In January 2020, a 46.5% equity stake in European Logistics Investment platform (“ELI”), a ca. €500 million Polish real estate portfolio was acquired by Madison International Realty from majority owner Redefine Properties. The platform, was set up and co-managed by the co-investor Griffin Real Estate, that has a key role in identifying the right partner for ELI to further capitalize on logistic real estate and attracting the new investor. As part of the transaction, Madison agreed to provide a €150 million commitment to ELI, of which €83.7 million was used to acquire a 46.5% interest in the existing assets and developments in progress while leaving an obligation of €66.3 million to expand the portfolio over the next years. The transaction was Madison’s first major logistics acquisition in Europe as it looks to increase its exposure to the asset class. According to the business plan for expansion of ELI to become the leading Polish logistic platform, the parties, together with the majority owner Redefine Properties Limited, a leading South-African based Real Estate Investment Trust (REIT), aim to further grow the portfolio over the next years.