1. Oktober 2012
Peakside secures €106 million refinancing from Westimmo for Polonia Property Fund II retail assets
In English language only
Peakside Capital (“Peakside” / the “Company”), a specialist European real estate private equity firm, announces that Peakside Polonia Management (“PPM”), its recently acquired Polish subsidiary, has secured refinancing exceeding €106 million from Westdeutsche ImmobilienBank AG (“WestImmo”), secured against three Polish retail outlet centres.
The facility has been provided to fund the ongoing management initiatives at the Fashion House Outlet Centres in Poland acquired and developed by the Polonia Property Fund II (the “Fund”) between 2007 and 2008. The assets, which trade under the Fashion House Outlet brand, are situated in the primary cities of Poland, Warsaw, Gdańsk and Sosnowiec.
- Fashion House Warsaw comprises 17,194 sqm of gross lettable area (“GLA”) together with 1,057 parking spaces and is currently 99% let. The property was purchased by the Fund on 27 August 2007.
- Fashion House Gdańsk is 90% let and comprises of 16,647 sqm GLA in addition to 770 parking spaces. This outlet was acquired by the Fund on 12 February 2008.
- Fashion House Sosnowiec consists of 16,765 sqm GLA, with 1,100 car parking spaces and is currently 94% let. This asset was purchased by the Fund on 12 February 2008.
Stefan Aumann, founding partner of Peakside, commented: “Having recently completed the acquisition of PPM, this refinancing demonstrates the rapid progress being made in our plans to grow and develop our Polish business and execute our asset management plans for these centres. Our ability to secure financing in today’s constrained debt markets is not only testament to the strength of PPM’s business, but is also indicative of the excellent performance and future potential of these assets.”
Claus-Jürgen Cohausz, Chairman of the Managing Board of WestImmo, added: “We are very pleased to provide our long term client, Peakside Polonia Management, with our continuous financial commitment. Finance to the amount of €106 million provides clear evidence of WestImmo’s strength and desire to be a reliable partner for our customers. With Peakside joining forces with the team of experts already managing Polonia Property Fund II, we are convinced that the excellent performance of its Fashion Houses will be additionally strengthened."
For further information, please contact:
Stephanie Highett / Daniel O’Donnell/ Faye Walters
Tel: +44 (0)20 7831 3113
Notes to editors:
Peakside Capital (Peakside) is a specialist European real estate private equity firm. Peakside is owned by its employees and was established following a spin out of the European Real Estate Principal Investments (EMEA REPI) division of Bank of America Merrill Lynch (BofAML) in September 2010. As of Q3 2012, Peakside managed 43 investments across 9 different European countries, totalling over €2.0 billion 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;
- 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 recently acquired Polish subsidiary, which are focused on core and core plus opportunities across Central and Eastern Europe;
- Bosphorus Real Estate Fund I (BREF I), an opportunistic fund with EUR 204 million of capital commitments, which is focused on Turkey; and
- A portfolio of European real estate investments held directly or indirectly by clients.
With offices in Switzerland, the UK, Poland, Luxembourg and the Cayman Islands, Peakside currently has 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.