Griffin Real Estate and Madison International Realty have launched a joint venture for their two first investments together in Germany. With Griffin’s development partner Panattoni, the firms will develop two build-to-suit properties, with footprint area of over 7,000m² and 9,100m² respectively. The assets have been leased to Amazon on a 15-year lease. The combined investment volume totals over €80m.
“This venture with the two first acquisitions in Germany is a strategic win for us at Griffin Real Estate and another milestone in our expansion. We are very pleased with our company's entry into the promising German logistics market. Having initially being concentrated on the Polish market, we are constantly looking for further attractive opportunities for our international expansion also in markets like Spain and the Netherlands”, said Nebil Senman, Managing Partner at Griffin Real Estate.
“Venturing into a new market, especially in times of pandemic, can be challenging, and would not be possible without the reliable support of Madison International Realty. We are delighted that Madison has chosen to work with us again as its investment partner, also in Germany”, added Maciej Dyjas, Managing Partner at Griffin Real Estate.
“We view both deals as an important milestone for our investment strategy in the European logistics sector giving us exposure to what we believe are well-located prime new assets on long leases to Amazon”, said Matthias Cordier, Managing Director at Madison International Realty.
“This venture is fully in line with our strategy of working alongside what we believe are outstanding local partners to leverage opportunities in rapidly-growing sectors and markets and we will seek to continue our successful cooperation with Griffin Real Estate and Panattoni, in order to further expand and capitalize on the opportunities in the European logistic sector”, said Derek Jacobson, Madison International Realty Co-Chief Investment Officer.
