GARBE and Union Investment acquire logistics turnkey development in Rotterdam harbor for €85m

GARBE Industrial Real Estate and Union Investment have acquired a 39,300-square-meter (423,000-square-foot) logistics turnkey development at Rotterdam Pernis, in an off-market forward-commitment transaction from Dudok Real Estate.

The property was purchased on behalf of the UII Garbe Logistik Fonds vehicle, which was jointly launched by Union Investment and GARBE Industrial Real Estate in 2020. It is an institutional fund that invests in European logistics real estate. GARBE Industrial Real Estate handles the fund’s lettings, property management and asset management via its integrated platform while taking care of the investment management together with Union Investment.

The development is located on a 47,000-square-meter (506,000-square-foot) leasehold plot comprising approximately 33,700 square meters (362,700 square feet) of warehouse and mezzanine space and 5,600 square meters (60,300 square feet) of office space overlooking the port of Rotterdam, as well as 323