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Investment
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operations

SPHERE Asset Management delivers fully integrated solutions for real estate investors in Poland.

Services
& expertise

As your trusted partner, we offer a comprehensive, one-stop service for every stage of the real estate lifecycle. From acquisition, asset management, development, and construction to operations and exit strategies. Our end-to-end expertise ensures seamless execution, helping you navigate the complexities of real estate investment while focusing on optimizing outcomes.

Highlights
& numbers

€ 1.3 BN

total value of past deals

60%

share in living transactions in Poland since 2016

3,000

apartments currently under management

15,000

rental contracts signed over the past 10 years

€ 450 M

assets successfully managed

120,000 m²

total net leasable area managed currently and past

100,000 m²

development & project management of current and past AUM

6,000

managed fit-out works of more than 4,500 apartments and over 1,500 beds in PBSA

Partners

Conall McGuire

Managing Partner

Conall McGuire

Active on the Polish residential market since 2004, providing services for both private and institutional investors. Conall currently oversees operations for a residential property portfolio valued at approximately €500 million. With a hands-on management approach, Conall is actively involved in all aspects of daily operations, including leasing, property management, building administration, technical maintenance and overall user experience. He holds a degree from Dublin Institute of Technology (DIT), Ireland and speaks fluent Polish.

  • Operational Excellence: Actively oversees a €500 million residential portfolio in Poland, ensuring seamless day-to-day operations, from leasing and property management to tenant satisfaction.
  • Residential Market Pioneer: A pivotal player in the Polish residential sector since 2004, serving both private and institutional clients,
  • Client-Relationship Focused: Dedicated to fostering lasting client relationships through responsive management and a hands-on approach.

Marcin Jański

Managing Partner

Marcin Jański

Marcin is a real estate expert with over 20 years of experience in the Polish market. Formerly he was the Head of the Residential Sector at CBRE Poland. Marcin is a Partner in Poland at Crownway Investments, a holding company for real estate and private equity investment, where he leverages his expertise in the development and asset management of both office and residential projects. A Polish native, Marcin holds a Master’s degree from the Wroclaw University of Economics and a post graduate degree from the Warsaw School of Economics.

  • Strategic Investment Expertise: Expert in identifying high-value investment opportunities and enhancing portfolio performance through targeted acquisitions, development initiatives, and asset optimization strategies.
  • Industry Veteran: Brings over 20 years of experience in Polish real estate, with expertise across residential, office, and mixed-use asset classes.
  • Valued by Clients and Investors: Known for driving portfolio growth through strategic insights, communication, and fostering strong relationships.

Maximilian Mendel

Managing Partner

Maximilian Mendel

Maximilian has 20 years of experience in the Polish real estate industry. He was formerly the Managing Director of ZEITGEIST Asset Management in Poland. Before, he served as Head of Living Investments at JLL Poland and was Partner at REAS | Residential Advisors. A native German, Maximilian holds a Master’s degree in Urban Planning from Dortmund University and a PhD from the Institute of Geography and Spatial Organization at the Polish Academy of Sciences. He is a member of RICS and ULI. Fluent in German, English, Polish and Portuguese.

  • Diverse Expertise Across Real Estate: Led and managed a range of portfolios with strengths in investments, operations, development, and asset management.
  • Foundational Leader in Poland’s Living Sector: Extensive track record in transactions and portfolio strategy, pioneering the Polish living sector.
  • Investor Relations Focused: Skilled in cultivating strong investor relationships and enhancing portfolio values.

Tom Leach

Managing Partner

Tom Leach

Tom moved to Krakow in 2003 on the day Poland voted to approve their referendum for accession to the EU. An Oxford graduate in Modern Languages and a RICS member, Tom is the founder and owner of several platforms involved in operational real estate in Poland. He is principally responsible for business development and liaison with foreign investors as well as internally overseeing the day-to-day running of the company including company strategy, recruitment and staff welfare. Aside from his native English, Tom speaks fluent Polish, French and Spanish.

  • Operational and Strategic Management: Oversees day-to-day company strategy, staff development, and operational oversight, ensuring alignment with company values and growth.
  • PRS and PBSA Market Leader: Has played a key role in establishing PRS/PBSA sectors in Poland, bringing new investment opportunities to market.
  • Real Estate Innovator and Founder: Established several operational real estate platforms in Poland, focusing on business development and foreign investor relations.

Our team

Over 50 professionals

SPHERE Asset Management draws on a team of 50+ professionals across Poland, with key hubs in Warsaw and Krakow.

