IVG and Garbe Logistic AG have now raised a total of approximately 120 million in equity from institutional investors for its IVG Garbe Logistik fund, launched in March 2012, and has thus reached its self-imposed maximum target for the first closing.
"By the beginning of next year, IVG and Garbe Logistic intend to collect more funds and then close the fund with up to 200 million in equity as planned", says Steffen Ricken, Managing Director of IVG Institutional Funds GmbH with responsibility for marketing and product development.
The special fund under German investment law invests exclusively in core logistics properties at established locations in Germany. The properties must have high potential for third-party utilization and tenants with good credit quality.
In total, the fund has a target investment volume of up to 400 million and is to be fully invested by the end of 2014 at the latest. The first properties will be acquired this year. In addition to German investors, the current institutional investors also include Austrian investors.
Asset management for the portfolio is performed by Garbe Logistic AG and fund management by IVG. Both companies are also operating as co-investors. "For us, this is a strategic milestone to further strengthen our asset management and project development platform as one of the leading German providers of logistics properties", commented Christopher Garbe, Managing Director of Garbe Logistic AG.
With the successful first closing of the IVG Garbe Logistik fund and the strategic cooperation with Garbe Logistic AG, IVG Institutional Funds GmbH is systematically continuing the reorientation and expansion of its business area with specialized products for German and international investors.
"As with the IVG Warsaw fund, the demand for the IVG Garbe Logistik fund now also substantiates our new strategy of launching focused fund products with a convincing investment and divestment strategy in order to meet the changed needs of institutional investors and enter new markets successfully", explains Steffen Ricken. Furthermore, he states that the cooperation with Garbe has proven to be a key unique selling point when approaching investors.