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February 22, 2025
PI Global Investments
Real Estate

First mezzanine loan in CE for Invesco Real Estate


Europe Fund III SCSp 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 third European value-add strategy in succession for the firm.

The EUR 20 mln loan has been secured against a newly completed BTS logistics facility in Psary, Poland that is wholly-let to a Spanish multinational clothing company. The 124,000 sqm prime facility has been built to high sustainability and energy efficiency standards and is certified BREEAM Very Good.

Sponsor DL Invest Group is a local Polish developer based in Katowice with a 19-year investment track record and extensive land bank which will utilise the funds to further expand its BTS pipeline. In total, DL Invest Group’s portfolio covers more than 2 mln sqm of real estate assets, with total group assets valued at circa EUR 786 mln.

The DL Invest Park Psary asset is located in Upper Silesia, one of the most economically dynamic regions in Poland. Developers continue to look for vacant industrial plots to build big box or BTS warehouses, or plots in close proximity to cities for the construction of SBU, urban- format warehouses and last-mile facilities with high-quality office space.

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.
Tomas Picha, Senior Director – Investments, CEE, at Invesco Real Estate

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 3 bln in assets, which we continue to develop and manage by adding additional value.
Dominik Leszczyński, CEO at 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 EUR 1 bln, 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 pct of the invested capital from last two capital raises achieved high ESG certifications.





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