A joint venture between a fund managed by the Real Estate Group of Ares Management Corporation and Griffin Real Estate announced the acquisition of a 98.04% stake in Murapol SA, a leading Polish property development company. The value of the deal was not disclosed.

Murapol is one of the most active residential developers in Poland, having sold nearly 3,700 apartments in 2019. With a highly-integrated value chain, Murapol is focused on delivering affordable units to a broad segment of the Polish residential market throughout the country’s largest cities. At present, Murapol has a large pipeline of approximately 17,700 units under development.

“We are pleased to be partnering with Griffin to acquire one of the most established residential developers in Poland. Murapol has a solid track record of delivering product to the market as well as a strong pipeline for future growth,” said John Ruane, Partner and Co-Head of European Real Estate Equity at Ares. “Poland is one of Europe’s most undersupplied residential markets and exhibits strong demand fundamentals. This acquisition extends our longstanding track record in Poland and aligns with our strategy of investing in residential across Europe’s major markets.”

“Murapol has strong core operations and significant opportunity for further growth in one of Europe’s most active residential markets,” said Piotr Fijolek, Senior Partner at Griffin Real Estate. “Additionally, the Murapol acquisition means adding a new, significant business partner to our practice.”

“For the last two years, we have been focused on core property development activities, and we believe that this new partnership with Ares and Griffin will allow us to grow even more rapidly,” saidNikodem Iskra, President and CEO of Murapol.