Garbe Industrial Real Estate and a BlackRock-managed fund have acquired a site in Germany through their logistics and commercial properties development partnership.
Garbe said the joint venture has acquired a 27,500sqm site in Hirschaid to develop a 17,500sqm logistics facility. The project is valued at €23m. Construction is expected to start in the second quarter of 2025.
Adrian Zellner, member of the executive board of Garbe Industrial Real Estate, said: “The fact that we, together with our joint venture partner BlackRock, were able to secure this first-class location in the heart of the Nuremberg metropolitan region, one of the strongest economic conurbations in Germany, is a real stroke of luck for us as project developers.
“The motorway within sight and the junction just a few hundred metres away, the location is a real asset and was the deciding factor for the purchase of the property.”
Garbe partnered with the unnamed BlackRock fund in September last year to buy a 200,000sqm brownfield site in southeast Lower Saxony, Germany from Hagedorn Group.
At the time Garbe said the partnership was considering both new construction projects and the modernisation of existing properties in Europe, with a primary focus on Germany and France.
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