2. August 2017
PEAKSIDE CAPITAL FULLY COMMITS PREF II FUND FOLLOWING FRANKFURT OFFICE ACQUISITION
Peakside Capital, the independent, owner-operated real estate investment manager with offices in Frankfurt, Warsaw, Prague, Zug (CH) and Luxembourg, announces that it has now fully committed its PREF II fund.
The fund, which invests in value-add and opportunistic real estate in Germany, has been fully committed within 18 months, a full 12 months ahead of the agreed ending of the investment period. Including co-investments, the aggregated project volume of the fund amounts to more than €600 million.
In the past four months, Peakside Capital has signed or closed its final three transactions for PREF II, including the most recent acquisition of Theodor Heuss Allee 108 in Frankfurt, which it acquired from a closed ended fund formerly managed by Axa Merkens.
Theodor Heuss Allee 108 is a high quality office building with asset management potential. The building comprises more than 160 parking spaces and totals circa 11,000 sqm of flexible office space over seven floors, which can be tailored to individual tenant needs. The property is well connected by road and public transport and is located in a prominent office area of Frankfurt´s City West.
The investment is set to benefit from the wider fundamentals of the Frankfurt office market, where there is continued strong demand for flexible office space. It offers potential for further improvement works and already, between signing and closing of the transaction, Peakside Capital has been able to increase the original occupancy level from 60% to over 80% by signing a long-term lease with a leading international provider of employment and recruitment services.
The seller was advised by CBRE on this transaction. Peakside Capital was advised by HauckSchuchardt on legal and tax.
The PREF II fund has made seven investments, two of which, with a combined asset value exceeding €100 million, have already been sold. The fund now comprises five sizeable office and mixed use schemes in Frankfurt, Hamburg and Berlin. Notable investments include the landmark acquisition of Hamburg´s historic telecommunication hub as well as the acquisition of the Frankfurt Airport Center I (“FAC I”) in a joint venture with an international real estate private equity firm. The FAC I comprises more than 48,000 sqm of flexible office and conference space with direct access to Terminal 1 of the Frankfurt International Airport and offers significant repositioning opportunities. CBRE advised on the acquisition.
PREF II’s returns are projected to substantially exceed its target returns of 20%.
Boris Schran, managing partner of Peakside Capital, commented:
“It is a testament to the whole Peakside Capital team that we have been able to execute transactions in excess of €600 million of project volume for our second value-add/opportunistic fund in such a short timeframe and a rather challenging market environment. This milestone highlights our ability to secure smart and attractive investments, particularly in Germany, where we see continued prospects for value-add and opportunistic strategies. We have on-the-ground expertise, local contacts and access to assets where we can apply our turn around and asset management skills to deliver on behalf of our investors. We will continue to apply this strategy for a successor fund, PREF III, for which we successfully started equity raising a few weeks ago.”
For further Information:
Dido Laurimore / Tom Gough
+44 (0) 20 3727 1000
Note to Editors
Peakside Capital is a specialist European Investment Manager, owned by its management. It manages real estate assets currently totalling over EUR 1 billion in gross asset value with a focus on CEE and Germany. The company has offices in Frankfurt, Munich, Zug (CH), Warsaw, Prague and Luxembourg.
Peakside Capital provides fund management and investment advisory services for managed portfolios that include its four real estate funds and a significant number of separate account investments.
The investment strategies it pursues serve the individual requirements of its investors, and range from core to opportunistic across the office, residential, hotel and retail sectors. The investment spectrum comprises investments in single assets and portfolios through to distressed debt and investments in real estate operating companies.
12. Juni 2017
Peakside Capital sells a portfolio of three Polish outlet centres to Deutsche Asset Management and is appointed as the portfolio, centre and asset manager
Deutsche Asset Management (Deutsche AM) today announced that it has acquired the Fashion
House Portfolio in Poland which consists of three shopping outlets located in Warsaw, Gdansk
and Sosnowiec. The acquisition, from a fund managed by Peakside Capital, is on behalf of
Deutsche AM’s German funds.
The portfolio comprises over 50,000 square meters of retail space, with over 210 different tenants
including Nike, Adidas, Puma and 4F, offering a balanced and attractive combination of national
and international, high-street retailers and luxury brands. Built mostly in 2005, the outlets feature
unique themed architecture and substantial car parking facilities, and benefit from prominent
positions within their cities, with excellent accessibility and visibility.
