Peakside Capital, the European real estate private equity firm, has completed €220m (£183m) of transactions across Germany, Poland and the Czech Republic.
During 2013, €170m was completed in Germany, with the remaining €50m in Poland and the Czech Republic.
Of the total transactions, 53% were residential assets, 28% were retail and mixed-use, and 19% were office buildings.
Peakside’s assets under management currently total €1.7bn and the company has identified an acquisition pipeline in excess of €200m in its target markets of Germany, Poland and the Czech Republic.
Peakside launched its second European opportunistic fund, PREF II, last year to focus on active asset management opportunities in Germany, Poland and the Czech Republic. PREF II made its first acquisition in October by acquiring a 75% majority stake in a 72,000 sq ft office building in Frankfurt. A second investment for PREF II has recently been signed.
During the year, the company further consolidated its presence in Germany by opening a new office in Frankfurt. In addition, Peakside appointed Otis Spencer as managing director of the Peakside and president of Peakside Polonia Management to strengthen the firm’s footprint in Poland.
Roger Barris, managing partner at Peakside Capital, said: “2013 was another extremely busy year for Peakside in terms of transactions completed and capital raised. We made strong progress in making value accretive realisations for investors and our asset management initiatives enabled us to continue to attract high quality tenants and lease up our assets.
“Against a backdrop of more benign economic and investment market conditions, we continue to believe that how you buy is critical in generating attractive returns. As such, in 2014 we will continue with our disciplined and targeted ‘buy-fix-sell’ investment strategy and will continue to target assets that are particularly well positioned to benefit from active asset management, tenant demand and liquidity.”
annabel.dixon@estatesgazette.com
