Real estate private equity firm Madison International Realty LLC agreed to acquire a 46.5% equity stake in an about €500 million Polish logistics portfolio from majority owner South Africa-based real estate investment trust Redefine Properties Ltd.
The European Logistics Investment platform is a 14-asset portfolio spanning roughly 560,000 square meters. It includes 80,000 square meters of nearly completed area, which is about 90% pre-leased, and an additional 270,000 square meters for development. The assets are in Warsaw, Lodz, Cracow, Silesia, Pomerania and Posnania.
Madison will invest €150 million in the platform, of which €83.7 million will be used to acquire a 46.5% interest in the existing assets and developments in progress, with €66.3 million committed to portfolio expansion. Redefine will match Madison's commitment of growth capital, according to a release.
The platform is co-managed by 7% minority co-investor Griffin Real Estate Invest Sp. z o.o. and European logistic developer Panattoni Development Europe Sp z o.o.