Hamburg-based real estate investment manager Union Investment and Garbe Industrial Real Estate have jointly acquired two logistics assets in Gütersloh and Bielefeld, Germany, on behalf of the UII Garbe Logistics Real Estate Fund.
The acquisition of the two single-tenant logistics properties was signed off-market for €35 mln.
The assets were sold by a joint venture between two developers, Hagedorn Revital and Bremer Projektentwicklung.
The properties provide around 9,140 m2 of warehouse space and are already let entirely to two high-net-worth logistics firms. The weighted average remaining lease term (WAULT) exceeds 13 years.
The UII Garbe Logistics Real Estate Fund was jointly launched by Union and Garbe in 2020. It is an institutional fund that invests in European logistics real estate.
Janica Gerecke, the investment manager at Garbe Industrial Real Estate who handled the deal, commented: 'We are glad we had the chance to buy these two new-build logistics assets together with Union Investment in an off-market deal at an attractive price for the UII Garbe Logistics Real Estate Fund.'
