"This transaction represents a rare opportunity to enter the European logistics market with a significant investment into an existing large scale, high-quality portfolio," Matthias Cordier, managing director at Madison International Realty, said in a prepared statement. "We believe the superior market dynamics in the Polish logistics sector present an attractive entry point compared with other European logistics markets as well as asset classes in Poland. We are excited to be working alongside an established group like Redefine and with premier asset managers and logistic developers in Griffin Real Estate and Panattoni."

The completed properties are around 95% occupied and located in Poland's key distribution hubs of Warsaw, Lodz, Cracow, Silesia, Pomerania and Posnania Regions. As part of the business plan, the parties aim to further grow the portfolio over the next years to create a leading Polish logistics platform.

Since May 2018, Madison has been invested in the Polish market when it acquired a 50% interest in the iconic Warsaw Spire office tower from Ghelamco. The tower was sold in July 2019 to Immofinanz for €386 million. Last year, Madison also bought a controlling stake in Capital Park SA, a Warsaw-listed real estate investment company with a portfolio comprising 304,000 square meters of leasable space, 77% of which is situated in Warsaw.

"With our new joint venture partner Madison, we are able to fast track our ambitious target to build ELI into a leading player in the Polish logistics sector, along with our market-leading Polish retail platform EPP with a GAV of over €2.2billion. Poland continues to be an attractive market with its positive economic outlook and solid real estate fundamentals" said Andrew Konig, CEO of Redefine Properties, in a prepared statement.

Griffin Real Estate plans to increase its stake as co-investor and will support both Madison and Redefine in executing its growth plans in ELI, according to Nebil Senman, managing partner at Griffin Real Estate. "We believe that the Polish logistic markets will continue to grow as a key logistics hub for international e-commerce players but also an increasing number of new production companies. With Madison, we think we have identified the right partner for ELI to further capitalize on logistics real estate," said Maciej Dyjas, managing partner at Griffin Real Estate, in a prepared statement.