Peakside secures EUR 106m refinancing for Polish arm

European real estate private equity firm Peakside Capital said on Monday that its recently-acquired Polish subsidiary as secured refinancing of over EUR 106 mln from Westdeutsche ImmobilienBank (WestImmo).

The facility, secured against three Polish retail outlet centres, has been provided to fund the ongoing management initiatives at the Fashion House Outlet Centres in Poland acquired and developed by the Polonia Property Fund II between 2007 and 2008. The assets, which trade under the Fashion House Outlet brand, are situated in Warsaw, Gdañsk and Sosnowiec.

Fashion House Warsaw comprises 17,194 m² of gross lettable area together with 1,057 parking spaces and is currently 99% let. The property was purchased by the fund in August 2007.

Fashion House Gdañsk is 90% let and comprises of 16,650 m² GLA in addition to 770 parking spaces. This outlet was acquired by the fund in February 2008. Fashion House Sosnowiec consists of 16,800 m² GLA, with 1,100 car parking spaces and is currently 94% let. This asset was purchased by the fund in February 2008.

'Having recently completed the acquisition of PPM, this refinancing demonstrates the rapid progress being made in our plans to grow and develop our Polish business and execute our asset management plans for these centres,' said Stefan Aumann, founding partner of Peakside.