Greykite European Real Estate Fund has acquired high-quality multi-tenanted logistics properties in Warsaw, Strykow, and Gliwice, forming the initial investment in a new EUR 300 million joint venture with White Star Real Estate, which developed the properties and will continue in its role as asset and property manager.
The portfolio, which is almost fully occupied, includes over 142,000 square meters of lettable space. According to Greykite, which is based in London, “it features a diversified and resilient income profile across more than 40 tenants, with an average unexpired lease term of three years. The properties are located in well-established industrial and logistics sub-markets in Warsaw, Strykow (adjacent to Lodz) and Gliwice (Upper Silesia), in close proximity to some of Poland’s busiest motorways.”
Both Greykite and its European Real Estate Fund were created in March of this year, when it received capital commitments from the global investors Capital Constellation — an investment platform managed by Wafra Inc. and Leucadia Asset Management.
“Commencing the investment program with the formation of this JV with White Star and the Fund’s acquisition of a high-quality logistics portfolio is another major milestone for Greykite,” commented Michael Abel, Founder and CEO of Greykite. “This transaction is consistent with our strategic focus on scalable investment themes in high-conviction sectors underpinned by compelling fundamentals. The Polish logistics market is benefitting from a number of structural drivers, including the continued trend for near-shoring as a result of its European single market access and relative affordability, and high e-commerce penetration. We look forward to scaling the JV alongside a best-in-class partner, while simultaneously closing in on a number of other high-profile acquisitions.”
“This acquisition represents an attractive entry point into the logistics sector,” added Greykite Senior Partner Dan Valenzano. “In addition to the compelling acquisition yield, the portfolio offers numerous leasing, asset management and investment initiatives we will look to implement alongside White Star. Together, Greykite and White Star aim to further scale the JV over the next 18-24 months, reflecting our conviction in the logistics market.”
“The industrial warehouse and logistics services market in Poland is developing dynamically with supportive fundamentals,” note White Star CEO Peter Huntley. “We are excited to partner with Greykite in addressing this continuing demand growth for warehouse space and to expand our new JV.”
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