10. März 2016
Peakside completes over €550million of CEE transactions in 2015
In English language only
Business poised for active 2016 with new investor commitments
Peakside Capital (“Peakside” / the “Company”), a specialist European real estate private equity firm, announces that its Central and Eastern European team completed over €550 million of transactions in 2015, together with substantial asset and debt management activities.
Key highlights for the year included:
- Office and retail acquisitions of approximately €180 million comprising 76 properties located in Poland and the Czech Republic
- Sale of 16 assets located in Poland, the Czech Republic and Hungary for approximately €140 million in total.
- Debt management activities resulted in the origination of over €230 million of third-party debt at accretive rates
- As part of the team’s focus on value creation amongst the existing assets, Peakside's CEE team successfully leased over 80,000 square meters of office and retail space in Poland and the Czech Republic, securing new 10-year leases with Ahold (Albert supermarkets brand)
and BZ WBK, the Polish bank whose main shareholder is the Santander Group.
- Formed a joint venture in Poland with an internationally-active, institutional investor to acquire three office assets with value add potential
- Established an asset management presence in the Czech Republic to execute the business plan for 72 assets acquired from Atrium
- Finally, a sovereign wealth separate account mandate that works exclusively with Peakside in the CEE increased its commitment by almost double which provides Peakside's CEE team with capital allowing the pursuit of opportunistic investments in excess of €100 million across the region during 2016.
Stefan Aumann, Managing Partner and Head of Asset Management of Peakside Capital, commented:
“2015 was a highly active year and saw the business make substantial strides, further deepening our expertise and capability in the CEE region and strengthening our relationships with new and existing clients.”
Otis Spencer, President of Peakside Polonia Management and Managing Director for Peakside’s CEE business, added “It is particularly exciting to be starting 2016 with opportunistic buying power in excess of €100 million for which we will target mispriced or undermanaged commercial properties and for the establishment of development joint ventures. In addition, we look forward to being active in the core/core plus space on behalf of a Singaporean-based REIT looking to establish an office portfolio in Poland for which Peakside is their exclusive advisor."
For further information, please contact:
Dido Laurimore / Clare Glynn, FTI Consulting
Tel: +44 (0)20 3727 1000
Notes to editors:
Peakside Capital (Peakside) is a specialist European real estate private equity firm. Peakside is owned by its employees and was established) in September 2010. As of Q4 201, Peakside managed investments across four different European countries, totalling over €1.0billion in gross asset value.
Peakside provides fund management and investment advisory services for managed portfolios which include its four real estate funds and a significant number of separate investments:
- Peakside Real Estate Fund I (PREF I), a pan-European opportunistic fund with EUR 261 million of capital commitments, is focused on active asset management opportunities across Europe;
- Peakside Real Estate Fund II (PREF II), a opportunistic fund which is focused on active asset management opportunities in Germany;
- Polonia Property Fund I and Polonia Property Fund II, core funds with c. EUR 160 million of capital commitments, managed by Peakside Polonia Management (PPM), Peakside’s Polish subsidiary, which are focused on core and core plus opportunities across Central and Eastern Europe; and
- One separate managed account for a sovereign wealth fund.
With offices in Germany, Switzerland, Poland, Czech Republic, Luxembourg, and the Cayman Islands, Peakside currently employs more than 30 professionals. Peakside’s team has worked successfully together for a number of years, investing across a range of transactions, investing across asset classes ranging from direct single assets and portfolios to distressed debt and private equity investments in real estate operating companies. The firm’s management has a strong track record of delivering outstanding results across the sector.