Garbe Industrial Real Estate is launching a special fund for logistics real estate.
The Hamburg-based manager said the Garbe Logistik Immobilien Fonds+ would focus on “premium” and core-plus properties.
The fund, launched together with KVG Institutional Investment Partners, is understood to be aiming for a €400m-450m target raise.
A first close of the fund has been made.
The initial capital raised, which the manager declined to disclose, has been invested in six properties in four locations.
Sonja Ebeling, head of investment management at Garbe Industrial Real Estate, said: “This means our clients get an attractive rate of return right from the first day.”
Ebeling said she was confident of being able to raise another €120m for the GLIF+’s second equity close in the coming months.
“We have already secured suitable properties and are in a position to invest the new money quickly,” she said.
Despite increased asset prices, the fund offers an “attractive” risk/return profile, Garbe said.