GREYKITE European Real Estate Fund has launched a new European logistics platform called Silverdock.
The platform, which was seeded with a pan-European portfolio of 13 assets purchased from Logicor last year and three UK portfolios recently acquired in off-market transactions, currently has €800m of assets under management.
The UK add-on portfolios provide approximately 4m sq ft of space across 13 properties and will be managed by Canmoor. The fund has partnered with Bowery to manage the assets in continental Europe.
In total, Silverdock comprises more than 25 primarily single-tenant assets, in key strategic distribution hubs across Europe and is currently 99% occupied. GREYKITE said the portfolio offered significant reversionary potential and was positioned to benefit from proactive asset management and further asset aggregation.
GREYKITE intends to continue expanding the Silverdock platform through targeted acquisitions across continental Europe and the UK.
Michael Abel, founder and CEO of GREYKITE, said: “Silverdock underscores our commitment to delivering best-in-class logistics assets across Europe’s key markets, partnering with local market experts like Canmoor and Bowery which enhances our ability to unlock value through operational expertise.
“The ongoing market dislocation we are seeing across Europe continues to restrict the pool of capital with the firepower and conviction to invest, and this relative hiatus, coupled with our ability to identify, and then successfully facilitate transactions with, pockets of motivated sellers, has enabled us to capture the next wave of logistics demand across Europe’s most dynamic markets.”
Dan Valenzano, senior partner at GREYKITE, added: “Silverdock’s launch is the culmination of a targeted and proactive investment strategy focused on assembling institutional-grade logistics assets in structurally undersupplied locations. With Silverdock, we are not only aggregating scale, but also creating a unique platform with embedded growth, strategic optionality, and long-term relevance in the European logistics sector.”
Tom White, director of Canmoor, said: “We are delighted to be working with Greykite on the Silverdock logistics strategy in the UK. Canmoor has a strong track record of sourcing off-market deals and delivering high quality asset management solutions for our partners, and the complimentary skillsets of Canmoor and Greykite positions us well to achieve strong outperformance from the portfolio.”
