Brookfield has acquired a controlling stake in a portfolio of seven German and Austrian industrial logistics assets from Garbe Industrial Real Estate, forming a partnership to jointly invest over €100m in value-add logistics properties in Europe.
Brookfield’s real estate solutions business has invested an unspecified amount to buy the 150,000sqm portfolio of six warehouses in Germany and one in Austria. Garbe will continue to own an interest in this portfolio.
The companies said the development joint venture will be seeded by two sites in Germany that are owned by Garbe which will continue to manage both the standing and development assets.
Christopher Garbe, managing partner at Garbe Industrial Real Estate, said: “We are delighted to partner up with Brookfield. This prestigious joint venture will strengthen our equity base for additional growth, especially of our pan-European development activities. It will also help us to benefit from future progress in the market.”
Alexis Prevot, managing director at Brookfield Real Estate’s solutions arm, said: “We are pleased to continue to partner with leading managers and investors like Garbe to provide liquidity solutions for high-quality assets and we look forward to working together to develop logistics assets in Europe through our joint venture.
“We anticipate continued strong demand for modern, well-connected logistics assets as companies localise their supply chains.”
Brookfield’s real estate solutions business is a flexible equity-focused strategy that seeks to provide fresh capital to recapitalise existing real estate assets, portfolios, funds and companies. The strategy partners with incumbent operators, which continue to manage the assets and are focused on investing in asset classes with high barriers to entry and that benefit from strong structural tailwinds.
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