Madison International Realty has acquired a 46.5 percent equity stake in European Logistics Investment platform (ELI), a €500 million ($554 million) Polish real estate portfolio, from majority owner Redefine Properties Limited, a South Africa–based REIT. The transaction is Madison’s first major logistics acquisition in Europe as it looks to increase its exposure to the asset class.
The platform, co-managed by the 7 percent minority co-investor Griffin Real Estate, an investment manager in CEE, and Panattoni Europe, a European logistic developer, comprises 14 assets totaling around 560,000 square meters (6 million square feet) thereof 80,000 square meters nearly completed with around 90 percent pre-leasing and an additional development pipeline of 270,000 square meters (2.9 million square feet) to be started once pre-leases are secured. Spread across Poland’s key distribution hubs of Warsaw, Lodz, Cracow, Silesia, Pomerania and Posnania Regions and developed to a high
