European Logistic Investment (ELI), an entity co-managed by investor Griffin Real Estate (GRE), has finalized the acquisition of a portfolio of nine logistics parks that were developed by Panattoni Europe. The transaction is valued at approximately €200 million. ELI and Panattoni have agreed to invest around €800 million in increasing the size of the portfolio and creating a leading logistics platform in Poland that will be managed by Panattoni and GRE.
The portfolio acquired by ELI comprises a total of more than 300,000 sqm and includes logistics parks located in Warsaw, Łódź, Kraków, Silesia, Pomerania and the Poznań area. The purchase will partly be financed with a long-term €100-million loan granted by ING Bank Śląski.
Having established a number of platforms operating in various real estate sectors, GRE has been monitoring the logistics property market with its strong fundamentals and large demand for a few months now, said Maciej Dyjas, a managing partner at the company. “Seeing its potential, we decided to create a new investment platform, inviting Redefine Properties to take part in the venture,” Dyjas added.