Different skills

The team includes skilled financial and investment analysts, property managers, leasing managers, sales managers and brokers, technical and maintenance experts, valuation specialists, marketing and communication specialists as well as architects and interior designers.

Experience

Puławska 186

  • Mandated by Aurec Capital for buy-side advisory on the purchase of a Build-to-Rent (BTR) project by developer Matexi in Warsaw in 2020. The 210 apartments in the building are operated under the Livup brand.

Trio

  • Buy-side mandate for Bouwfonds IM in 2017 for Kraków’s first-ever Build-to-Rent (BTR) project by an international investor. Subsequently provided buy-side advisory for Van der Vorm in 2022. The project developed by Hines consists of 152 apartments across two residential buildings and 139 beds in purpose-built student accommodation (PBSA). In 2022, engaged by Van der Vorm in the purchase of the building.

Spravia

  • Engaged in the forward purchase of a substantial residential Built-to-Rent (BTR) portfolio by Heimstaden from Spravia (formerly Budimex) in Poland in 2021. This transaction involved the purchase of 2,500 apartments across multiple locations, representing a significant step in expanding Heimstaden’s presence in the Polish market. The partners of SPHERE were involved in this deal in various roles, carrying out amongst others underwriting, due diligence, and fit-out consultancy.

Grzegorzecka

  • Mandated by a developer to seek funding for a 561 bed PBSA project in Krakow with the funding secured from Corestate / Bain Capital.

Pereca 11

  • Retained by Bouwfonds IM on a buy-side mandate, marking for Poland’s inaugural Build-to-Rent (BTR) project by an international investor in Warsaw in 2016. The development was built by Matexi and includes 193 apartments and ground-floor retail space. In 2022, engaged by Catella for the sell-side mandate of the building in its sale to VIG.

Wrzesińska

  • Mandated by Zeitgeist AM on a buy-side mandate on the acquisition of an existing historic building in Warsaw in 2018. The historic building was renovated, and a new adjoining building was constructed, featuring a total of 130 rental apartments and ground-floor retail space.

Rubikon

  • Engaged by G-City (formerly Atrium) to advise on for the forward purchase of a Build-to-Rent (BTR) project in Warsaw’s Włochy district, developed by Agmet. Comprising 541 units, this deal marked G-City’s entry into the Private Rented Sector (PRS) in Warsaw in 2021. The project is now operated under the Urban Home brand.

Górskiego

  • Engaged on a buy-side mandate by Zeitgeist AM on the purchase of a Build-to-Rent (BTR) project by developer BMC in Gdańsk in 2018. The 204 apartments in the four buildings are operated under the Home by Zeitgeist brand.

Marvipol

  • Engaged in the forward purchase of a residential Built-to-Rent (BTR) portfolio in Warsaw by Heimstaden from Marvipol in 2021. This transaction involved the purchase of 636 apartments across three projects. The four partners of SPHERE were involved in this deal in various roles, carrying out underwriting, due diligence, and fit-out consultancy

Koszykarska

  • Retained by Zeitgeist AM for a buy-side mandate on the acquisition of a standing and fully let student housing project in Kraków in 2021. The project was developed by NNSP and includes 345 student beds managed under the Zeitraum brand.

Złota 44

  • Engaged on a buy-side mandate for Catella in Warsaw in 2016 for Poland’s pioneering Private Rented Sector (PRS) project by an international investor. The deal encompassed 72 apartments in the iconic Libeskind residential tower built by BBI Development.

Racławicka

  • Engaged by Zeitgeist AM in the forward purchase of a mixed-use project in Kraków in 2022, developed by Activ Investment. The project features half of the building dedicated to purpose-built student accommodation (PBSA) with 249 beds, while the other half includes 182 units to be operated as serviced apartments, both managed under the Zeitraum brand.

Eiffage

  • Mandated on the buy-side for the forward purchase of two residential Built-to-Rent (BTR) projects with 185 units in Warsaw by Heimstaden from Eiffage, marking the entry of Heimstaden in the Polish Private Rented Sector (PRS) in 2020. The partners of SPHERE were involved in this deal in different roles, including underwriting, due diligence, and fit-out consultancy.

Project YIT

  • Engaged by NREP for the buy-side mandate in the forward purchase of a Build-to-Rent (BTR) portfolio comprising 1,000 units in Warsaw, developed by YIT. This marked NREP’s entry into the Polish Private Rented Sector (PRS) in 2021. The partners of SPHERE were involved in this deal in various roles.

