Union Investment and GARBE Industrial Real Estate have entered the Italian logistics market with a €145 million ($152 million) logistics acquisition.
The portfolio consists two new logistics buildings with a combined effective floor area of around 137,600 square meters (1.5 million square feet) in Italy from HEVF 2 Italy A, a fund invested by Hines 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 was jointly launched by Union Investment and GARBE in 2020, and has so far built up a fund volume of more than €850 million ($893 million). Within the framework of its Europe-wide investment strategy, properties were previously acquired in Slovakia and the Netherlands, among other countries.
“We believe in a boots-on-the-ground approach because our local exp
