European Logistic Investment (ELI), a company owned by South-African REIT Redefine Properties and Griffin Real Estate's partners, is joining forces with the European arm of US logistics developer Panattoni to build up a €1 bn logistics portfolio in Poland.
'We are really excited about enlarging our involvement in Poland,' said Andrew Konig, chief executive officer at Redefine Properties. 'The country has a large, stable and growing economy, while its commercial real estate market offers attractive yields. After our successful investment in EPP, being the largest Polish retail platform with a gross asset value over €2 bn, we are excited about seeking to create a national champion in the Polish logistic sector.'
The acquisition will be partially financed by long-term bank debt in the amount of around €100 mln, provided by ING Bank.