Śląski reflects the strength of Student Depot's assets and operations, as well as confidence in the Polish student housing market and the disciplined execution of KPE's long-term strategy. It further reinforces Student Depot's position as the leading PBSA owner-operator in Poland and supports the continued growth of its portfolio."
Legal advisors on the transaction included White & Case, representing Kajima Properties Europe, and DLA Piper, representing the banking consortium. The new developments in Warsaw and Gdansk are scheduled to break ground early next year.
People mentioned:
- Jan Trybulski, Head of Poland, Kajima Properties Europe
Companies mentioned:
- Kajima Properties Europe, Pan-European development and investment management arm
- Student Depot, Purpose-built student accommodation operator
- PKO Bank Polski, Lead Arranger, Agent, Security Agent, Account Bank and Original Lender
- ING Bank Śląski, Arranger and Original Lender
- White & Case, Legal advisor to Kajima Properties Europe
- DLA Piper, Legal advisor to banking consortium
- Kajima Corporation, Parent company
Image Source: Kajima Properties Europe
