GARBE Industrial Real Estate has seeded its first evergreen European core-plus logistics real estate fund with a portfolio of over €650m worth of assets.
The manager said it has raised an initial €400m for Garbe Logistics Real Estate Fund Plus III (GLIF+III), an open-ended Article-8 vehicle with a manage-to-ESG strategy.
The fund’s 400,000sqm seed portfolio comprises 21 assets in Germany and an asset in Poland, Garbe said, adding that GLIF+III expects to invest €5bn in assets, making it Garbe’s largest pan-European institutional fund, to date.
Garbe said GLIF+III – which will mainly pursue a core-plus strategy – will target some value-add and development opportunities.
The manager said the fund has an investment pipeline of over €1bn and plans to have a second fundraising close before the end of the year.
Christopher Garbe, a managing partner of Garbe, said: “We set up the GLIF+III during a very challenging market cycle. On the part of our clients, it is thus a remarkable sign of confidence in the logistics real estate market, in the fund strategy and in the competencies of Garbe as leading manager and developer of logistics real estate in Europe.”
Jan Philipp Daun, a managing director of Garbe, said: “Due to their indexed rents, logistics properties act like a stabilising anchor during times of crisis, and offer a maximum in protection against value erosion due to inflation. It has been a lessor’s market that offers us a reliably strong demand for logistics space everywhere in Europe, meaning both in primary and specifically in secondary locations, and we are aware of additional rent upside here.
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