European real estate private equity firm Peakside Capital has sold the Diamond Business Park in Lodz, Poland鈥檚 third largest city, on behalf of the Polonia Property Fund I.
European real estate private equity firm Peakside Capital has sold the Diamond Business Park in Lodz, Poland鈥檚 third largest city, on behalf of the Polonia Property Fund I.
The sale of the 60,800 m2 warehouse is in line with Polonia I's investment strategy to dispose of stabilised assets and follows the completion of the fund鈥檚 strategic asset management programme.
A week after the company appointed Otis Spencer as the new president of Peakside Polonia Management in Poland , Peakside has strengthened the management team by appointing Boris Olujic, a principal at the company, to the board of PPM, joining Stefan Aumann, a founding partner of Peakside Capital.
Olujic, who led the successful acquisition of PPM from Allied Irish Bank in August 2012, will continue to be responsible for sourcing Peakside鈥檚 investments in the CEE region.
In addition, the company has secured the extension of the term of Polonia I to ensure an orderly disposal process of the fund鈥檚 assets with the aim of maximising investor returns, a process that is anticipated to be completed by July 2016.
