Grosvenor Group’s Indirect Investment business increases exposure to the Polish logistics sector

Grosvenor-backed Polish Logistics LLP acquires portfolio of five logistics parks

Polish Logistics LLP, an investment vehicle established by REINO iO Logistics with Grosvenor Group’s Indirect Investment business as the cornerstone investor, has expanded its portfolio with the acquisition of five prime logistics parks in Poland from AEW Europe.

The acquisition of the portfolio follows an initial acquisition by the vehicle in June 2020 of Logistic City, a 135,000 sqm asset in the established logistics location of Piotrków. The expansion of Polish Logistics LLP demonstrates the strength of the market and reinforces our interest in and commitment to the logistics sector.  

The five logistics parks are in Lodz, Poznan, Sosnowiec, Bielsko-Biala and Rzeszow. They total 208,992 sq m and are let to 28 tenants including, Hutchinson, Omega Pilzno, DAMCO and Pekaes.

Angus Scott-Brown and Dorota Latkowska - joint managing partners of REINO iO Logistics, commented:

“The portfolio provides a critical mass of purpose-built multi-tenanted logistics parks in prime locations throughout Poland. It offers strong geographic diversification in five established logistics markets and attractive granularity of income.

“The logistics market in Poland is attractive due to its location, size and growth potential. Its strategic location and ability to serve the whole of Western and Eastern Europe, its occupational costs that are some of the lowest within developed countries in Europe, its rail link to China and access to deep seaports make it a compelling market for us.

“Completing two transactions during a pandemic year is testament to all the teams involved. This latest acquisition demonstrates REINO iO’s ability to present international partners with attractive deals, acquire a varity of assets and close deals quickly. This is  just the beginning of our active asset management programme, which will include implementing measures to achieve the highest ESG standards across the portfolio”.

Andy Yates, Investment Director, Indirect Investment, at Grosvenor Group, said:

"We are delighted to have been able to move as quickly as we did to secure this exceptional acquisition opportunity despite the Europe-wide lockdown. We're looking forward to working with REINO IO to add value to the portfolio and on any future opportunities”.

The Polish Logistics LLP investment vehicle is managed by REINO IO Logistics, a joint venture that draws upon REINO’s local market presence and IO’s specialist industrial real estate expertise. It intends to expand its portfolio through the acquisition of both standing investments and land for build-to-suit developments.

Since 2012, Grosvenor has invested in seven specialist logistics partners through the Indirect Investment business. This new portfolio means that we have committed a total of £223m across eleven deals in six countries. Our nine realised investments have generated £74m in profit and an average IRR of over 20% pa and a 1.6x multiple.  As well as closing this follow-on deal in Poland, we are also in the advanced stages of several new opportunities across Australia and the USA.



Polish Logistics LLP is an investment vehicle established by REINO iO, a partnership between IO Asset Management and REINO Capital, with Grosvenor Group’s Indirect Investment business as the cornerstone investor.

Polish Logistics was advised by Dentons and CBRE and the vendor was advised by Allen & Overy and JLL. Debt financing was provided by BNP Paribas Bank Polska. 

Grosvenor Group

Grosvenor Group is a privately-owned international property company.

With a track record of over 340 years, we develop, manage and invest with a purpose of improving property and places to deliver lasting commercial and social benefit.

This is achieved by adopting a farsighted perspective, by being locally engaged and sharing and benefitting from our international experience. We call this our Living Cities approach.

Through the activities of Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe we diversify the Group’s property portfolio by geography, sector, activity, currency and management teams. Our Indirect Investment business further diversifies the Group’s property interests by backing specialist third-party management teams. It invests Grosvenor’s capital in Australia, Europe and North and South America.

IO Asset Management

Established in 1986 as Industrial Ownership, IO Asset Management is a specialist manager of industrial assets.  IO is a privately-owned firm that manages investments on behalf of third-party investors, including Grosvenor Group, Quilvest and Tesco Pension Fund. For more information, go to

REINO Capital

REINO Capital Group is a listed holding composed of companies operating in the commercial real estate market. By combining competences and experience gained in the real estate market and investments & capital markets, we create solutions for investors on the basis of the best Polish assets and while in line with the highest standards. REINO Capital Group is the first business project in Poland that assumes the vertical and horizontal consolidation of the market by combining traditional and alternate asset classes with our own distribution capabilities. 


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