Garbe Industrial Real Estate has sold an as-new logistics property in Erding near Munich to Nuveen Real Estate, a US real estate investment manager.
The property was commissioned in 2022 and has a total lettable area of around 7,300 m2. It is occupied in its entirety by a globally active blue-chip company on a long-term lease. The state-of-the-art logistics facilities meet the highest environmental standards and boast a DGNB Gold certificate. The parties agreed not to disclose the selling price.
Jan Philipp Daun, managing director of Garbe, said: 'Munich and its greater area are among Germany’s top logistics locations because of the region’s high degree of industrialisation and the strong demand for logistics facilities that comes with it. That said, the supply in new-build logistics structures is largely exhausted, with virtually no greenfield land zoned or approved for new-build development anymore. The trend is reinforced by the added impact of e-commerce, and the property we sold was developed for exactly that purpose.'
Dominik Scheidmann, director of portfolio management, Real Estate, Europe, at Nuveen Real Estate, commented: 'Given the challenging market situation today, we are particularly pleased we managed to secure such an attractive new-build asset in a prime location like Munich on behalf of our institutional clients through this acquisition.'
