Redefine sells a 48.5% interest in ELI to Madison International Realty

19 March 2020

In close collaboration with Rymarz Zdort (formerly Weil, Gotshal & Manges), Houthoff advised Redefine Properties Limited (listed in Johannesburg) and European Logistics Investment BV ("ELI") on the sale of 46.5% of the shares in ELI to Madison International Realty and 2% of the shares in ELI to Griffin Real Estate.

As part of the transaction, Madison and Griffin Real Estate will invest the total amount of EUR 163.3 million in ELI. Madison will invest EUR 150 million and Griffin Real Estate will invest EUR 13.3 million. EUR 83.7 million of the amount invested by Madison and EUR 3.6 million of the amount invested by Griffin Real Estate will be spent on purchasing the shares, while the remaining amount will be used to finance the further development of the portfolio in the coming years.

ELI owns a EUR 500 million Polish real estate portfolio managed by co-investor Griffin Real Estate which comprises 14 real estate projects in the regions of Warsaw, Lodz, Krakow, Silesia, Pomerania and Posnania.