GARBE Industrial Real Estate GmbH (GARBE) keeps expanding its commitment in France by adding further logistics properties. At the moment, GARBE has invested in five existing and new-build structures, with another three currently in the development pipeline.
Michael Vidamant, Managing, Director Garbe Industrial Real Estate France, elaborated: “GARBE is a strategic partner for property developers and investors in France. Our plan is to acquire five project developments each year and to exploit opportunistic investment chances. The focus here is on future-proof sustainable assets.”
At the moment, three projects with a combined floor area of around 100,000m2 are under development in Lambres-Lez-Douai, near Rennes and Laval, respectively.
Overall, the European logistics real estate market is still very young and underdeveloped, especially compared to the USA. In France, the logistics floor space stock is 0.8m2 per capita and undercuts the European average of 0.9m2. For comparison: The ratio is 1.1 in Germany, 2.4 in the Netherlands and 4.8 in the USA.
Christopher Garbe, Managing Partner of GARBE, added: “We are aware of considerable potential for the development of logistics real estate in France, and we will expand our commitment in this area in the coming years. Indeed, we are planning further growth in other European countries. We not only offer attractive opportunities to local tenants, but through our pan-European strategy we can also support our German occupiers with their European expansion."
At this time, GARBE is developing a logistics property in Laval, a town between Le Mans and Rennes. Its warehouse space of about 38,000m2 is let in its entirety to Tereva, a major French industrial company. The building is scheduled for completion by April 2025. GARBE is seeking to have it certified to the BREEAM Very Good standard.
The other two properties represent speculative developments that will be completed in the spring of 2025 as well, the one in Lambres-Lez-Douai having around 29,000m2 of warehouse space and the one near Rennes around 27,000m2. It is planned to have both of them certified to the BREEAM Excellent standard.
Image source - GARBE.
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