Traugutta

  • Engaged by G-City (formerly Atrium) to advise on a purchase of an under construction Build to Rent (BTR) project. The building located in Wroclaw developed by Toscom has 138 rooms and is currently operational under the Urban Home brand.

Racławicka

  • Mandated by G-City (formerly Atrium) to provide buy-side advisory services and underwriting for the forward purchase of a Build-to-Rent (BTR) asset in Kraków, comprising 109 apartments. The project is currently operated under the Urban Home brand.

LAS

  • Mandated by Probuild to provide sell side advisory services for the sale of an operational PBSA project with extension potential on Prusa in Wroclaw and a site with a building permit for PBSA on Fabryczna in Wroclaw. Both are currently operational under the Milestone brand.

Siennicka

  • Entrusted as property and leasing manager of the Van der Vorm Vastgoed BV project at 29A Siennicka Street in Warsaw. The building offers 119 residential units in a prime location of Praga Południe, just off Minska Street.

Barbary 6/8

  • Appointed by Zeitgeist AM in 2024 to manage the property and assist with rental activities for the Barbary 6/8 building in the heart of Warsaw. This renovated historic building comprises 50 apartments, ground-floor retail spaces, and office space on the top floor.

Czyżyny

  • Entrusted by IMS Budownictwo with the operational management of the Stacja Czyżyny project in 2020. The project has been managed for over 4 years, consisting of 280 apartments.

Greendustry

  • Entrusted by Van der Vorm in 2024 with the commercialization and management of the Greendustry landmark building in Kraków at 6a Romanowicza Street, in the Zabłocie district. The building has almost 130 apartments and offers a wide range of unit types and ground-floor retail space.

Orlińskiego

  • Ramp-up letting executed on behalf of Heimstaden during the Summer of 2023 together with full property management and building administration services. Upon stabilization with all 117 units leased, property management and letting were handed back to landlord.

La Praga

  • Partnered with Van der Vorm to support the acquisition, leasing, and stabilization of the ‘La Praga’ residential building on Radzymińska Street. All 130 units were successfully leased on behalf of Van der Vorm.

Górskiego

  • Oversight of the operational management and letting with an in-house team during the ramp-up period in 2022 after the completion of the development project. After achieving full occupancy with all 204 units leased, property management and letting were transitioned to a third-party provider.

Trio

  • Assignment of the operational management of the Trio project by Bouwfonds in 2017. Following this, the mandate was extended by Catella upon assuming the asset. After the project's sale to Van der Vorm in 2022, the mandate was extended for the third time by the new landlord. The project has been consistently managed by us for over 8 years. It consists of 152 apartments across two residential buildings and 139 beds in purpose-built student accommodation (PBSA).

Steam Park

  • Engaged by Van der Vorm for fit-out design and execution of 20 apartments and retail space, and subsequent letting & management.

Wrzesińska

  • Commissioned by Zeitgeist AM in 2024 to oversee property management and support rental activities for two buildings on Wrzesińska Street in Warsaw's Praga Północ district. The properties include a renovated historic building and a newly constructed adjoining building, offering a total of 130 rental apartments and ground-floor retail spaces.

Krakusa 8

  • Engaged by Van der Vorm for fit-out design & execution of 24 apartments, and subsequent letting & management.

Pereca 11

  • Entrusted by Bouwfonds with the operational management of the Pereca project in 2017, including both property management and leasing. Following this, the mandate was extended by Catella upon assuming the asset. Pereca was managed by us for 6 years until the sale of the project in 2022. It consists of 152 apartments across two residential buildings and 139 beds in purpose-built student accommodation (PBSA).

Fredry

  • Ramp-up letting assistance provided to support Heimstaden’s own letting & property management team throughout 2024.

Myśliwska

  • Ramp-up letting assistance provided to support Heimstaden’s own letting & property management team throughout 2024.

Across Poland

  • Provision of fitout/renovation, letting, property management, insurance and accounting for almost 1,000 different landlords ranging from single unit mandates to taking care of several townhouses. Services began in 2004 in Warsaw and Krakow and by 2009 had spread to encompass 8 other significant cities throughout Poland.

Nowogrodzka

  • The asset management mandate for the 1 ha plot in the very city centre of Warsaw located between Nowogrodzka and Barbary Streets included comprehensive management services encompassing development and project management of a diverse set of functions, including office, residential, retail and hotel spaces. Accomplishments included obtaining conservation permits, zoning decisions and building permits for various parts of the plot. Stakeholder coordination encompassed planners and architects, an external project management team, heritage conservation specialists, and public affairs consultants. Further roles included handling budgeting, valuation, financing, performance monitoring, risk management, and investor reporting.

