Poland's commercial real estate sector has achieved a watershed moment as DL Invest Group completed the country's largest developer debut on international debt markets, raising €350m through a heavily oversubscribed Eurobond that attracted 60% excess demand from global investors hungry for Central European exposure.
The five-year bonds, facilitated by Citi as sole global coordinator and bookrunner, will list on the Luxembourg Stock Exchange, marking a pivotal shift in how international capital views Poland's institutional maturity. The overwhelming response from institutional investors validates the country's position as Europe's fastest-growing economy and signals a new era of capital market accessibility for Polish developers.
"Such a strong market response is the best proof that DL Invest Group's consistently executed development strategy resonates with investors. For over fifteen years, we have been building the Group's value based on asset quality and long-term partnerships," said Dominik Leszczyński, Founder and CEO of DL Invest Group. The proceeds will fuel expansion across logistics, industrial real estate, and the rapidly growing data centre sector throughout Poland and the broader CEE region.
What makes this transaction particularly compelling for investors is DL Invest Group's unique integrated business model, combining development, general contracting, design, asset management, and property management under one roof. This vertical integration enables the company to maintain an impressive 97% occupancy rate across its €1bn portfolio while serving over 400 active tenants, including global corporations such as DHL, Inditex, and Hutchinson.
The timing coincides with a critical inflection point for CEE real estate, as supply chain diversification strategies and nearshoring trends drive unprecedented demand for logistics and industrial assets in Poland's strategic location between Western Europe and emerging markets. This demographic and economic convergence creates a compelling investment thesis that international rating agencies Fitch and Standard & Poor's have now formally recognised through inaugural credit ratings.
The successful debut establishes DL Invest Group as a pioneer in accessing international capital markets, with backing from institutional investors including Invesco Real Estate, Macquarie Capital, and the European Bank for Reconstruction and Development. This diversified funding platform positions the company to capitalise on Poland's structural growth advantages while setting a new benchmark for regional peers seeking international capital market access.
People mentioned:
- Dominik Leszczyński - Founder and CEO of DL Invest Group
Companies mentioned:
- DL Invest Group - Polish investment and development platform with €1bn+ portfolio across logistics, mixed-use, retail parks, data centres and renewable energy
- Citi - Global coordinator, sole bookrunner and sole ratings advisor for the Eurobond issuance
- Luxembourg Stock Exchange - Stock exchange where the bonds will be listed
- DHL - Global logistics partner and tenant
- Inditex - International retail corporation and tenant
- Hutchinson - Global technology partner and tenant
- DPD - Logistics partner and tenant
- Avio GE - Partner and tenant
- Emira Property Fund - Institutional investor partner
- Invesco Real Estate - Institutional investor partner
- Macquarie Capital - Institutional investor partner
- European Bank for Reconstruction and Development (EBRD) - Institutional investor partner
- BNP Paribas - Commercial real estate financing bank
- Santander - Commercial real estate financing bank
- ING - Commercial real estate financing bank
- mBank - Commercial real estate financing bank
- Fitch Ratings - Global credit rating agency
- Standard & Poor's - Global credit rating agency
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