Union Investment and GARBE acquire two new-build logistics assets
Union Investment, a Hamburg-based real estate investment manager, and GARBE Industrial Real Estate have acquired two logistics assets that are located in Gütersloh and Bielefeld, Germany. The assets were acquired for the UII Garbe Logistics Real Estate Fund. The sales price was €35 million ($42 million).
The acquisition of the two single-tenant logistics properties was transacted in an off-market deal. They were sold by a joint venture between the two developers, Hagedorn Revital GmbH and BREMER Projektentwicklung GmbH. The acquired assets represent newly constructed logistics properties in well-established locations with convenient transportation access. Together, the properties have a warehouse area of around 9,140 square meters (98,382 square feet) and are already let entirely to two high-net-worth logistics firms.
The UII Garbe Logistics Real Estate Fund was jointly launched by Union Investment and GARBE Industrial Real Estate in 2020. It is an institutional fun