Garbe Industrial Real Estate has acquired a light-industrial property in Germany in an asset deal with developer Property Team on behalf of its logistics property fund, Garbe Logistikimmobilien Fonds Plus II (GLIF+II).
Financial details were not disclosed.
The property is located at Conrad-Röntgen-Strasse 4 in Bisingen, a town in the middle of Baden-Württemberg. It was completed in 2020, and is occupied by the technology company Oerlikon Metaplas on a very long-term lease, with more than 18 years remaining on the lease.
The plot size equals about 13,900 m2, while the total lettable area is about 6,700 m2. The lettable space is split into 4,800 m2 of warehouse and light manufacturing area, and about 1,900 m2 of office space.
Pascal Reck, investment manager at GARBE Industrial Real Estate said: 'We are glad we had the opportunity to acquire this attractive property within the framework of an off-market deal from property team AG for our GLIF+II institutional fund.
'Merits of the light industrial property itself include its high building quality and excellent specifications, a high potential for alternative use, and its convenient transportation access.'
The centre is located inside the Bisingen-Nord commercial and industrial park directly next to the four-lane B27 federal route.
GLIF+II is an open-ended real estate special AIF with fixed investment rules, and is administrated by the INTREAL third-party AIFM.
Garbe received legal consultancy from trûon Rechtsanwälte PartmbB, tax advice from Counsel Treuhand, while WSP Deutschland handled the technical due diligence.
