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Panattoni portfolio sold to Redefine

Anna Pakulniewicz 09 July 2018

Anna Pakulniewicz

Journalist

+48 22 356 25 07
anna@eurobuildcee.com

Ania covers the Baltic states’ real estate markets, architecture and urban planning in Warsaw as well as interior design. She is also the co-founder of Eurobuild TV. Among others, she has been employed by TVN CNBC, PAP Insider, WBJ (The Observer), Poland Monthly and IMM. She graduated from the Warsaw School of Economics, majoring in international relations. She has also completed postgraduate studies in macroeconomic analysis. In addition to this, she studied Lithuanian philology

Panattoni portfolio sold to Redefine

POLAND ELI, a company incorporated in the Netherlands and co-managed by Griffin Real Estate, has finalised the acquisition of a portfolio of nine operating logistics parks developed by Panattoni Europe.

The value of the deal comes to around EUR 200 mln. At the same time, Panattoni Europe jointly with ELI are planning to invest app. EUR 800 mln to enlarge the newly acquired portfolio into a logistics platform. GRE and Panattoni are to co-manage the new venture.

ELI has acquired a portfolio of nine logistics properties with a total area of more than 300,000 sqm gross leasable area and located in Poland’s main logistics centers: Warsaw, Łódź, Kraków, Silesia, Pomerania and the Poznań region. The acquisition will be partially financed by long term bank debt of around EUR 100 mln provided by ING Bank Śląski.

“Griffin, after establishing a number of platforms operating in various real estate sectors, has for a few months been monitoring the logistics property market and its strong fundamentals and the large demand for logistics space. Seeing its potential, we decided to create a new investment platform, inviting Redefine Properties to take part in the venture,” commented Maciej Dyjas, a managing partner at GRE.

“Poland’s logistics market has been performing very well over the past years, and the prospects for the sector remain bright, mainly due to Poland’s central location and size, improving transport infrastructure and strong economic performance,” added Nebil Senman, also a managing partner at GRE.

Legal advice was provided by Linklaters Warsaw and Weil, while commercial due diligence was provided by JLL and Savills, technical and environmental advice by Gleeds and WSP and tax and financial advice by MDDP.

Griffin Real Estate is an investment manager with the single largest real estate portfolio in the CEE region based on eight investment platforms, with assets under management valued at about EUR 5 bln. Its strategic partners are funds managed by Oaktree Capital Management, L.P., funds managed by Pacific Investment Management Company, LLC and Redefine Properties of South Africa.

Redefine Properties is a South African Real Estate Investment Trust (REIT) with a diversified portfolio of premium office, industrial and retail properties – both in South Africa and internationally. The company is listed on the Johannesburg Stock Exchange and included in the JSE Top 40 Index.

Panattoni Europe is an industrial space developer. Since 2005 and the beginning of its activity in Poland, the company has completed projects in the country totalling more than 5 mln sqm.


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