Griffin Raises $27.2 Million in Equity Private Placement to Accelerate Growth Plan - Seite 2

Mr. Gamzon added, “The logistics sector continues to experience strong industry tailwinds due to the growth in e-commerce, optimization of supply chains and increased need for buffer inventories and redundancies. We are excited to accelerate our proven acquisition strategy and leverage our existing operating platform and development pipeline as we increase the size of our portfolio.”

As part of the transaction, a representative of Cambiar will join Griffin’s board of directors. Mr. Gamzon further commented, “We are excited to have Cambiar as a valued partner as they share Griffin’s vision for growth and plans for shareholder value creation. We look forward to Cambiar’s contributions on our board of directors and feel confident that this investment brings Griffin another step closer to its long-term goals.”

Michael Simanovsky, Founder and Managing Partner of Cambiar, commented “We are excited to partner with Griffin as it accelerates its growth plans. I have partnered with Gordon DuGan previously to grow industrial real estate platforms, and Griffin shares many of the attributes that made those entities successful. We believe the Company has great assets, attractive long-term fundamentals and a great leadership team.”

As part of the Private Placement, Cambiar received one Contingent Value Right (“CVR”) per common share, which entitles the CVR holder to limited downside protection in the form of a one-time cash payment (not to exceed 10% of the purchase price of $50.00 per share) in the event that the Company’s volume weighted average share price for the thirty day trading period ending on the one-year anniversary from issuance (the “Lock-Up Date”) is less than the purchase price of $50.00 per share. Cambiar has agreed not to sell the Common Stock purchased until the Lock-Up Date.

Additional details about the Private Placement will be available in a Current Report on Form 8-K under the “SEC Filings” tab of the Investor Relations section of Griffin’s website, www.griffinindustrial.com.

About Griffin

Griffin is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/warehouse properties. Griffin currently owns 42 buildings totaling approximately 4.6 million square feet (approximately 4.2 million of which is industrial/warehouse space) in Connecticut, Pennsylvania, North Carolina and Florida in addition to over 3,400 acres of undeveloped land.