German logistics specialist Garbe Industrial Real Estate has acquired another three logistics properties in northern Germany for its institutional German fund, Garbe Logistikimmobilien Fonds Plus (GLIF+).
Financial details were not disclosed.
The adistribution warehouses, which have a combined gross lettable area of more than 88,000 m2, are almost fully occupied, and are located in the cities of Bremerhaven, Neu Wulmstorf and Norderstedt. Their tenants are mainly logistics and retail companies. The weighted average lease term is around 3.5 years.
Managing director Christopher Garbe said: 'These three logistics assets, based in fast-growing macro-environments, perfectly complement the fund portfolio. As they bring the fund total up to more than €540 mln, the GLIF+ is now largely invested.'
Since its launch in 2016, the GLIF+ fund has earned annual time-weighted returns in the double digits. Garbe added: 'Encouraged by its great success, we are now preparing to launch a successor fund.'
Garbe was advised by CBRE during the transaction, while receiving legal counsel from the international business consulting firm of Evershed Sutherland.