GREYKITE European Real Estate Fund has made a strong entry into the logistics sector with the launch of a strategic €300 million joint venture (JV) with White Star Real Estate. The JV is set to establish GREYKITE’s presence in the European logistics market, starting with the acquisition of a 142,000 square meter, three-property portfolio in Poland.
This debut acquisition marks a significant milestone for GREYKITE, following the fund’s formal launch earlier this year. White Star Real Estate, a prominent real estate developer and manager in Central Europe, has been named the minority JV partner. White Star developed the properties and will continue to manage them as part of the agreement.
A High-Quality Portfolio in Key Locations
The initial acquisition includes three logistics properties located in Warsaw, Strykow, and Gliwice—areas that are pivotal to Poland’s growing logistics market. The properties, which are almost fully occupied, host over 40 tenants and have a weighted average unexpired lease term of three years. These locations offer excellent connectivity to Poland’s busiest motorways, enhancing the portfolio’s strategic significance.
Strategic Focus on Logistics
The JV reflects GREYKITE’s commitment to investing in scalable, high-conviction sectors. Michael Abel, Founder and CEO of GREYKITE, emphasized that this acquisition aligns with the firm’s strategy of identifying durable investment opportunities backed by strong market fundamentals. The Polish logistics market is benefiting from several drivers, including the trend towards nearshoring and the country’s robust e-commerce sector.
“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,” Abel stated.
Long-Term Growth Prospects
Dan Valenzano, Senior Partner of GREYKITE, highlighted the attractive entry point into the logistics sector and the portfolio’s potential for growth. “This acquisition represents an attractive entry point into the logistics sector. The portfolio offers numerous leasing, asset management, and investment initiatives,” Valenzano commented. Over the next 18 to 24 months, GREYKITE and White Star aim to scale the JV, driven by strong conviction in the sector’s growth prospects.
White Star’s Role and Future Expansion
Peter Huntley, CEO of White Star, expressed enthusiasm about the partnership, pointing out the growth in demand for logistics and warehouse space in Poland. “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,” said Huntley.
With White Star’s extensive experience in asset management and development, and GREYKITE’s investment expertise, the joint venture is well-positioned to capitalize on the growing demand for logistics space across Poland and beyond.
