Garbe Industrial Real Estate takes over the letting, property and real estate management of the existing portfolio and the new properties after completion via its integrated platform. Logistrial Real Estate AG was founded in 2019 to build up a logistics real estate portfolio and to place the company and the portfolio on the capital market.

The fully let portfolio properties and the ongoing project developments are earmarked for Union Investment's two open-ended mutual real estate funds UniImmo: Europa and UniImmo: Global. The 19 logistics properties are located in Germany, Austria, France and the Netherlands. 15 properties, representing an investment volume of 75 percent of the purchase price, are earmarked for the UniImmo: Europa portfolio. Four properties will be included in the UniImmo: Global portfolio.

"The acquisition of the Logistrial portfolio is an important step on the way to strategically expanding our logistics portfolio and diversifying it within the leading European logistics markets. Further steps of this kind are to follow, in the form of portfolio acquisitions as well as single-asset deals with project developers, portfolio holders or owner-occupiers, for example as part of sale and lease back solutions. The excellent cooperation with Garbe has made it possible to structure the portfolio transaction in a targeted manner and to develop mutually beneficial solutions," says Martin J. Brühl, Chief Investment Officer and member of the management board of Union Investment Real Estate GmbH.

Prior to the acquisition of Logistrial Real Estate AG, Union Investment had 25 logistics properties worth around 1.2 billion euros in its portfolio. In autumn 2019, the Hamburg-based real estate investment manager announced its intention to at least double its logistics portfolio and internationalize it in Europe. Subsequently, a planned logistics property in the Rotterdam area with 53,500 square meters of rental space has already been secured. Union Investment has a total of twelve European country markets on its acquisition radar for further logistics growth.

Christopher Garbe, Managing Director of GARBE Industrial Real Estate GmbH, comments: "Due to the attractive offer from Union Investment and the prospect of being able to continue managing the properties in the long term, we decided to accept the offer and have successfully implemented this complex transaction in recent weeks. We are delighted to have found a competent and long-term partner in Union Investment."

GARBE Industrial Real Estate currently manages real estate assets (assets under management) of around 2.7 billion euros. This is spread across twelve logistics funds and various asset and property management mandates. GARBE Industrial Real Estate's corporate and logistics properties and project developments are located in four countries - Germany, France, Austria and the Netherlands - and have a total lettable area of around 4.2 million square meters.