Peakside JV raises PLN 500m from Bank Pekao
news

Peakside JV raises PLN 500m from Bank Pekao

A joint venture between Partners Group and Peakside Capital Advisors has signed a portfolio loan facility agreement with Bank Pekao S.A., comprising of an investment loan and VAT loan (more than PLN 500m in total). The funds have been used to finance the acquisition of three logistics properties in and around Warsaw and the redevelopment of the City Point Targówek park.

A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and investment manager Peakside Capital Advisors has entered into a portfolio loan facility agreement with Bank Pekao S.A.

A facility of up to PLN 500m in total was provided under the agreement. The commitment from one of the leading financial institutions in Poland attests to the quality of the portfolio and the redevelopment project.

The proceeds have been used to finance the acquisition of three properties: City Point Targówek, Logistics Point Raszyn and Logistics Point Piaseczno. The funds will also be used for the redevelopment of City Point Targówek and the financing of the project post completion. When selecting investments, Peakside focuses on a value-add strategy, allowing it to maximise the value of the properties it owns through leasing, redevelopment, expansion or ESG upgrades.

‘The loan agreement with Bank Pekao is an important transaction of warehouse financing for us, marking the beginning of a fruitful cooperation. An agreement signed with a leading banking institution provides us with access to a secured source of financing, enabling us to fund this acquisition and our ambitious investment plans covering this logistics portfolio. The flexible financing structure has been aligned to the pace of our project,’ noted Konrad Pazorek, Head of Finance Structuring at Peakside Capital Advisors.

‘At Bank Pekao we aim to provide our clients with strong financial support in implementing warehouse and other commercial property development projects in Poland. We have a positive view of the industry as offering strong growth potential. We are glad to be part of such ambitious projects developed in and around Warsaw. Peakside’s project involves the revitalisation of old warehouse buildings into modern facilities, with major improvements to their energy efficiency and environmental performance, which fits perfectly with the bank’s strategy,’ added Piotr Kwadrans, Director at Bank Pekao.

The modern City Point Targówek logistics park will be redeveloped after demolition of existing buildings. The first phase of the demolition in the Targówek district is already under way, with tenants to move into the new buildings in 2023. The modernisation of the space in Piaseczno and Raszyn is scheduled for a later date. At these two sites, the project owner plans to renovate and refresh the existing facilities, while maintaining the full functionality of the warehouses. Once redeveloped and upgraded, the three logistics facilities will deliver close to 150,000 sqm of warehouse and office space. The Peakside Capital Advisors team will be responsible for the development, asset management and commercialisation of the facilities located in Warsaw’s Targówek, Raszyn and Piaseczno on behalf of the joint venture.

In the process, Partners Group and Peakside Capital Advisors were advised by law firm Greenberg Traurig, and Pekao Bank was represented by law firm Clifford Chance.

***

Partners Group is a leading global private markets firm with USD 131 billion in assets under management as of 30 June 2022. Since 1996, the firm has invested USD 185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).

www.partnersgroup.com

Peakside Capital Advisors is a European investment manager. The private-equity company manages assets worth ca. EUR 1.4 billion on behalf of institutional investors. Peakside implements differentiated investment strategies tailored to specific investor needs, ranging from core to value-add and opportunistic investments in commercial and residential assets. Peakside’s investment spectrum includes single properties, developments as well as portfolios, distressed debt and real estate operating companies. The firm employs a team of more than 30 professionals in its offices in Warsaw, Prague, Frankfurt, Zug and Luxembourg.

www.peakside.com

Bank Pekao S.A., established in 1929, is one of the largest financial institutions in Central and Eastern Europe and the second largest universal bank in Poland with over PLN 277 billion in assets. With second largest network of branches, Bank Pekao serves over 6.2 million customers. As the leading corporate bank in Poland, it serves every second corporation in the country. Its status as a universal bank is based on its leading position in private banking, asset management and brokerage activities. The diversified business profile of Bank Pekao is supported by a market-leading balance sheet and risk profile reflected in the lowest cost of risk, strong capital ratios and resilience to macroeconomic conditions (it is ranked second among the 50 most resilient banks in Europe in stress tests carried out by the EBA).

Since 1998, Bank Pekao has been listed on the Warsaw Stock Exchange and participates in several local (including WIG 20 and WIG) and international indices (including MSCI EM, Stoxx Europe 600 and FTSE Developed). Pekao has been one of the best dividend-paying listed companies in Poland over the past 10 years, paying out a total of PLN 20 billion over the decade.

www.pekao.com.pl

Media contact:
Tauber Public Relations | Anna Siwek | 664 926 910 | [email protected]

Related news