Union Investment has invested €800m to buy a European logistics real estate company from Garbe Industrial Real Estate.

The €40bn global real estate manager said it has acquired all the shares in Logistrial Real Estate as well as the company’s portfolio of 13 existing properties and 6 development projects located in Germany, Austria, France and the Netherlands.

The seller Garbe Industrial Real Estate will handle letting, property management and asset management of the existing portfolio and also of the new properties upon completion.

Fifteen of the properties – which represent an investment of 75% of the purchase price – will be added to the UniImmo: Europa portfolio, while four properties will be added to the stock of UniImmo: Global open-ended real estate funds.

Martin J Brühl, CIO and a member of the management team at Union Investment Real Estate, said: “The acquisition of the Logistrial portfolio is an important step towards strategically expanding our logistics portfolio and diversifying it across the leading European logistics markets.”

Brühl said Union Investment intends to pursue other similar deals, including portfolio acquisitions and single-asset deals with developers, portfolio managers and owner-occupiers as part of sale and leaseback solutions.

Prior to the acquisition of Logistrial, Union Investment held 25 logistics properties worth around €1.2bn.

Logistrial was set up last year with the intention of creating a logistics property portfolio and then putting both the company and the portfolio up for sale in the capital market.

Christopher Garbe, managing director of GARBE Industrial Real Estate, said: “As a result of Union Investment’s attractive offer and the prospect of being able to continue managing the properties in the long term, we decided to accept the offer and have successfully completed this complex transaction over recent weeks.

“We are delighted to have found a competent partner with a long-term focus in Union Investment.”

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