Peaking at the right time

Investment & finance
POLAND/HUNGARY By the end of June, Peakside Capital is expecting to have received approval for its recent acquisition of Allied Irish Banks' Polish property fund management subsidiary AIB PPM through its Peakside Real Estate Fund I, as well as for a separate deal, which is part of a 50:50 joint venture with Swiss-based Partners Group, to buy AIB's 9.87 pct interest in Polonia Property Fund LP and its 7.5 pct interest in Polonia Property Fund II. The transactions are still subject to conditions precedent, primarily the approval of investors and competition clearance.
According to Roger Barris, a founding partner of Peakside Capital: "We can't control the timing of the latter, but we are hoping for it by the end of June. Approval from investors is by no means a foregone conclusion - it can be a real test. However, we believe that the transaction makes a lot of sense for the funds and we are optimistic about securing investor approval. We have already had selective discussions with some of the larger investors and will shortly present [all the details of the transaction] to all of the investors at the annual meeting, although the request to approve the transaction will come after the meeting."Peakside announced back in April that it was entering the Polish market through the acquisition of the AIB PPM investment fund platform. As a result, Peakside has taken over the management of around EUR 600 mln of gross assets. In Poland these include five office properties in Warsaw: Atrium Plaza, Atrium Centrum and three buildings (?C', ?D' and ?F') of Wiśnio
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