Logistics and industrial property specialist Garbe has acquired four logistics assets in Germany and Austria covering around 123,000 m2 from UBS Real Estate.
Financial details were not disclosed.
The assets are almost fully occupied with a weighted average unexpired lease term (WAULT) of around six years. They were purchased for Garbe's institutional German fund, Garbe Logistikimmobilien Fonds Plus (Glif+).
Three of the properties are located in Germany, specifically in the towns of Hof, Nohra and Münster, while the fourth one is located in the Austrian capital Vienna. Among the main tenants are largely blue-chip logistics and retail companies loyal to the location, including H. Gautzsch, Weiss Lager- u. Speditionslogistik, Sonepar, and AW-Logistikcenter.
Jan Philipp Daun, head of investment management at Garbe, said: 'The four logistics properties are located in fast-growing macro-locations, and all of them come with superior infrastructure access.
This, together with the fact that they are occupied by high-net-worth tenants, ensures a stable long-term cash flow. The acquisition means that the Glif+ fund is almost fully invested now.'
Christopher Garbe, the firm's managing partner, added: 'The fund’s double-digit performance demonstrates that our integrated-platform approach—property, asset and fund management provided as a one-stop service—works amazingly well.
'As a result of the smash success of Glif+, the placement of the successor fund, Glif+2, was off to a very successful start in 2020.'
Greenberg Traurig provided legal advice, while Drees & Sommer handled the technical due diligence.
