GARBE Industrial Real Estate (GARBE), one of the leading specialists for logistics and industrial properties in Germany and elsewhere in Europe, is moving ahead with its Europe-wide expansion, benefiting from the persistently strong demand for logistics space.
For the 203 assets under its management as of 31 December 2022 (2021: 187 assets) with around 5.7 million square metres of lettable area (including open space), the company achieved rent increases averaging 11.7 percent through indexation provisions and by negotiating new lease agreements. The occupancy rate of the portfolio equals 98 percent. Moreover, the company responded to demand across Europe by delivering new sustainably designed logistics properties. For instance, eleven logistics assets with a combined floor area of about 340,000 square metres (2021: 338,000 square metres) were completed and handed over in Germany and Austria. Another 57 properties, thereof 34 located in European countries other than Germany, are either in planning or under construction in 2023.
Christopher Garbe, Managing Partner of GARBE, said: “We achieved best-in-class results even in the year just concluded with its difficult market environment. In addition, we continued our pan-European expansion by opening new offices in the United Kingdom, in Spain and in Austria, so that our footprint has grown to 16 branches in eleven countries.” Garbe added: “More than half of our new development projects are now located outside Germany. In Italy, for instance, we managed to acquire 230 million euros worth of properties both in the development and in the investment categories over the past 18 months. Similarly, we are in the process of developing five projects with around 146,000 square metres of logistics space in Austria, the Czech Republic and Slovakia.”
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