Union Investment and GARBE Industrial Real Estate GmbH (“GARBE”) jointly acquired a portfolio consisting of two new logistics buildings with a combined effective floor area of around 137,600 square metres in Italy from “HEVF 2 Italy A” fund invested by Hines, global real estate investment, development and property manager, and managed by Prelios SGR via an off-market transaction.
The properties are earmarked for the logistics special fund UII Garbe Logistik Fonds. The acquisition was masterminded mainly by the team in GARBE’s Milan office. The “UII Garbe Logistik Fonds” was jointly launched by Union Investment and GARBE in 2020, and has so far built up a fund volume of more than 850 million euros. Within the framework of its Europe-wide investment strategy, properties were previously acquired in Slovakia and the Netherlands, among other countries.
Janica Gerecke, Member of the Management Board of GARBE Industrial Real Estate and in charge of International Business, commented: “We believe in a boots-on-the- ground approach because our local expertise enables us to ensure in-depth value creation. Together with our partner Union Investment, we recently had the opportunity to invest successfully in two prime logistics sites in Italy, and thus to implement our European growth strategy in a dedicated manner. In addition to Italy, we are closely studying the markets in the United Kingdom and Spain.”
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