Wrocław 101

  • Purchase of a city centre site in Wroclaw on tender, receiving building permit, management of the construction process of an A+ class office building, leading the leasing process and current asset management.

Górskiego

  • Following the successful acquisition through a forward funding scheme in 2018, the asset management mandate encompassed oversight of development and project management until the project’s completion by developer BMC in 2022. Operational management and leasing were subsequently handled by an in-house team under the Home by Zeitgeist brand. Once full occupancy was achieved, with all 204 units leased, property management and letting responsibilities were transitioned to a third-party provider. Comprehensive project oversight was conducted throughout, including performance monitoring, budgeting, financing, stakeholder coordination, risk management, and detailed reporting to the investor.

Browar Lubicz

  • Sales and marketing mandate for 300 city centre apartments and lease of 10,000 sqm of office/retail space over 2 phases spanning 4 years in Krakow city centre. Subsequent holding, lease extension and then splitting and disposal of commercial units to 4 different entities to maximize income.

Barbary 6/8

  • Barbary 6/8 The role in the Barbary 6/8 project went beyond traditional asset management to encompass development and project management. This included overseeing the general contractor and fit-out provider for 50 rental apartments, supported by an in-house team of project managers. Responsibilities spanned the entire project lifecycle, including strategic planning, budgeting, valuation, financing, performance monitoring, stakeholder coordination, and risk management. The project was delivered successfully, with a focus on maximizing value and aligning outcomes with investor objectives through detailed reporting and proactive decision-making.

Dunajewski

  • Advice and overall strategy for 7,000 sqm former bank building in Krakow Old Town. Overseeing negotiation with sitting tenants, building administration, letting and property management of commercial and residential tenants. Liaising with architects, lawyers and hotel specialists to create apart-hotel concept. Currently applying for building permit for 111 keys.

Wrzesińska

  • The asset management mandate extended beyond traditional asset management to include development and project management. This involved overseeing the redevelopment of a historic building and the construction of an adjoining new structure, supported by a general contractor and fit-out company, to deliver 130 rental apartments and ground-floor retail space. Additional responsibilities included preparing the leasing strategy and engaging an external property manager. The role also involved strategic planning, budgeting, valuation, financing, performance monitoring, stakeholder coordination, risk management, and investor reporting.

Town Square

  • Purchase of a city centre mixed use retail / office scheme on the Town Square in Wroclaw. Active asset management and simultaneously working on the redevelopment scheme with a building permit for change of use to residential granted in 2023.

Długa

  • The asset management mandate for the property on Długa Street involved a wide range of management services, including development and project oversight. Key achievements included securing good neighbourhood contracts, conservation permits, zoning decisions, and building permits for different sections of the site. Collaboration with stakeholders such as architects, heritage conservation experts, and public affairs consultants was central to the process. Additional responsibilities included managing budgeting, valuation, financing, performance monitoring, risk management, and investor reporting.

Racławicka

  • The asset management mandate for the property at Racławicka Street in Kraków began with finalizing the purchase deal and development agreement, and subsequently included overseeing the construction activities carried out by the developer. Additional responsibilities involved managing budgeting, valuation, financing, performance monitoring, risk management, and investor reporting. The project, featuring half of the building dedicated to purpose-built student accommodation (PBSA) with 249 beds, and the other half consisting of 182 units operated as serviced apartments, was fully leased to Zeitraum.

Sławkowska

  • Representing private Irish clients in 2006 on leveraged purchase of over 1,000 sqm of prime ground floor retail space 50 metres from Krakow’s market square. Lease improvement, extension, splitting of units and sale to Polish end-buyers over next two decades.

Barbary 2a

  • Part of the larger Nowogrodzka/Barbary plot, the Barbary 2a project was managed within the scope of comprehensive asset management, including development management. This led to the receipt of a valid building permit, as well as all necessary heritage conservation permits and a good neighbourhood contract. The role also encompassed strategic planning, budgeting, valuation, financing, performance monitoring, stakeholder coordination, risk management, and investor reporting.

Solec

  • The asset management mandate extended beyond traditional asset management to include development and project management. This involved overseeing the redevelopment and conversion of an existing office building into a modern, purpose-built student accommodation, delivering 222 student beds and ground-floor retail space. Initially supported by a general contractor during the construction phase, the building was later completed under construction management. Upon completion, the student housing was leased to Zeitraum under a long-term lease contract, while the commercial spaces were leased to retailers. The role also encompassed strategic planning, budgeting, valuation, financing, performance monitoring, stakeholder coordination, risk management, and investor reporting.

