Murapol is one of the largest and most experienced residential developers in Poland, active on the Polish market for over 25 years. Since its inception, until the end of 2025, the company carried out 102 multi-stage residential investments, in which 485 buildings were constructed, containing over 34,800 apartments.
Murapol has a well-diversified landbank in both larger agglomerations, such as Warsaw, Cracow, Wroclaw, Poznan, Lodz and the Tri-City, as well as smaller towns with a large potential for housing development activities. The company focuses on the broadest, affordable segment of the residential market. Thanks to its uniquely integrated business model, the company consistently delivers strong cashflow and high margins.
In Q1 2020, a majority stake in the company was acquired by a joint venture between a fund managed by the Real Estate Group of Ares Management Corporation and Griffin.
Under Griffin and Ares ownership several value creation initiatives were implemented, including ESG reporting, the disposal of non-core assets and recovery of some written-off assets as well as the replacement of an expensive and complex financing structure with a covenant-light facility provided by two senior lenders. A number of operational improvements were also introduced, including the implementation of a CRM, the launch of a new website featuring 3D visualisations, and the deployment of a new accounting system. In addition, changes to the business model included the introduction of the PRS segment, which created a fully complimentary revenue stream alongside the existing residential-for-sale business.
Following the successful implementation of these value creation initiatives, the bottom line of the business increased by 2.5x.
In December 2023, Murapol successfully completed its IPO on the Warsaw Stock Exchange. It was the second largest IPO in CEE in 2023, the largest real estate IPO in Europe since May 2022 and the first successful listing on the WSE since 2020. Griffin participated in the IPO, increasing its stake in the company.
Following the IPO Ares Management Corporation fully exited its shareholding in Murapol through three subsequent ABBs completed over a relatively short period of time – in Q2 2025, Q4 2025 and Q2 2026. Griffin, together with one of the largest Polish Family Offices, participated in ABBs.
As a result, Griffin is currently the largest shareholder of Murapol, and together with one of the largest Polish Family Offices, holds a controlling stake in the company
