GARBE Industrial Real Estate has acquired three logistics property developments on behalf of two institutional funds under GARBE’s management. The properties are located at the Niedersachsenpark industrial park in Rieste near Osnabruck in Lower Saxony. Construction work was kicked off in late June. All three of the building are scheduled for completion by the fourth quarter of 2022. They were acquired in an off-market transaction structured as forward funding arrangement. The seller is Engler Immobilien Group, a property developer active across Europe.
Jan Philipp Daun, Head of Investment Management at GARBE Industrial Real Estate, commented on the acquisition: “We are glad about the opportunity to acquire these three new logistics buildings with a combined lettable warehouse area of 87,000m² on attractive terms. One of the three assets at Niedersachsenpark near Osnabruck in Lower Saxony has already been let in its entirety, while marketing of other two logistics warehouses is ongoing. The new logistics assets come with convenient transport access and therefore have excellent alternative use potential."
The incoming occupier of pre-let warehouse #1 is Delticom AG, a listed online retailer of tires and complete wheels. The company signed a long-term lease agreement. Warehouses #2 and #3, which are being developed without firm occupier commitments, will have 23,000m² (thereof 19,200m² of warehouse space) and around 18,500m² (14,300m² of warehouse space), respectively. The units will have a height of 12 metres (truss height), overhead sectional doors at ground level, and a total of 40 loading bays. It is planned to have all three of the buildings certified under the “Gold” sustainability standard of the DGNB German Sustainable Building Council.
Adrian Zellner, Head of Business Development at GARBE Industrial Real Estate, elaborated: “Given the strong demand for available warehouse units in the region, and the outstanding location in logistics terms, we are convinced that these assets will be let well before the end of the construction period.”
