Griffin Real Estate and Madison International Realty, leading private equity investment firms, have formed a joint venture to carry out their first joint investments in Germany. Together with partner Griffin Real Estate, Panattoni – a leading logistics developer in Europe, they will develop two build-to-suit properties with an area of over 7,000 sqm, respectively. and 9,100 sq m, which have been leased to Amazon for a period of 15 years. The total value of the investment will exceed EUR 80 million.
The implementation of projects for Amazon are the first significant investments of Griffin Real Estate outside Poland. It is also the second joint project of Griffin Real Estate and Madison International Realty. The companies established a strategic partnership in January 2020 in order to implement investments in the logistics sector in Poland.
One of the properties will be built in North Rhine-Westphalia, 70 km east of Cologne, and will have a direct connection to the A4 and A45 motorways, between Amazon’s fulfillment centers in Koblenz, Dortmund and Werne. The second property will be built 70 km south-east of the largest city in Lower Saxony, Hanover, and near Wolfsburg (55 km east), where the important north-south (A7) and west-east (A2) connections intersect.
The projects were planned as build-to-suit investments, implemented in accordance with Amazon’s requirements in order to adapt to the specific needs of the tenant. The planned date of commissioning the first investment is the end of 2021, and the next one is spring 2022. The lease agreements with Amazon have been signed for a period of 15 years.
“The implementation of the first two investments in Germany is a milestone for Griffin Real Estate in foreign expansion. We are very pleased with the company’s entry into the dynamic and promising German logistics market. Initially, we focused our activities on the Polish market, but we are also constantly looking for attractive opportunities to develop our international business. , also in markets such as Spain and the Netherlands, “said Nebil Senman, Managing Partner at Griffin Real Estate.
“Entering a new market, especially in times of a pandemic, can be a challenge. The implementation of this ambitious project would not have been possible without the support of Madison International Realty. We are pleased that Madison has once again decided to work with us as an investment partner, also in Germany” – he added Maciej Dyjas, Managing Partner at Griffin Real Estate.
“We see both transactions as an important step in our investment strategy in the European logistics sector, which we believe will provide us with exposure to new, well-located prime facilities for Amazon,” said Matthias Cordier, Managing Director of Madison International Realty.
“This project is fully consistent with our strategy of working with partners who are, in our opinion, leading local companies, to increase the potential of fast-growing markets. We intend to continue our successful cooperation with Griffin Real Estate and Panattoni to take full advantage of the European sector’s potential. logistics, “said Derek Jacobson, Co-Manager Investments at Madison International Realty.