In addition, Deutsche AM has appointed PRÔM as the portfolio centre and asset manager.
PRÔM is a joint venture of Peakside Capital and ROS Retail Outlet Shopping.
“This transaction allows Peakside to liquidate the 2007 vintage Polonia Property Fund II Ltd,
generating attractive returns for our investors. The assets still possess significant value creation
potential and we are delighted to remain involved through our joint venture, PRÔM, supporting
business continuity,” said Stefan Aumann, Partner, Peakside Capital.
"Our investment in the Fashion House Portfolio outlets complements the traditional retail centres,
while providing defensive investment exposure to the evolving retail sector,” said Georg Allendorf,
Head of Real Estate, Europe, at Deutsche Asset Management. He added, "These three outlet
centres enjoy strong recognition in the Polish market and we look forward to working with our
newly appointed centre managers PRÔM to further strengthen the position of this portfolio.”
"We thank Deutsche Asset Management for the opportunity to work together and will commence
work on a shared vision for the portfolio,” said Thomas Reichenauer, Managing Director, PRÔM.
He added, “Continued success of the outlets will be sustained by strengthening our excellent
relationships with brand partners and stakeholders, whilst constantly curating attractive offerings
PRÔM will assume full responsibility for centre management from the end of June, following an
Deutsche Asset Management’s global real estate business currently holds US$54.6 / €51.0 billion
in assets under management as of March 31, 2017. The acquisition of the Fashion House
Portfolio brings total assets under management in Poland to EUR 1.65 billion.
For further information, please contact:
Tel: +44 207 547 2603
Deutsche Asset Management - Real Estate
Deutsche Asset Management’s real estate investment business has been investing in real estate assets for more than 40 years. As part of the Alternatives platform, this business has more than 410 employees around the world and US$54.6 / €51.0 billion in assets under management as of March 31, 2017, and offers a diverse range of strategies and solutions across the risk/return and geographic spectrums, including core and value-added real estate, real estate securities, real estate debt and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide. To learn more about our real estate investment capabilities, go to www.deutscherealestate.com
An investment in real estate involves a high degree of risk, including possible loss of principal amount invested, and is suitable only for sophisticated investors who can bear such losses. No assurance can be given that investment objectives will be achieved.
Past performance is not a guarantee of future results.
Deutsche Asset Management
With EUR 723 billion of assets under management (as of March 31, 2017), Deutsche Asset Management¹ is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.
¹ Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective contracts, sales materials and other product information documents.
Peakside Capital is active across all property types in Germany and Central Eastern Europe (“CEE”), and provides deal origination and execution, asset management and fund management services to managed funds and qualified investors. Peakside Capital founded in 2010, is fully partner owned and has 40 employees of which more than 20 are based in CEE. Currently, Peakside Capital manages investments in Germany and CEE, totalling over €1 billion in gross asset value for a number of funds as well as separate accounts.
PRÔM PEAKSIDE ROS Outlet Management
PRÔM is the joint venture of PEAKSIDE CAPITAL and ROS Retail Outlet Shopping.
ROS Retail Outlet Shopping, headquartered in Vienna with subsidiaries in Rome and Paris, is an independent retail real estate consulting and centre management company specialised in Designer Outlets and innovative outlet shopping concepts in Central Europe. The founders Thomas Reichenauer and Gerhard Graf are both serious professionals with over 20 years’ experience of working in the European outlet market. ROS Retail Outlet Shopping currently has 50 employees in 5 countries at 6 locations. The portfolio of ROS Retail Outlet Shopping includes the following outlet villages: Designer Outlet Soltau, City Outlet Geislingen, Brugnato 5Terre Outlet Village, Premier Outlet Budapest and new developments such as Designer Outlet Algarve, Designer Outlet Croatia, Designer Outlet Zaragoza, City Outlet Wuppertal, Fashion Outlet Kraków, Home & Design Outlet Santhià and City Outlets Paris.
Issued by press department of Deutsche Bank AG
Winchester House, 1 Great Winchester Street,
London, EC2N 2DB
Phone +44 (0) 20 7545 8000
19. April 2017
Peakside and Madison acquire Frankfurt Airport Center I
In German language only
Die New Yorker Investmentgesellschaft Madison International Realty (Madison) und der Investment Manager Peakside Capital (Peakside) haben sich in einem Joint Venture das Frankfurt Airport Center 1 (FAC 1) am Frankfurter Flughafen kaufvertraglich gesichert.
