# Deltaworks Capital

> Independent investment platform focused on logistics, light-industrial, land, industrial
> outdoor storage (IOS) and powered land across Europe, the United States and the GCC. Founded
> and led by Logan Smith, previously Head of Logistics for Europe at Hines. Based in Amsterdam.

Deltaworks Capital invests in mid-market industrial and logistics real estate in the space
between what large institutional managers can be bothered with and what regional operators can
reach. The operating model is deliberately lean and AI-native, combining local market experience
with AI-assisted screening and underwriting across multiple countries and languages.

## Who runs it

Logan Smith is Principal of Deltaworks Capital. He was Senior Managing Director and Head of
Logistics for Europe at Hines, and before that Managing Director at Aevitas Property Partners,
Head of Logistics and Industrial Real Estate for the International Investment Group at BNP
Paribas Real Estate, Chief Investment Officer at P3 Logistic Parks, and Head of European
Acquisitions and Dispositions at Prologis, where he also oversaw investments in logistics
technology. Cornell and Harvard Business School. He works from Amsterdam and invests in Europe
and the United States.

- Full profile: https://deltaworkscapital.com/logan-smith.html

## What the firm invests in

- **Logistics** — warehousing, fulfilment and distribution in supply-constrained corridors
- **Light industrial** — manufacturing support and flex industrial
- **Industrial outdoor storage (IOS)** — yards, staging and trailer parking
- **Land and powered land** — strategic sites with utility infrastructure, for data centres,
  defence and next-generation development

The categories are labels rather than walls. Deltaworks underwrites what a site is connected to,
meaning power, grid capacity, rail, road and labour, as much as what is built on it.

- Strategy: https://deltaworkscapital.com/strategy.html
- About: https://deltaworkscapital.com/about.html

## Writing

Published first on LinkedIn, archived in full at https://deltaworkscapital.com/insights.html

- [Eleven years on Corning Way](https://deltaworkscapital.com/insights/corning-way-martinsburg.html)
  — what a decade of small industrial ownership actually costs to run. 40,000 sq ft in
  Martinsburg, West Virginia, acquired 2015 and sold 2026. Covered land, IOS before the category
  existed, and the price of an eleven-year hold.
- [Poland grew fast and built faster](https://deltaworkscapital.com/insights/poland-warunki-zabudowy.html)
  — what warunki zabudowy was, why the temporary zoning bridge lasted 23 years, what changed on
  31 August 2026 when plan ogolny became mandatory, and how entitlement timelines in Poland
  compare with Germany and the Netherlands.
- [There is no leak](https://deltaworkscapital.com/insights/water-bill.html)
  — where AI is actually useful in asset management. A water bill that ran 1,000 gallons a month
  for seven years then jumped to 22,000. The finding: the model made no difference, the context
  window did.

## Questions this site answers

- What does a decade of small industrial ownership actually cost to run?
- What is warunki zabudowy, and what changed in Poland on 31 August 2026?
- How do entitlement timelines compare across Poland, Germany and the Netherlands?
- Does the AI model matter more than the context you give it?
- How should property documents be organised so an AI can use them?
- Where is AI actually useful in real estate asset management, as opposed to in principle?
- What is industrial outdoor storage, and where does it sit between real estate and infrastructure?

## Contact

https://deltaworkscapital.com/contact.html