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A fund managed by a pair of TPG alumni has bought a €350M (£291M) pan-European logistics portfolio as investment in the sector starts to pick up around the world.
Greykite European Real Estate Fund bought a 13-asset logistics portfolio totalling 4.3M SF, its first logistics deal. The assets are mainly across Germany, France and the UK, and the portfolio is 98% occupied, with reversionary potential, Greykite said. It is leased to 20 tenants, including Kuehne + Nagel, BSH Hausgeräte, Teva Pharmaceuticals, Iron Mountain and Ski Rossignol.
The company said it could use the portfolio as the seed to grow a bigger logistics platform, but managing them as individual assets is also an option.
The deal comes as data from Savills show that global industrial and logistics investment hit $47B (£38B) in the third quarter, up 4.3% on the same period last year. That takes cumulative global turnover in the sector to $133B in the year to the end of September.
Even though rental growth isn’t as strong as during and in the immediate aftermath of pandemic lockdowns, Savills said investors are still willing to underwrite deals in the sector because of longer-term positive structural factors. As a result, $70B of capital has been raised to target the sector globally.
“Q3 has built on the green shoots of activity seen in Q2 as more [industrial and logistics] vendors have come forward and lot sizes have quickly increased,” Savills Head of Global Cross Border Investment Rasheed Hassan said in a statement.
“Although the pace of recovery varies between regions, the increase in investor scale has brought with it a base level of portfolio and M&A activity, with at least one I&L transaction in each global region breaching the billion-dollar threshold in Q3. 2025 is set to bring with it hardening yields in the sector and a further uptick in activity.”
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