Tristan Capital Partners and partner White Star Real Estate have completed a €172 million refinancing of Elektrownia Powiśle. The financing provided by Erste Group and Erste Bank Polska is one of the larger single-asset real estate financing transactions completed in Poland in 2026. The transaction reflects the operational maturity of the asset, optimises its capital structure and advances the owners' strategy for the mixed-use development.
Since opening in 2020, following the revitalisation of Warsaw's historic power plant, Elektrownia Powiśle has established itself as a mixed-use development in Poland. The project comprises more than 54,000 sqm of Grade A offices, a Food Hall and entertainment, convenience retail, hospitality and residential space. The transaction highlights continued lender appetite for income-generating assets with proven operational performance.
"When we acquired Elektrownia Powiśle, our investment thesis was built around the diversified income streams and long-term potential of a mixed-use regeneration project in the heart of Warsaw. This transaction validates that thesis while optimising the project's capital structure," says Victoria Yakubenko, Executive Director, Asset Management at Tristan Capital Partners.
"Elektrownia Powiśle demonstrates how a complex regeneration project can evolve into a mature institutional-grade investment. Today's refinancing marks a milestone in that journey and confirms the long-term value created for both investors and lenders," says Dariusz Domański, Managing Partner, Poland at White Star Real Estate.
The financing was jointly provided by Erste Group and Erste Bank Polska, marking the first financing transaction executed by the two institutions following Erste's expansion in the Polish market. "Long-term financing follows sustained operational performance, and Elektrownia Powiśle has demonstrated exactly the characteristics we look for when financing institutional real estate," says Günther Artner, Head of Group Commercial Real Estate, Erste Group. Pinsent Masons acted as legal advisor to the borrower, while CMS advised the financing banks.
