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 represents one of the largest 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 one of Poland's leading mixed-use developments.
Since opening in 2020, following the revitalisation of Warsaw's historic power plant, Elektrownia Powiśle has established itself as one of Poland's best-performing mixed-use developments. The project comprises more than 54,000 sqm of Grade A offices, flagship Food Hall and entertainment, convenience retail, hospitality and residential space. Strong operational performance has positioned the project among Poland’s most resilient mixed-use assets.
The transaction highlights continued lender appetite for high-quality, 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 unique mixed-use regeneration project in the heart of Warsaw. Investing in the transformation of a historic site and developing new buildings to create a major mixed-use destination in Warsaw required patient capital, conviction and a long-term perspective. This transaction validates that investment thesis while optimising the project’s capital structure and providing greater flexibility for the next phase of ownership." 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. Since opening in 2020, the project has continued to strengthen its market position despite a rapidly changing market environment, demonstrating the resilience of its mixed-use model and the effectiveness of its operating strategy. Today's refinancing marks an important 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.
"Assets of this quality rarely emerge overnight. Long-term financing follows sustained operational performance, and Elektrownia Powiśle has demonstrated exactly the characteristics we look for when financing institutional real estate. We are pleased that our first jointly executed financing transaction following Erste's expansion in the Polish market supports one of Poland's leading mixed-use assets," 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.
Elektrownia Powiśle is a joint venture between majority owner EPISO 4, a fund managed by Tristan Capital Partners, and White Star Real Estate, minority owner and the developer of the project.
Tristan Capital Partners is a real estate investment manager, specialising in value-added investment strategies across all property types in the UK and Europe. Tristan’s pan-European real estate funds include core+, opportunistic and credit strategies, with total assets under management of over €15 billion and a loyal client base of institutional and private investors. The company was founded in 2009. Tristan’s headquarters are in London, and it has offices in Luxembourg, Paris, Amsterdam, Frankfurt, Milan and Madrid. Tristan is an affiliate of New York Life Investments, a US $727 billion global investment company.
White Star Real Estate is a leading real estate investor, developer, asset manager and property manager operating across Central and Eastern Europe since 1997. The company has developed and invested in over 65 projects totalling 2.4 million sqm across the region, spanning office, logistics, retail, leisure, residential and mixed-use sectors. With local teams in Poland, the Czech Republic, Hungary and Romania, White Star Real Estate provides integrated development, asset management and property management services for institutional investors and occupiers across the region.
White Star Real Estate is a leading real estate investor, developer, asset manager and property manager operating across Central and Eastern Europe since 1997. The company has developed and invested in over 65 projects totalling 2.4 million sqm across the region, spanning office, logistics, retail, leisure, residential and mixed-use sectors. With local teams in Poland, the Czech Republic, Hungary and Romania, White Star Real Estate provides integrated development, asset management and property management services for institutional investors and occupiers across the region.