Verkäufer ist die UBS Real Estate GmbH für den von ihr verwalteten Publikums-AIF UBS (D) Euroinvest Immobilien. Das 1988 errichtete FAC 1 besteht aus zwei miteinander verbundenen Gebäudeatrien und umfasst rund 48.000 qm flexibel aufteilbare Büroflächen, Konferenz- und Seminarräume sowie 182 Parkplätze. Es liegt am Frankfurter Flughafen mit direktem Zugang zum Terminal 1 und dem ICE-Bahnhof. Derzeit zählen neben weiteren 70 Nutzern die Lufthansa, die FRAPORT AG und der Airport Club zu den größten Mietern im Objekt.
Madison und Peakside wollen in ihrem ersten gemeinsamen Projekt einen Betrag im mehrstelligen Millionenbereich investieren, um die Immobilie in Premiumlage zu repositionieren. Dabei wird Peakside die Verantwortung für das operative Management übernehmen. Das auf Deutschland und Zentral Osteuropa spezialisierte Immobilien-Unternehmen bringt seine langjährige Erfahrung in der Entwicklung von komplexen und umfangreichen Immobilienprojekten mit.
„Das FAC 1 passt hervorragend in die Investment-Strategie von Madison“, sagt Matthias Cordier, Head of Investment Germany von Madison. „Mit dem Erwerb haben wir uns eine hochwertige Immobilie in exzellenter Lage in einem unserer Zielmärkte gesichert, die Wertsteigerungspotenzial durch Aufwertungsmaßnahmen am Objekt und im Mietermix verspricht.“
„Durch unsere Value-Add-Strategien und aktives Asset Management wollen wir neue Mieter für das FAC 1 gewinnen“, kommentiert Boris Schran, Managing Partner bei Peakside. „Dabei werden wir gezielt mögliche Nutzer adressieren, deren Geschäfte unmittelbar mit dem Standort Flughafen verbunden sind, aber auch konkret Firmen, die auf den Brexit reagieren müssen, sowie multinationale Unternehmen und Konzerne, die von einer Lage am Flughafen mit erstklassiger Anbindung an Luft, Schiene und Straße profitieren.“
Madison International Realty ist ein führender Anbieter von Liquiditätslösungen im Bereich von Immobilieninvestitionen. Der passive Finanzinvestor hat sich darauf spezialisiert, Anteilseignern an geschlossenen Immobilienfonds Liquidität zur Verfügung zu stellen. Madison International Realty erwirbt Immobilienanteile von Investoren, die vorzeitig aus ihrem Investment aussteigen wollen. Darüber hinaus stellt es Eigentümern von Immobilien, die einen Teil des in der Immobilie gebundenen Kapitals freisetzen wollen, Eigenkapital zur Verfügung. Der US-Investor ist einer der führenden Ankäufer von indirekten Beteiligungen, wie Anteilen an Joint Ventures, Private REITs oder gelisteten Vehikeln. Auch die Restrukturierung von Bilanzen ist möglich. Mit Büros in New York, London und Frankfurt am Main verwaltet das Unternehmen aktuell insgesamt circa 3,1 Milliarden US-Dollar.
Peakside Capital ist ein auf Europa spezialisierter Investment Manager, der mit 34 Mitarbeitern an den Standorten Frankfurt, Warschau, Prag und Luxemburg ein Immobilienvermögen von über 1 Milliarden EUR für institutionelle Anleger managt. Peakside Capital verfolgt, abhängig von den Bedürfnissen der Anleger, differenzierte Investitionsstrategien von Core bis Opportunistic in den Asset Klassen Büros, Wohnimmobilien, Hotels und Einzelhandel. Das Investitionsspektrum umfasst dabei Investitionen in Einzelimmobilien und Immobilienportfolios ebenso wie Investitionen in Distressed Debt und in operative Immobilienunternehmen.
16. Februar 2017
Peakside acquires Grade A office property in Prague
Peakside Capital has completed the acquisition of Argo Alpha, an office property comprising 12,600 sqm of GLA, located in Prague, the Czech Republic.
