Garbe Institutional Capital has acquired a fully-let 3,500sqm property in the Netherlands on behalf of its open-ended science and technology real estate fund.

The investment and asset management arm of real estate firm Garbe has invested an undisclosed sum to buy the property at the Leiden Bio Science Park (LBSP) on behalf of Garbe Science and Technology Real Estate Fund 1 (GARBE STREF 1).

The property at Einsteinweg 5 in Leiden offers laboratory, office and industrial space in two linked buildings.

Garbe Institutional Capital said the property was originally built in 1967 but was refurbished and extended in 1990 and 2003, respectively.

Thomas Kallenbrunnen, managing director of Garbe Institutional Capital, said: “We are delighted to acquire such a property in the heart of the LBSP, which is not only the main cluster for life sciences in the Netherlands but also offers access to new talent from one of Europe’s most renowned science centres in academia.”

Michiel Dubois, managing director of Garbe Institutional Capital, said: “Part of the attractiveness of this property is the redevelopment potential which we will be exploring as part of the investment strategy for GARBE STREF 1.”

Garbe Institutional Capital said the deal marks GARBE STREF 1’s first transaction outside of Germany. The fund, which was launched with capital management firm Intreal has a total target investment volume of around €400m.

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