Union Investment said on Wednesday that it has joined forces with logistics specialist Garbe to acquire a logistics property in Slovakia for the UII Garbe Logistik Fonds investment fund.
The vendor is the Karimpol Group, a privately held property developer active in Eastern and Central Europe. Financial details are being kept confidential.
The property is located in an industrial park in the north-west part of Senec, a city roughly 25 kilometres north-east of the Slovak capital of Bratislava. Constructed in 2019, the logistics property occupies an established location with convenient transport links. Overall, the property provides 32,400 m2 of warehouses space plus around 2,200 m2 of office space. The asset is 96% leased and counts logistics service provider, DSV among its main tenants.
Janica Gerecke, head of investment management Europe at Garbe Industrial Real Estate, commented: 'We are pleased to report our successful market entry in Slovakia via this joint acquisition together with Union Investment. The transaction is for us, and for our partner, an important milestone within the framework of our pan-European expansion strategy. In addition to Slovakia, we are looking for investment opportunities in France, Italy, Poland and the Netherlands among the European markets.'
Garbe opened a dedicated branch office in Bratislava last year to bolster its regional presence.
Karimpol was advised on this transaction by JLL Slovak Capital Markets team.