GARBE’S Logistics Property Fund GLIF+ buys two Assets in Northern Germany
Hamburg, 18 February 2020. GARBE Industrial Real Estate, one of Germany’s leading specialists for logistics and industrial properties, just acquired two logistics properties in northern Germany for its German institutional fund (Spezialfonds), GARBE Logistikimmobilien Fonds Plus (“GLIF+”). The purchased assets with their combined gross lettable area of around 63,000 square metres are situated in Norderstedt, a well-established location in the Hamburg metro region. The two logistics properties are fully tenant-occupied by companies with a long tradition in textile logistics. The weighted average lease term (WAULT) is around seven years. It was agreed not to disclose the selling price.
Christopher Garbe, Managing Director of GARBE Industrial Real Estate GmbH, commented: “The most recent acquisitions in northern Germany perfectly match the investment profile of our German institutional fund because of their specific locational qualities and the loyalty to location shown by the blue-chip tenants occupying them. They neatly complement the fund portfolio in geographical terms: While the GLIF+ fund is committed nationwide, northern Germany used to be under-represented.”
Cushman & Wakefield acted as consultants during the transaction. Legal adviser on the seller side was the law firm “KFR Kanzlei für Real Estate”. On the buyer side, Eversheds Sutherland provided legal counsel while the technical adviser was Enviro.