Bank Pekao will provide up to PLN 500 mln (€106 mln) in financing to a JV between global private markets firm Partners Group and investment manager Peakside Capital Advisors.
The loan will be used to finance the acquisition and redevelopment of three logistics properties in and around Warsaw, namely City Point Targówek, Logistics Point Raszyn and Logistics Point Piaseczno.
Demolition of existing buildings at the City Point Targówek logistics park is already under way, with tenants due to move into the new buildings in 2023.
The facilities at Piaseczno and Raszyn will be renovated later, while maintaining the full functionality of the warehouses.
Once redevelopment work is completed, the three logistics facilities will deliver nearly 150,000 m2 of warehouse and office space.
Konrad Pazorek, head of finance structuring at Peakside Capital Advisors, said: ‘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.’
Piotr Kwadrans, director at Bank Pekao, added: ‘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.’
Peakside Capital Advisors will be responsible for the development, asset management and marketing of the three logistics properties on behalf of the JV.
Partners Group and Peakside Capital Advisors were advised by law firm Greenberg Traurig, while Pekao Bank was represented by law firm Clifford Chance.