27 January 2020
Rymarz Zdort, formerly Weil, Gotshal & Manges – Pawel Rymarz sp.k., advised Redefine Properties Limited, Griffin Real Estate, and European Logistics Investments (“ELI”) on the sale of shares in ELI to Madison International Realty.
Redefine, a South African investment trust and a majority shareholder of European Logistics Investments, sold to Madison International Realty, a real estate investment firm, 46.5% of the shares in ELI, the owner of a EUR 500 million Polish real estate portfolio. The ELI platform is co-managed by Griffin Real Estate, its 7% minority investor that is active in the real estate sector, and Panattoni Europe, an international real estate development company.
The ELI platform comprises 14 assets with a total area of approximately 560,000 square metres, including 80,000 square metres nearing completion and that are already 90% pre-leased. Additionally, the platform has several new planned development projects with a total area of 270,000 square metres the construction of which will commence upon the conclusion of preliminary lease agreements. ELI warehouses are built to high technical standards and are located in Poland’s major distribution hubs: Warsaw, Lodz, Krakow, Silesia, Pomerania, and near Poznan. At present, they have an effective occupancy rate of 95%, and the weighted average lease term is four years. According to the business plan, the parties intend to continue expanding their portfolio in the coming years with a view to creating a leading logistics platform in Poland.
As part of the transaction, Madison will invest the amount of EUR 150 million in ELI, of which EUR 83.7 million will be spent on the purchase of a 46.5% stake in the platform, whereas the remaining EUR 66.3 million will be used to finance the further development of the portfolio in the coming years. Redefine will sponsor the development of the platform together with Madison.
The Rymarz Zdort transaction team was led by Pawel Zdort, an attorney-at-law and a managing partner of Rymarz Zdort, and by Piotr Fedorowicz, an advocate and a partner in the corporate department who co-heads the real estate practice. They were supported by advocate Jakub Krzemien (Counsel), advocate Karolina Bakowska (Associate), Tomasz Karkowski (Associate), Michał Kostewicz (Associate), and Aleksander Jakubisiak (Associate).
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