German investor-developer Garbe has announced its expansion into Spain and the appointment of a country head to run the new division.
Sven Schoel has been hired as managing director and head of Spain for Garbe Industrial Real Estate and Garbe Institutional Capital. He will assemble a team in Madrid.
The company will invest in residential and logistics properties in the country, with a focus on the metropolitan areas of Madrid, Barcelona, Málaga and Valencia.
Schoel has more than 20 years of experience in the Spanish real estate industry. Over the past eight years he has built a residential and logistics real estate platform worth approximately €1.6 bn euros for AQ-Acentor, a subsidiary of investment manager Aquila Capital.
'By expanding into Spain, we are tapping into another core European market. The country is one of the largest economies in the region. Residential and logistic real estate in particular still provide great potential,' says Christopher Garbe, managing partner of Garbe. 'We rely on our boots-on-the-ground approach. Local expertise allows us to create in-depth value and thus achieve a better risk-return profile for our investors.'
Said Schoel: 'The Spanish real estate market has recovered significantly since the 2008 crisis. Madrid, Barcelona, Málaga and Valencia are interesting locations due to their international audience and robust economic framework.
'At the same time, the pricing level is very attractive in comparison to the rest of Europe. I really appreciate Garbe's entrepreneurial approach which convinced me to join and I am looking forward to launch new projects with the team.'
Garbe is active in 16 locations across Europe including Germany, the Netherlands, France, Italy, the United Kingdom, the Czech Republic, Poland and Slovakia.
