Garbe Industrial Real Estate has acquired three logistics developments on behalf of two institutional funds under Garbe’s management.
The properties were acquired in an off-market transaction structured as a forward funding arrangement from developer Engler Immobilien, for an undisclosed sum.
The schemes are located at the Niedersachsenpark industrial park in Rieste near Osnabrück in Lower Saxony. Construction work was kicked off in late June, with all three properties scheduled for completion by the fourth quarter of 2022.
Jan Philipp Daun, head of investment management at Garbe said: 'We are glad about the opportunity to acquire these three new logistics buildings with a combined lettable warehouse area of 87,000 m2 on attractive terms.
'One of the three assets at Niedersachsenpark near Osnabrück in Lower Saxony has already been let in its entirety, while marketing of other two logistics warehouses is ongoing. The new logistics assets come with convenient transport access and therefore have excellent alternative use potential.'
The incoming occupier of pre-let warehouse #1 is Delticom, a listed online retailer of tires and complete wheels. The company signed a long-term lease agreement.
Warehouses #2 and #3, which are being developed without firm occupier commitments, will have 23,000 m2 (19,200 m2 of warehouse space) and around 18,500 m2 (14,300 m2 of warehouse space), respectively.
The units will have a height of 12 metres, overhead sectional doors at ground level, and a total of 40 loading bays. All three of the buildings are seeking Gold certification from the DGNB German Sustainable Building Council.
Adrian Zellner, head of business development at Garbe said: 'Given the strong demand for available warehouse units in the region, and the outstanding location in logistics terms, we are convinced that these assets will be let well before the end of the construction period.'
The Niedersachsenpark site straddles the A1 motorway between Bremen and Osnabrück and has its own dedicated slip road. Extending over an area of 400 hectares, of which 200 hectares comprises industrial space, it is the largest inter-municipal industrial and business park in the state of Lower Saxony.
Companies based at Niedersachsenpark include adidas Group, Grimme agricultural equipment, and Adolf Würth.
Garbe received legal consultancy from Neuwerk, tax advice from Counsel, while EnviroSustain handled the technical due diligence.