Invesco Real Estate has completed its first mezzanine lending deal in Central Europe on behalf of Invesco Real Estate Europe Fund III – SCSp (Europe III). The €20 million loan has been secured against the BTS logistics facility in Psary (Upper Silesia, Poland), recently completed by DL Invest.
The facility is wholly let to a Spanish multinational clothing company. The 124,000 sqm complex is certified BREEAM Very Good.
DL Invest’s portfolio currently encompasses more than 2 million sqm of real estate assets, with a total group asset valuation of €786 million.
Tomas Picha, Senior Director of CEE Investments 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. We are delighted to be supporting the business as it looks to capitalise.”
"We are extremely pleased to establish a partnership with Invesco Real Estate. Today, the logistics market is incredibly strong in this region, and Poland has become the first-choice option for implementing warehouse and production projects. As DL Invest Group, we have completed over PLN 3 billion in assets, which we continue to develop and manage by adding additional value", added Dominik Leszczyński, CEO of DL Invest Group.
Invesco Real Estate’s Europe Fund III aims to capitalise on current short-term pricing opportunities as an attractive entry point to fundamental, long-term value creation. The fund, which held its first close in Q3 2023 and is targeting up to €1 billion, builds on Invesco Real Estate’s track record in European value-add strategies and the success of two previous value-add funds. Importantly, Europe Fund III seeks to achieve attractive risk-adjusted returns while being fully aligned with Invesco Real Estate’s ESG+R sustainability programme. To date, more than 80% of the invested capital from the last two capital raises achieved high ESG certifications.
