GARBE acquires light industrial property in Germany via open-ended logistics fund
GARBE Industrial Real Estate has acquired a light industrial property on behalf of its open-ended logistics property fund, GARBE Logistikimmobilien Fonds Plus II (GLIF+II), via a sale-and-leaseback transaction.
GLIF+II is an institutional fund administrated by INTREAL, a third-party AIFM. It invests in logistics and mixed-use real estate of the Unternehmensimmobilien type in Germany and elsewhere in Europe.
The office and light manufacturing property was sold by a global automotive supplier renting the property on a 15-year lease that includes a renewal option for another five years. The exact selling price was not disclosed but was said to be in the “mid-double-digit millions.”
Constructed in 1984 and expanded in 1993, the property is located on Oranienburger Strasse in Berlin’s borough of Reinickendorf, and spans more than 24,600 square meters (264,792 square feet) of leasable area, which breaks down into 20,250 square meters (217,969 square feet) of lig