Wrocław 101

  • Purchase of a city center site in Wroclaw on tender, receiving building permit, management of the construction process of an A+ class office building, leading the leasing process and current asset management.

Długa

  • Oversight of the development management of the project at Długa Street in Warsaw with an in-house team and external architects and advisors. Key milestones included obtaining neighbourhood agreements, conservation permits, zoning decisions, and building permits for various site sections. Collaboration with stakeholders such as architects, heritage conservation experts, and public affairs consultants was central to the process.

Town Square

  • Purchase of a city center mixed use retail / office scheme on the Town Square in Wroclaw. Active asset management and simultaneously working on the redevelopment scheme with a building permit for change of use to residential granted in 2023.

Solec

  • Oversight of the redevelopment of an office building at Solec Street in Warsaw into a modern student accommodation facility, delivering 222 student beds and ground-floor retail. Initially supported by a general contractor during the construction phase, the project transitioned to construction management for completion, managed with an in-house project management team and supported by an external service provider. The redevelopment was successfully finalized and operational in early 2024

Racławicka

  • Supervised construction activities for the Racławicka project in Kraków under a development management agreement, managed by an in-house team and an external project manager. The project featured a mixed-use design, with 249 student accommodation beds and 182 serviced apartment units.

Wielopole

  • Supervised the development and project management of the historic Main Post Office project in Kraków with support from an in-house team, a general contractor, and external architects and advisors. Securing two crucial conservation permits laid the groundwork for obtaining the building permit required for hotel development in line with the zoning plan. Engaging with architects, heritage conservation specialists, and public affairs experts was a key component of the process.

Nowogrodzka

  • Directed the development and project management of the historic telegraph building and four additional project phases within a 1-hectare plot in central Warsaw, spanning Nowogrodzka and Barbary Streets. This multifaceted project included office, residential, retail, and hotel components. Achievements included obtaining conservation permits, zoning approvals, and building permits for different sections of the site. Stakeholder engagement involved planners, architects, project managers, heritage experts, and public affairs advisors, steered with support of an in-house team of project and development managers.

Górskiego

  • Following acquisition through a forward funding scheme in 2018, managed the oversight of the Górskiego project in Gdańsk with an in-house team and an external project management company who were monitoring and guiding local developer BMC. This project, comprising 204 rental apartments across four buildings in the Oliwa district, reached completion in 2022.

Barbary 2a

  • As part of the broader Nowogrodzka/Barbary project, the development management mandate for the Barbary 2a project in Warsaw was carried out with an in-house team and in cooperation with external architects and advisors. Key accomplishments included securing all necessary heritage conservation permits and obtaining a valid building permit.

Wrzesińska

  • Directed the development and project management of the Wrzesińska project, involving the redevelopment of a historic building and the construction of a new adjoining structure. The project, supported by a general contractor and a fit-out company, delivered 130 rental apartments and ground-floor retail. Coordination of architects and advisors by an in-house team of project managers was integral to the project’s success.

Barbary 6/8

  • Managed the redevelopment of Barbary 6/8 in central Warsaw, part of the larger Nowogrodzka/Barbary scheme. Oversight included coordinating the general contractor and fit-out provider for the creation of 50 rental apartments. Supported by an in-house project management team, the development was successfully completed at the end of 2024.

Multiple cities

  • Managed the fit-out of more than 4,500 residential units and 1,500 beds in purpose-built student accommodation in Gliwice, Katowice, Krakow, Swinoujscie, Rzeszow, Wroclaw, Szczecin, Lodz, Poznan and Warsaw.

ESG

At SPHERE, we integrate Environmental, Social, and Governance (ESG) principles into our real estate investment strategies and into every aspect of our construction and operational practices, creating long-term value for our investors and partners while contributing to a sustainable future.

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Environmental

We are committed to reducing environmental impact by employing sustainable construction practices, energy-efficient solutions, and eco-friendly materials. Our focus is on delivering projects that align with global environmental standards and meet investor expectations for green solutions.
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Social

We strive to create vibrant, inclusive communities and prioritize the well-being of tenants and local stakeholders. Our team of 50 professionals is dedicated to fostering positive social impact through thoughtful design, community engagement, and responsible operational practices.
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Governance

We adhere to transparent decision-making, ethical business practices, and efficient asset management. With a strong emphasis on accountability, we build trust and deliver results for our investors and partners.
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