A European property fund managed by Greykite Investment Adviser has acquired a seed portfolio for a newly formed €300m logistics partnership with White Star Real Estate.

The Greykite European Real Estate Fund has bought a 142,000sqm portfolio of three properties in Warsaw, Strykow and Gliwice in Poland as the initial investment in the new joint venture with Central Europe-focused real estate developer and manager White Star.

White Star, the minority partner in the joint venture, developed the properties and will continue to manage the assets.

Michael Abel, founder and CEO of Greykite, said: “Commencing the investment programme 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. 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 nearshoring 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, whilst simultaneously closing in on a number of other high-profile acquisitions.”

Dan Valenzano, senior partner of Greykite, said: “This acquisition represents an attractive entry point into the logistics sector. 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.” 

Peter Huntley, CEO of White Star, said: “The industrial warehouse and logistics services market in Poland is developing dynamically with supportive fundamentals.

“We are excited to partner with Greykite in addressing this continuing demand growth for warehouse space and to expand our new JV.”

To read the latest IPE Real Assets magazine click here. 

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