GARBE Industrial Real Estate has formed a joint venture with a fund managed by BlackRock.
The stated purpose of the joint venture is to set up a portfolio of logistics real estate with strong sustainability characteristics. Eligible assets include new-build structures as well as standing properties waiting to be modernized — primarily in Germany and France.
The first property acquired is a brownfield site of about 200,000 square meters (2.15 million square feet) in Salzgitter in Germany, where the construction of a logistics property with a total floor area of about 70,000 square meters (753,470 square feet) is scheduled to start in the first quarter 2025 and to be completed in 2026.
In France, the joint venture in early August acquired a fully permitted plot of land near Rennes to develop a divisible 27,000 square meters (290,630 square feet) BREEAM Excellent warehouse that will be delivered in autumn 2025.
“The joint venture with BlackRock represent
