Peakside Capital, a specialist European real estate private equity firm, has announced the sale, on behalf of Polonia Property Fund LP, of the Diamond Business Park.
The 60,800 m², modern warehouse is well situated in Lodz, Poland’s third largest city, and benefits from its central location and proximity to several major transport links. The disposal is in line with Polonia I's investment strategy to dispose of stabilized assets and follows the completion of the Fund’s strategic asset management program including a successful leasing-up and project refinancing of the asset.
In addition, following an extensive consultation period with investors, the Company has successfully secured the extension of the term of Polonia I to ensure an orderly disposal process of the Fund’s assets with the aim of maximizing investor returns, a process that is anticipated to be completed by July 2016. The extension received strong support from investors, with over 85% of the investors voting in favor of Peakside’s proposals.
Source: FTI Consulting