Private equity investors Griffin Real Estate and Madison International Realty have established a joint venture for two logistics projects in Germany.
The firms are investing in two build-to-suit properties with footprints of 7,000 sq m and 9,100 sq m respectively, leased to Amazon on a 15-year lease with combined investment volume over €80 million. Griffin’s development partner, Panattoni, will partner the JV on the schemes.
One property will be constructed 70 km east of Cologne, between Amazon’s fulfilment centres in Coblenz, Dortmund and Werne. The other property will be erected 70 km southeast of Hannover. The units will be completed in late 2021 and spring 2022.
The deals represent Griffin’s first European venture outside Poland. Griffin has , however, worked with Madison International Realty previously. In January 2020 the two companies began a strategic partnership in the Polish logistics sector.
“Having initially 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 Griffin Real Estate managing partner Nebil Senman.