Garbe Institutional Capital is expanding its management platform for food-anchored retail real estate with the acquisition of German manager GRR Real Estate.
The deal involves Garbe taking over GRR Real Estate Management’s 80 team members and a portfolio of around 500 managed assets. Garbe, on behalf of an institutional fund, will also acquire 52 on-balance-sheet properties held by GRR as part of the transaction.
Financial details were undisclosed.
GRR Real Estate is an investment platform focused on the food-anchored retail real estate segment.
Garbe said the acquisition expands its management platform for food-anchored retail real estate by €2bn and gives it a “market-leading position” in supermarkets and other essential retail real estate, especially food-anchored retail parks. The group manages around €13bn of assets.
Christopher Garbe, managing partner of Garbe Institutional Capital, said: “GRR is a recognised leader in this market segment, where it has built an excellent reputation. In addition, GRR’s fully integrated organisation with capabilities and service offerings ranging from portfolio level to property and project management fits perfectly with Garbe’s entrepreneurial philosophy.
“GRR’s proven expertise in implementing ESG measures and in renovating existing properties make it an ideal partner. The management and the entire team at GRR have delivered superb performance in the past years and we look forward to shaping the future together with our new colleagues.”
Andreas Freier and Martin Führlein, members of the executive board of GRR AG, said: “With our sustainability strategy, we have successfully begun the ESG transition. At the same time, we are driving forward the sustainable development of our portfolio.
”By combining our operational business with GARBE, we are now taking the next step with the shared goal of market and innovation leadership within the German retail property segment.”
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