Acquisition of the Diamond Business Park portfolio by GREYKITE European Real Estate Fund and White Star Real Estate
CATEGORY
Investment Deal of the Year, CEE
€300m JV acquisition of the 142,000 sqm Diamond Business Park portfolio by GREYKITE and White Star Real Estate combines speed, scale and execution. Closed within four months (May-August), it marked GREYKITE’s first investment in Poland and the creation of a new JV platform with White Star Real Estate. The nearly fully leased portfolio ensured strong, stable income and rapid post-acquisition value creation through Digital Ursus – a 20,000 sqm data centre with 65 MW and a long-term global tenant.
Name of the deal
Acquisition of the Diamond Business Park portfolio by GREYKITE European Real Estate Fund and White Star Real Estate
Information about the transaction
In September 2024, GREYKITE entered a €300m joint venture with White Star Real Estate and acquired the Diamond Business Park portfolio in Poland, totalling c.142,000 sqm across Warsaw (DBP Ursus, Stryków and Gliwice). The assets, developed 2007-2013, are modern logistics/light-industrial parks, almost fully leased to 40+ tenants with an average WALT of about 3 years. WSRE continues as asset and property manager. The JV has since accelerated value creation in Warsaw through the Digital Ursus conversion: a 20,000 sqm facility repositioned into a data-centre project with power increased from 18 MW to 65 MW and a long-term lease signed with a global operator. The deal combines a stabilised income profile with a platform for further growth in CEE logistics and digital infrastructure. The acquisition represents one of the largest logistics transactions in Poland in 2024, strengthening GREYKITE’s presence in Europe and confirming investor confidence in the region’s long-term fundamentals.
The date of closing the deal
2024-09-03
Value of the transaction (in EUR)
1
Yield
Value of the transaction and yield are not disclosed.
Seller, plus brief information about the company
Confidential
Consultancy which advised Seller
Clyde & Co – legal advisor; EY – tax advisor.
Purchaser, plus brief information about the company
GREYKITE is an independent European real estate investment firm founded in 2023 and based in London. It focuses on scalable, high-conviction sectors, creating long-term value through active asset management, value-creation initiatives and a partnership-driven, transparent and sustainable approach.
Consultancy which advised Purchaser
CMS – legal advisor; BNP Paribas Real Estate – technical due diligence; EY – tax and financial DD; JWA – ESG DD.
