German logistics specialist Garbe Industrial Real Estate has acquired a light-industrial property on behalf of its logistics property fund, Garbe Logistikimmobilien Fonds Plus II, (GLIF+II), within the framework of a sale-and-leaseback deal.
Financial details were not disclosed, but it is understood that the deal volume was in the mid-double-digit millions.
The office and light manufacturing property, built in 1984 and expanded in 1993, is located on Oranienburger Strasse in Berlin’s borough of Reinickendorf. It was sold by a globally active automotive supplier who rented the property on a 15-year lease that includes a renewal option for another five years.
The plot extends over around 24,600 m2 of lettable area, which breaks down into 20,250 m2 of light manufacturing space, 2750 m2 of office space and 1600 m2 of other kinds of floor space.
Philipp Loth,head of investment management Germany at Garbe Industrial Real Estate, said: 'In the current market environment, our financial clout worked to our advantage as we managed to acquire this light industrial property in one of the prime locations of north-west Berlin on behalf of our GLIF-II institutional fund.
'Moreover, we have a tenant who is closely tied to the property, and with whom we will maintain a great working relationship over many years. We are principally interested in engaging in further sale-and-lease-back transactions in excellent locations.'
The property is part of the Wittenau commercial and industrial zone near the B96 federal route and the A111 expressway, and about ten kilometres from downtown Berlin.
The sales-and-leaseback deal was brokered by BGA Invest, a transaction advisor based in Grünwald near Munich and active nationwide.
The open-ended GLIF+II is administrated by Intreal, a third-party alternative investment fund manager. It invests in logistics and mixed-use real estate in Germany and elsewhere in Europe.
Advice to the buyer side was provided by the KFR and Heuking law firms and by CBRE.
