Griffin, Immobel in major Polish land deal

Polish real estate company Griffin is teaming up with Belgium's Immobel to buy a portfolio of seven land plots across Poland in what is said to be one of 2011's largest property deals in the country. Financial details were not disclosed.

Griffin and Immobel have established a new 50-50 partnership which is acquiring the package from local press distribution group Ruch. The sites offer the potential to develop over 150,000 m² of leasable office, retail and housing space. Around 85% of the area is located in Warsaw with a minor part in Gdañsk and in Kraków.

'The completed transaction allows us to increase our presence on the market in Poland with particular focus on the office market in Warsaw,' said Gaëtan Piret, managing director of Immobel. The deal is part of the Euronext-listed group's geographic diversification strategy, which was launched in February last year with the acquisition of a number of development projects in Warsaw and Poznañ.

'We have decided to join our efforts on this acquisition with Immobel because of their long-term experience in property development and global knowledge of the real estate business,' added Przemys³aw Krych, CEO of Griffin.

Griffin is an active development company in Poland which also runs a mezzanine debt platform.