Union Investment and GARBE Industrial Real Estate have jointly acquired the first logistics property for their “UII Garbe Logistik Fonds” investment fund. Seller is the Karimpol Group, a privately held property developer active in Eastern and Central Europe for over 30 years. It was agreed not to disclose the financial details of the transaction.
The property is located in an industrial park in the north-west part of Senec, a city roughly 25 kilometres north-east of the Slovak capital of Bratislava. Other logistics facilities that are largely used for distribution and light industrial purposes are located in the immediate vicinity. Constructed in 2019, the logistics property occupies an established location with convenient transport links. Overall, the property provides 32,400m² of warehouses space plus around 2,200m² of office space. Among the main tenants is the globally active logistics service provider DSV. The property’s occupancy rate is around 96%.
Janica Gerecke, Head of Investment Management Europe at GARBE Industrial Real Estate, commented: “We are pleased to report our successful market entry in Slovakia via this joint acquisition together with Union Investment. The transaction is for us, and for our partner, an important milestone within the framework of our pan-European expansion strategy. In addition to Slovakia, we are looking for investment opportunities in France, Italy, Poland and the Netherlands among the European markets.”
Martin Polak, Managing Director of GARBE CEE, added: “We are glad we succeeded in securing this investment for our joint investment fund, UII Garbe Logistik Fonds, within the currently competitive environment.”
And Dr. Edik Platzer, Managing Partner of the Karimpol Group, added: “So far, we developed a total of 150,000m² of state-of-the-art logistics facilities for large-scale tenants at our Bratislava Logistics Park in Senec north of Bratislava. We are particularly delighted to have found our next major international investors with a long-term interest in the region for one of our assets in Union Investment and Garbe Industrial Real Estate. For the Karimpol Group, this marks yet another milestone in line with our successful property development strategy in the CEE region.”