has acquired Logistrial Real Estate AG from GARBE Industrial Real Estate
. The acquisition includes all the shares in Logistrial Real Estate AG and a logistics portfolio comprising 13 existing properties and 6 development projects. The total floor area is approximately 580,000m². The purchase price is c.€800m. Using its integrated platform, GARBE Industrial Real Estate will handle letting, property management and asset management of the existing portfolio and also of the new properties upon completion. Logistrial Real Estate AG was established in 2019 with the intention of creating a logistics property portfolio and then putting both the company and the portfolio up for sale in the capital market.
“The acquisition of the Logistrial portfolio is an important step towards strategically expanding our logistics portfolio and diversifying it across the leading European logistics markets. We are planning further steps of this kind, including portfolio acquisitions and single-asset deals with developers, portfolio managers and owner-occupiers as part of sale and leaseback solutions, for example. Thanks to our excellent working relationship with Garbe, we were able to negotiate the portfolio transaction very efficiently and ensure beneficial solutions for both sides,” said Martin J. Bruhl, Chief Investment Officer and a member of the management team at Union Investment Real Estate.
Christopher Garbe, managing director of GARBE Industrial Real Estate, commented: “As a result of Union Investment’s attractive offer and the prospect of being able to continue managing the properties in the long term, we decided to accept the offer and have successfully completed this complex transaction over recent weeks. We are delighted to have found a competent partner with a long-term focus in Union Investment.”