Private equity firm Peakside Capital has acquired Allied Irish Bank’s Polish property fund management subsidiary AIB PPM.
European real estate specialists Peakside have added €600m (£473.7m) of gross assets under management to their business as a result of the deal, bringing their total AUM to over €2bn.
AIB PPM, which manages a portfolio of assets in Hungary and Poland, will be renamed Peakside Polonia Management. PPM has focused on core and value-add investments over the past nine years, which will complement Peakside’s “opportunistic” investment platform, according to a statement from Peakside.
Stefan Aumann, founding partner of Peakside, said: “We have long identified Poland as a market of strategic importance for Peakside, owing to the ongoing attractive market fundamentals and its expanding local capital base. The completion of the acquisition of PPM is a significant step towards fulfilling our ambitious and long-term plans for growth in this vibrant core CEE market.”
PPM board members Miroslaw Januszko and Tomasz Damzyn said: “Since the contracts were first exchanged, we have worked increasingly closely with Peakside to ensure that, upon completion, we had already made significant progress with our plans to strengthen and grow our activities.
“As a result of this close co-operation, we have already identified a number of exciting opportunities for our current and potential investor base and we are looking forward to growing the Peakside Polonia Management business into one of the pre-eminent fund and asset management platforms in Poland and other selected CEE markets.”
sophia.furber@estatesgazette.com
