GARBE acquires three logistics properties in northern Germany

GARBE acquireS three logistics properties in northern Germany

German GARBE Industrial Real Estate has acquired three logistics properties in northern Germany for its institutional German fund, “GARBE Logistikimmobilien Fonds Plus (GLIF+).”

The acquired distribution warehouses, which have a combined gross lettable area of more than 88,000 square metres, are almost fully occupied, and are located in the cities of Bremerhaven, Neu Wulmstorf and Norderstedt. Their tenants are mainly logistics and retail companies. The weighted average lease term (WAULT) is around 3.5 years. It was agreed not to disclose the selling price.

“These three logistics assets, based in fast-growing macro-environments, perfectly complement the fund portfolio. As they bring the fund total up to more than 540 million euros, the GLIF+ is now largely invested. The two-digit performance of the fund also demonstrates that our approach as integrated platform – meaning property, asset and fund management provided as a one-stop service – works amazingly well. Especially in the case of the GLIF+ fund, we achieved a sustainable performance increase by refurbishing, repositioning and re-letting assets. Encouraged by its great success, we are now preparing to launch a successor fund,” said Christopher Garbe, Managing Director of GARBE Industrial Real Estate GmbH.

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Garbe was advised by CBRE during the transaction, while receiving legal counsel from the international business consulting firm of Evershed Sutherland.