Union Investment acquires Germany-wide logistics portfolio from GARBE

Union Investment has acquired the Rocket portfolio from GARBE Industrial Real Estate.

The logistics portfolio consists of six development projects (scheduled for completion in 2021) and two existing buildings. The properties are located in Achim, Cloppenburg, Echzell, Emden, Frankenberg, Kaiserslautern, Messkirch and Rendsburg. The purchases are being made for two new logistics special funds launched jointly by Union Investment and GARBE Industrial Real Estate. Union Investment and GARBE will share investment management responsibility for the two pan-European funds, while GARBE will handle asset management and property management. The purchase price was not disclosed.

The transfer of rights and obligations (i.e., the closing) has now taken place for six of the eight properties. For the two properties in Cloppenburg and Frankenberg, closing is scheduled for fourth quarter 2020.

The Rocket portfolio is distributed throughout Germany and split across six federal st