Tristan Capital Partners and White Star Real Estate have bought a portfolio of five warehouses in Poland for around €86m.

Tristan’s EPISO 4 value-add fund together with operating and equity partner White Star bought the portfolio from a US-based real estate private equity investor.

The five warehouses range from 16,000sqm to 40,000sqm, covering 161,689sqm of gross lettable area in total and are currently just over 90% let.

Kristian Smyth, a director at Tristan Capital Partners, said: “Despite substantial development of new logistics warehouses in Poland in recent years, demand continues to outstrip supply resulting in a sharp fall in vacancy rates and a slow increase in net effective rents.

“We expect these robust market fundamentals to continue on the back of buoyant Polish economic growth, and we are focused on expanding our Polish logistics footprint.”