Tristan Capital Partners and White Star Real Estate have completed a €172 million refinancing of Elektrownia Powiśle. The financing, provided by Erste Group and Erste Bank Polska, ranks among the largest single-asset real estate financing transactions completed in Poland in 2026.
The deal confirms the project’s operational maturity, optimises its capital structure and supports the owners’ long-term strategy for one of Poland’s leading mixed-use developments.
Opened in 2020 following the redevelopment of Warsaw’s former municipal power plant, Elektrownia Powiśle has established itself as one of the country’s best-performing mixed-use projects. The complex comprises more than 54,000 sq m of Grade A office space, a flagship Food Hall, retail and entertainment facilities, a hotel and long-term rental apartments.
Thanks to its diversified business model and stable operating performance, Elektrownia Powiśle is now regarded as one of the most resilient multifunctional assets on the Polish real estate market.
The transaction also highlights continued interest from financial institutions in high-quality assets with stable income streams and a proven operating track record.
“When we invested in Elektrownia Powiśle, our investment thesis was based on diversified revenue streams and the long-term potential of a unique mixed-use regeneration project in the very heart of Warsaw,” said Victoria Yakubenko, Executive Director, Asset Management at Tristan Capital Partners.
“Transforming a historic building and delivering new development to create one of the capital’s most important multifunctional complexes required patient capital, conviction in the project’s potential and a long-term perspective. Today’s transaction validates the investment assumptions behind the project, while optimising its capital structure and providing greater flexibility for the next stage of its development.”
Dariusz Domański, Managing Partner, Poland at White Star Real Estate, said that Elektrownia Powiśle demonstrates how a complex regeneration project can evolve into a mature investment asset meeting institutional investors’ expectations.
“Since opening in 2020, the project has consistently strengthened its market position, confirming the resilience of the mixed-use model and the effectiveness of its management strategy, including in changing market conditions,” Domański said.
“Today’s refinancing is an important milestone in Elektrownia Powiśle’s development and confirms the long-term value generated by the project for both investors and financing institutions.”
The financing was provided by Erste Group and Erste Bank Polska, marking the first transaction completed jointly by the institutions following Erste’s expansion into the Polish market.
“Assets of this quality are not created overnight,” said Günther Artner, Head of Group Commercial Real Estate at Erste Group. “Long-term financing is the result of stable operating performance, and Elektrownia Powiśle has all the characteristics we look for when financing institutional-grade real estate.”
“We are pleased that the first transaction completed jointly by Erste Group and Erste Bank Polska after Erste’s expansion into Poland supports one of the country’s leading mixed-use developments.”
Pinsent Masons acted as legal adviser to the borrower, while CMS advised the financing banks.
