Peakside Capital disposes of 34,000 m² distribution center in Warsaw from Polonia Property Fund (PL)

Peakside Capital (Peakside/ the Company), a specialist European real estate private equity firm, announces that Peakside Polonia Management ('PPM'), its Polish subsidiary, has sold the Warsaw Distribution Centre, a 34,000 m² logistic and office business park in Warsaw, owned by the Polonia Property Fund I to CBRE Global Investors.

The asset is well located in the Warsaw's Zone 1 logistics region, comprises approximately 25,300 m² of warehouse space and 8,700 m² of office space and is occupied by 28 local and international tenants. The sale follows the completion of PPM's asset management program in which a number of new leases were signed over the six year period in which Peakside held the asset in order to improve it to its current institutional quality.

Stefan Aumann, founding partner of Peakside Capital commented:
"The sale of the Warsaw Distribution Centre demonstrates the attractiveness of assets within the Polonia Property Fund I and is in line with our strategy of realizing value from assets where our asset management initiatives have been successfully completed.

"It is also another example of the excellent progress we have made since our acquisition of PPM in August 2012 and we are currently seeing exciting opportunities in Poland to help achieve our ambitions for sustained growth in this market."

Miroslaw Januszko, CIO of Polonia Property Funds said:
"The disposal of the Warsaw Distribution Centre is in line with our investment strategy to dispose of stabilized assets in our Polonia Property Fund I and we are delighted to have sold the asset to such a high quality buyer.

"The sale demonstrates our ability to find and secure assets where we can utilize the asset and investment management skills of our Polish platform to improve underlying performance and enhance value prior to making a successful exit on behalf of our investors."

Savills and Linklaters advised CBRE Global Investors on this transaction. Jones Lang Lasalle and Clifford Chance advised Polonia I.

Source: FTI Consulting

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