Greykite鈥檚 European real estate fund鈥檚 multi-let industrial (MLI) platform, Lagerhome, has entered the German market with the acquisition of two assets.
The Greykite European Real Estate Fund I fund, in partnership with Troveinvest, has agreed to acquire the 48,000sqm portfolio comprising two assets in Frankfurt and Dusseldorf.
Greykite said, alongside Troveinvest, it plans to unlock value-add potential in the portfolio through active leasing and accretive capital expenditure. The pair also intend to further expand Lagerhome鈥檚 presence across Germany.
Michael Abel, founder and CEO of Greykite, said: 鈥淓xpanding the Lagerhome platform into Germany, one of Europe鈥檚 largest and most liquid MLI markets, is a strategic step for our portfolio construction. As one of Greykite鈥檚 primary target jurisdictions, Germany presents a sizeable investment opportunity and is well suited to our focused and thematic strategy of building scale platforms.
鈥淚n addition, the anticipated 鈧�900bn that has been earmarked for defense and infrastructure spend over the next three years is set to drive significant demand for industrial space.鈥�
Dan Valenzano, senior partner of Greykite, said: 鈥淭his strategic entry into the German market builds on our strong early progress in Sweden and the UK. This was a rare opportunity to acquire two high-quality industrial properties, in proximity to two of the Big 7 German markets, Frankfurt and Dusseldorf.
鈥淚n troveinvest we have a best-in-class partner, alongside whom we look forward to making further acquisitions in Germany鈥檚 most established and desirable industrial sub-markets, where there remains a critical undersupply of modern space.鈥�
Ulf Christiansen and Daniel Rubinstein, managing partners of Troveinvest, said: 鈥淭his transaction and our joint venture with Greykite mark a significant milestone following the launch of troveinvest earlier this year.
鈥淗aving identified the MLI sector as a strategic focus, also for Germany, we are excited to close this first investment and look forward to scaling the Lagerhome platform across key MLI regions in the country.鈥�
In April this year, the Greykite European real estate fund launched Lagerhome with an initial 27-property portfolio acquisition in Sweden from a commercial real estate company backed by Swedish national pension fund AP3. At the time, Greykite said the Lagerhome platform expects to invest 鈧�1bn over the next 18 to 24 months.
Last month the European real estate fund entered into a partnership with Martley Capital, marking the launch of the UK division of Lagerhome. Simultaneously, the new partnership acquired an industrial estate in Milton Keynes in the UK.
Greykite said its Lagerhome鈥檚 portfolio now totals 鈧�275m in asset value following investments in Germany, Sweden and the UK.
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