Greystar Real Estate Partners plans to expand its industrial strategy into Australia.
PERE can reveal that the Charleston, South Carolina-headquartered manager has acquired three industrial assets with balance sheet capital this year and will look to seed these assets into a new vehicle in 2022. Led by real estate veteran Philip Haw, the strategy will target infill, last-mile assets across Australia, with a primary focus on the Eastern Seaboard.
The Australian industrial team currently has two people, including Haw, who has joined as a director at Greystar. He has more than 18 years’ experience in real estate within Asia-Pacific. Prior to joining Greystar, Haw was a transactions manager at Blackstone’s Australian portfolio company, 151 Property, and was involved in the sale of Blackstone’s Milestone portfolio to ESR Australia.
Bazil Chambak has been hired as an analyst in the industrial team where he will be responsible for financial modelling and investment analysis for Greystar Australia. Before joining Greystar, Chambak worked as a senior analyst at Stockland where he was responsible for providing feasibilities for its commercial development arm.
The new industrial team will be supported by Greystar’s Australia investment and development team. Haw will work closely with Chris Key, Greystar’s head of Australia, and Adam Pillay, Greystar’s head of Asia-Pacific.
Greystar declined to comment on the new strategy in Australia.
The set-up of the Australia industrial team represents an extension of Greystar’s new industrial strategy in the US. The multifamily specialist first moved into the industrial sector by acquiring 45 percent of rental housing and industrial investment management firm Thackeray Partners in September 2020. In May, Greystar announced it had acquired the remaining 55 percent of the company. Headquartered in Dallas, Thackeray Partners has closed or committed to transactions totaling more than $5.9 billion, representing over 25,300 rental housing units and nearly 22 million square feet of industrial space.
To further bolster its industrial strategy, Greystar also hired Tyler Williams as senior director of development in November to grow its industrial presence in the Houston, Utah and Louisiana markets. Prior to joining Greystar, Williams held leadership roles with Holt Lunsford Commercial Investments and CT Realty, focused on industrial investments and developments.
“Over the past year, Greystar has seen significant momentum in the industrial sector, and our strategic investments, such as the recent acquisition of Thackeray, are pivotal for expanding our footprint in the space,” Brian Herwald, managing director of development at Greystar, said in Williams’ hiring announcement this month. “As we continue to grow our industrial portfolio across each market, Tyler’s deep industry background in industrial real estate will be key to Greystar’s strategic growth opportunities.”
PERE understands that Greystar’s venture into the industrial space was initiated by its existing institutional partners, as was the case with the firm’s entry into the life sciences sector. In July, Greystar partnered with its long-term investor CPP Investments to form a new joint venture to pursue life sciences real estate development opportunities in target markets in the US.