ELI, a company incorporated in Netherland, and co-managed by Griffin Real Estate (GRE), finalised the acquisition of a portfolio of nine operating logistics parks developed by Panattoni Europe. The value of the deal is around €200 million. At the same time, Panattoni Europe jointly with ELI plans to invest circa €800 million to enlarge the newly acquired portfolio into a leading Polish logistic platform. GRE and Panattoni will co-manage the new venture going onwards.
ELI acquired a portfolio of nine logistic properties with a total area of above 300,000 sqm gross lettable area and located in the main Poland’s logistics centres: Warsaw, Łódź, Cracow, Silesia, Pomerania and Posnania Regions. The acquisition will be partially financed by long-term bank debt in the amount of around €100 million, provided by ING Bank Śląski SA.
“We are proud to get the opportunity to work together with such a renowned real estate investor and manager as Griffin Real Estate as well as with Redefine, the largest South African REIT,” said Robert Dobrzycki, CEO at Panattoni Europe. “I’m sure we can supplement each other with unique professional expertise.”
“Griffin, after establishing a number of platforms operating in various real estate sectors, has been monitoring since few months the logistics property market and its strong market fundamentals and large demand for logistic space,” said Maciej Dyjas, a managing partner at GRE. “Seeing its potential, we decided to create a new investment platform, inviting Redefine Properties SA to take part in the venture.”
Legal advice was granted by Linklaters Warsaw and Weil, commercial due diligence was provided by JLL and Savills, technical and environmental advise by Gleeds and WSP and tax and financial by MDDP.
