GARBE Industrial Real Estate Netherlands has acquired logistics development at Rotterdam Pernis for around €85m on behalf of a fund it manages with Union Investment.

Garbe said it has bought the fully-leased 39,334sqm turnkey development from Dudok Real Estate on behalf of UII Garbe Logistik Fonds, a European logistics real estate fund launched by Garbe and Union Investment in 2020.

The development is expected to be completed next month and will be occupied by logistics service provider Neele-Vat Services.

Janica Gerecke, member of the executive board at Garbe Industrial Real Estate responsible for European investments, said: “We are following our pan-European strategy with our partner Union Investment by purchasing this property in the Dutch port of Rotterdam.

“At the same time, we are constantly screening the markets in Italy, France and Spain for our next acquisitions.”

Louca Benders, an investment manager at Garbe Industrial Real Estate Netherlands, said: “Land resource is scarce, construction costs are skyrocketing and demand for lettable space in logistics is high. The Port of Rotterdam is a critical logistics hub, both in size and significance globally, being located in one of the top-tier logistics destinations in the world.

“Therefore, this acquisition represents an important step in our rapid-growth strategy offering a comprehensive package of services in key logistics hubs around the country.”

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