Union Investment, GARBE acquire logistics real estate portfolio in Italy

Union Investment and GARBE Industrial Real Estate GmbH jointly have acquired a portfolio consisting of two new logistics buildings with a combined effective floor area of about 137,600 square meters (1.5 million square feet) in Italy from HEVF 2 Italy A fund invested by Hines, global real estate investment, development and property manager, and managed by Prelios SGR via an off-market transaction.

The properties are earmarked for the logistics special fund UII Garbe Logistik Fonds. The acquisition was masterminded mainly by the team in GARBE’s Milan office.

The UII Garbe Logistik Fonds jointly was launched by Union Investment and GARBE in 2020 and so far has built up a fund volume of more than €850 million ($900 million). Within the framework of its Europe-wide investment strategy, properties previously were acquired in Slovakia and the Netherlands, among other countries.

“We believe in a boots-on-the-ground approach because our local expertise enables us