Union Investment has acquired Logistrial Real Estate AG from GARBE Industrial Real Estate. The purchase price is approximately €800 million ($872 million).
The acquisition includes all the shares in Logistrial Real Estate AG.
This is associated with the purchase of a logistics portfolio comprising 13 existing properties and six development projects. The total floor area is approximately 580,000 square meters (6.24 million square feet). Using its integrated platform, GARBE Industrial Real Estate will handle letting, property management and asset management of the existing portfolio and also of the new properties upon completion. Logistrial Real Estate AG was established in 2019 with the intention of creating a logistics property portfolio and then putting both the company and the portfolio up for sale in the capital market.
The fully let existing properties and the ongoing development projects will be added to Union Investment’s two open-ended real estate fun
