German logistics specialist Garbe Industrial Real Estate has acquired two logistics properties in northern Germany for its German institutional fund, Garbe Logistikimmobilien Fonds Plus (GLIF+).
The two assets, representing a lettable area of around 63,000 m2, are situated in Norderstedt, in the Hamburg metro region. They are both let to firms specialising in textile logistics, with weighted average lease terms of around seven years.
Garbe managing director, Christopher Garbe, commented: 'The most recent acquisitions in northern Germany perfectly match the investment profile of our German institutional fund because of their specific locational qualities and the loyalty to location shown by the blue-chip tenants occupying them.
'They neatly complement the fund portfolio in geographical terms: While the GLIF+ fund is committed nationwide, northern Germany used to be under-represented.'
Cushman & Wakefield acted as consultants during the transaction.
The seller's legal adviser was KFR Kanzlei für Real Estate, while Eversheds Sutherland provided legal counsel on the buyer side. Enviro advised Garbe on technical matters.