German logistics specialist Garbe Industrial Real Estate has announced the acquisition of a €240 mln portfolio in Germany.
The package of 16 cold storage logistics halls used by Germany's frozen food logistics industry, was acquired on behalf of a private investor from the Doblinger Group.
The transaction is being financed by Helaba and AVWL.
'By purchasing the cold chain logistics halls, we are investing in the future of the fresh food logistics market, which is gaining strategic importance owing to the increasing trend towards online food retail,' commented Christopher Garbe, managing director of Garbe Industrial Real Estate.
Garbe Industrial Real Estate received legal and tax-related support from Greenberg Traurigand HLB Stuckmann, and the seller from Arnecke Sibeth solicitors in Munich. AVWL was advised by Clifford Chance.
With this transaction, Garbe Industrial Real Estate now owns €2 bn of real estate across over 2.6 million m2 of leasable area.
The acquisition follows Garbe's launch in August of a new pan-European fund jointly with European real estate manager Triuva.
The Triuva Garbe Logistik Europa Fund is structured as a Spezialfonds institutional investor vehicle and initially secured a mandate of €100 mln from a German insurer.
The fund is seeking assets principally in the German, French, Benelux and Spanish markets, with a targeted investment volume of €300 mln.