Built in 2008, the class A office building is home to a number of strong tenants representing, amongst others, companies active in the pharmaceutical, transportation and electronics sectors.
Peakside acquired Argo Alpha on behalf of a separate account client from MOF Immo and Credo Real Estate, Austrian development and investment companies. This acquisition is the third investment by Peakside in the Czech Republic, following the purchase of a portfolio of 72 retail assets in January 2015 and the acquisition of the Cube, an office property located in Prague, in June 2016.
Peakside was advised by law firm BNT, financial & tax company ASB and technical advisors Sentient. The vendor received legal advice from Dentons and CBRE provided real estate advice.
Michał Nawrot, Associate in Peakside’s Warsaw office, commented: “Argo is our third Czech investment completed within the last two years, which clearly demonstrates our confidence in this market. The transaction was closed in less than three months from signing the letter of intent, which again demonstrates that Peakside acts decisively on transactions if the target project meets our investment criteria, providing certainty of execution to sellers.”
For further information:
Tel: +44 (0)20 3727 1000
Note to Editors
Peakside Capital is a European real estate private equity firm and is owned by its employees. It was established in September 2010. Peakside manages assets across different European countries, totaling over EUR 1 billion in gross asset value. It provides fund management and investment advisory services for managed portfolios that include its four real estate funds and a significant number of separate investments. The Company has offices in Poland, the Czech Republic, Luxembourg, Germany, Switzerland, and the Cayman Islands.
20. Februar 2017
Forum Landsberger Allee reconfiguration delivers letting success
Peakside Capital is pleased to announce the signing of number of new leases at Forum Landsberger Allee, its 35,000 sqm mixed use office, retail, and hotel scheme located in the Prenzlauer Berg district in Berlin.
REWE, the German supermarket chain and DM, the cosmetics and healthcare chain have joined the Vienna House Easy hotel as new retail anchor tenants, following a programme of successful repositioning of the scheme which saw the 7,000 sqm retail element of the scheme reconfigured. The new lettings follow a comprehensive value-add and active asset management programme, including extensive technical upgrades, designed to enhance the scheme. These new lettings take the Forum Landsberger close to 100% let. Other tenants at the scheme include the Leonardo Hotel administration and the Berlin Kindergarten administration.
The 14,000 sqm 3-star-superior Vienna House Easy hotel, operated by Vienna International opened in October and provides 152 rooms. Vienna International also operates the 4-star-superior Andel’s Conference Hotel situated opposite and so, together with the Easy Hotel, it is in an ideal position to cater for local demand with a range of service offerings.
Peakside Capital acquired the “Forum Landsberger Allee” in August 2015 for its Peakside Real Estate Fund II (PREF II). Kintyre Investments supported Peakside in the repositioning of the retail element of the scheme whilst also investing through the acquisition of minority stake. Following the initial repositioning success, the scheme is set to benefit from a further 9-12 month refurbishment programme to create a more friendly and modern image including the modernisation and redesign of the façade, the extension of the retail space, opening of the store frontages and new external landscaped areas.
The Forum Landsberger Allee, together with the Andel’s Conference Hotel form the a gateway location to the city of Berlin due to its position adjacent to the Berlin’s Velodrom event venue and a Berlin S-Bahn and City Railway transport junction.
Boris Schran, Managing Partner at Peakside Capital, said: “Following other successful lease renewals with existing tenants, these new lettings take us close to 100 per cent occupancy. We are delighted that we could secure such high quality tenants on long leases in such a short period following the repositioning.”
For further Information:
Bockenheimer Landstrasse 47
DE – 60325 Frankfurt am Main
+49 (0)69 365 0636 73
Note to Editors
Peakside Capital is a specialist European Investment Manager, owned by its management. It manages real estate assets currently totalling over EUR 1 billion in gross asset value with a focus on CEE and Germany. The company has offices in Frankfurt, Munich, Warsaw, Prague and Luxemburg.
Peakside provides fund management and investment advisory services for managed portfolios that include its four real estate funds and a significant number of separate investments.
The investment strategies it pursues serve the individual requirements of its investors, and range from core to opportunistic across the office, residential, hotel and retail sectors.The investment spectrum comprises investments in single assets and portfolios through to distressed debt and investments in real estate operating companies.