Garbe Institutional Capital has acquired three real estate developments for its pan-European residential fund EUResi for €110 mln.
The investment and asset management platform purchased the properties together with the capital management company (KVG) Intreal.
The properties are located in the German capital Berlin, as well as the mid-sized cities of Weimar in eastern and Flensburg in northern Germany.
Garbe EUResi has already received equity commitments of over €100 mln and benefits from secured construction and financing costs. The second closing was successfully completed in the second quarter of 2022.
Michiel Dubois, managing director of Garbe Institutional Capital, said: 'We secured attractive core properties for our pan-European residential real estate strategy through three transactions.
'We focus on well-integrated urban locations which are characterised by appropriate social infrastructure, local suppliers and connections to public transport.'
The development project in Berlin's Blockdammweg, due for completion in 2024, will comprise 104 flats with 8,155 m2 of GLA. Industria Wohnen sold the asset to Garbe. The property is part of the urban development project Parkstadt Karlshorst in southeast Berlin.
In Weimar, Garbe acquired a real estate development including 144 flats with a combined 10,559 m2 of GLA from Industria Wohnen in the urban quarter project Kirschberg-Quartier.
The asset at An der Friedenskirche in Flensburg was sold by Bauplan Nord Group and will comprise three structures with a total of 42 flats and 3,993 m2 of GLA. It is part of the urban development project Wohnpark Mühlental which encompasses 160 flats and condominiums. A day-care centre, a primary school and a shopping centre are situated next to the urban development.
Garbe EUResi invests in Germany, the Netherlands, France, Spain, Great Britain as well as Prague (Czech Republic) and Warsaw (Poland). The target equity volume for the strategy is €400-€500 mln, with a target LTV not exceeding 50%.
Garbe was legally advised by the law firm Walch Rittberg Nagel. TA Europe (Berlin and Weimar) and EnviroSustain (Flensburg) were responsible for the technical due diligence.
