Global real estate investor Invesco Real Estate has provided a €20m loan for a logistics facility in Poland to Polish developer DL Invest Group.
The inaugural mezzanine loan in Central Europe is the first such transaction for Invesco Real Estate Europe Fund III (Europe III), the company's third value-add strategy focused on the European market.
The loan supports a newly built, 124,000 m2 facility in Psary, one of the largest in the Upper Silesia region and close to major transportation routes.
DL Invest Park Psary was constructed to meet the specific needs of a Spanish multinational clothing company and boasts high sustainability standards, achieving a BREEAM Very Good certification.
Tomas Picha, senior director – Investments, CEE, at Invesco Real Estate, said: ‘The underlying fundamentals of the logistics market in this southern Polish region, particularly for super prime assets, remain very attractive and help to create excellent opportunities for well-placed borrowers such as DL Invest Group.’
Kevin Grundy, managing director – Fund Management, Europe, Invesco Real Estate, commented: ‘This mezzanine loan is an excellent fit for the early investment programme of our third European value-add fund. The strategy for Europe III is differentiated from its peers, drawing upon structuring flexibility to achieve the best relative value from real estate investments. Everything we do starts with the underlying real estate, and most of the strategy will involve structured equity investment.’
Dominik Leszczynski, CEO at DL Invest Group, added: ‘Today, the logistics market is incredibly strong in this region, and Poland has become the first-choice option for implementing warehouse and production projects. I hope that we will expand our cooperation to other areas with Invesco Real Estate and enjoy a long-term partnership. As DL Invest Group, we have completed over €3 bn in assets, which we continue to develop and manage by adding additional value.’
Katowice-based DL Invest Group will utilize the funds to expand its Build-to-Suit pipeline. The company's portfolio encompasses over 2 million m2 of real estate assets, with a total group asset value of approximately €786 mln. The group has secured permits to build facilities totaling 320,000 m2 at the DL Invest Park Psary.
Invesco Real Estate’s Europe Fund III held its first close in Q3 2023 and is targeting up to €1 bn.
