Quilvest Capital Partners Real Estate and Dromeus Capital Group are to invest over €100 mln in a sustainable Greek logistics programme.
Quilvest, which manages over $7bn of client AUM as global private investment firm, and Dromeus Capital Group an alternative investment manager focused on Greek commercial real estate, have launched the JV to develop modern logistics assets that adhere to the highest ESG standards including the use of sustainable construction materials and installing photovoltaic panels to generate discounted renewable energy, as well as EV charging points to power electric vehicles.
The investment plan between Quilvest and Dromeus follows a pilot inaugural project – a 42,000 m2 LEED Gold-certified warehouse situated in Elefsina, West Attica. As the main logistics hub of Athens, West Attica offers convenient access to the Attica ring road, the main motorways, the Port of Piraeus, and the broader Athens metropolitan area.
Furthermore, plans to expand the site by an additional 30,000 m2 are on the horizon, planned in the next two years. The Athens logistics market has been showing strong growth fundamentals, fuelled by Greece’s economic recovery, the rise of e-commerce in the country, and the increasing importance of the Port of Piraeus as a gateway to Europe for global trade.
The lack of modern stock able to fulfil tenants’ demands has led to very low vacancies for prime warehouses and significant rental level appreciation, a trend set to continue.
In the logistics and industrial space, Quilvest has acquired around 700,000 m2 of real estate since 2015. Michael Kandarakis, partner and co-head of real estate, said: ‘We are delighted to introduce Herod, Greece’s first sustainability-focused logistics platform of significant scale. It is a natural extension of a 10-year record of investing in the industrial and logistics sector in Europe and the US.’
‘Our goal is to support Greece's growing economic and trading activity by developing storage space that adheres to the highest efficiency and ESG standards.
Achilles Risvas, CEO and founder of Dromeus Capital Group, added: ‘We are very excited to formally launch our logistics platform, Herod. The surging demand for modern, Grade-A logistics warehouses coupled with the lack of existing supply underpins our investment thesis. With Quilvest's extensive expertise and resources, we have a powerful ally in our mission to redefine the Greek logistics landscape.’
