Garbe Industrial Real Estate’s open-ended European property fund has added a 24,600sqm asset in Germany to its portfolio.

Garbe said it has invested ”mid-double-digit millions” to acquire a light-industrial asset in Berlin for its Garbe Logistikimmobilien Fonds Plus II (GLIF+II) in a sale and leaseback deal. The seller, an unnamed automotive supplier, has agreed to a 15-year lease.

The asset, located on Oranienburger Strasse in Reinickendorf, was built in 1984 and expanded in 1993. It comprises office and light manufacturing property.

Philipp Loth, the head of investment management Germany at Garbe Industrial Real Estate, said: “In the current market environment, our financial clout worked to our advantage as we managed to acquire this light industrial property in one of the prime locations of north-west Berlin on behalf of our GLIF-II institutional fund.

“Moreover, we have a tenant who is closely tied to the property, and with whom we will maintain a great working relationship over many years. We are principally interested in engaging in further sale-and-lease-back transactions in excellent locations.”

GLIF+II invests in logistics and mixed-use real estate in Germany and elsewhere in Europe.

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