Garbe Industrial Real Estate has purchased a light-industrial property on behalf of its logistics property fund, Garbe Logistikimmobilien Fonds Plus II, through a sale-and-leaseback transaction.
The office and light manufacturing property, built in 1984 and expanded in 1993, is located on Oranienburger Strasse in Berlin’s borough of Reinickendorf.
It was sold by a globally active automotive supplier who rented the property on a 15-year lease that includes a renewal option for another five years.
The plot extends over around 24,600 square metres of lettable area, which breaks down into 20,250 square metres of light manufacturing space, 2750 square metres of office space and 1600 square metres of other kinds of floor space. The selling price was in the mid-double-digit millions.
Philipp Loth, Head of Investment Management Germany at Garbe Industrial Real Estate, commented the acquisition: “In the current market environment, our financial clout worked to our advantage as we managed to acquire this light industrial property in one of the prime locations of north-west Berlin on behalf of our GLIF-II institutional fund.” Loth went on to say: “Moreover, we have a tenant who is closely tied to the property, and with whom we will maintain a great working relationship over many years. We are principally interested in engaging in further sale-and-lease-back transactions in excellent locations.”
The property is part of the Wittenau commercial and industrial zone near the B96 federal route and the A111 expressway, and about ten kilometres from downtown Berlin.