International Industrial Properties (IIProp), an industrial and logistics platform owned by Madison International Realty and Griffin Capital Partners, has launched the development of a 93,500 sqm warehousing park in Nadarzyn, on Warsaw’s southwestern outskirts.
In the first phase, with IIProp’s development partner Panattoni, 50,000 sqm will be built and is scheduled for completion in February 2023. It is currently 51 per cent pre-leased, all of which is to be occupied by an international logistics operator serving a home and furniture company. The developer aims at BREEAM ‘Excellent’ certification for the project in Nadarzyn.
Warsaw-based investment manager Griffin Capital Partners has also disclosed that the IIProp joint venture has just completed the initial phase (a 22,346 sqm BTS project) of its 46,600 sqm San Andres industrial development in Murcia in Spain.
"The projects in Murcia and Warsaw are the latest success stories in our strategic partnership with Panattoni. We continue to screen new European markets for entry and have already begun working on potential development projects in countries like France, Italy and Austria. In parallel, IIProp’s pipeline stands at app. 430,000 sqm, despite latest disposals completed in Germany", said Maciej Dyjas, Managing Partner of Griffin Capital Partners.
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