Despite the challenging real estate financing market, we have continued to grow our property portfolio aggressively throughout the year.
Thanks to several investments in Warsaw residential buildings, the value of our residential portfolio matched the value of our commercial assets for the first time since the company was founded in 2006.
During the year, we successfully acquired 8 large apartments in need of major redevelopment in the best Central Warsaw manor blocks. We completed the full renovation of the flats with the collaboration of our in-house interior designer, and all units are now successfully rented.
We became the largest investor in the iconic Unique Tower building, purchasing an additional 3 large apartments. This includes the only penthouse in the building comprising half of the last 28th floor, with a 270º panoramic views of the City. Each apartment is fitted with top notch luxury amenities, including air conditioning, heated floors, and KNX intelligent house systems. Unique Tower is the only high-rise apartment building in Central Warsaw home to a 5-star hotel (Royal Tulip) as well as luxury apartments on the top floors of the building.
Separately, we acquired several dozen apartments in the very best new construction buildings in Warsaw, such as Central House Mokotów, Apartamenty Ludwiki, Domaniewska 24, and Holm House.
We divested from several commercial properties during the year, achieving high double digit annual returns and reinvesting the proceeds in the residential sector. Our commercial properties continue to perform strongly, with the vacancy rate at around 3%.
Yet again, despite tight financing conditions we dramatically increased our property portfolio in 2023, as well as secured a robust pipeline of projects to keep us busy in 2024.
