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Union Investment buys €800 million European logistics properties from Garbe

Union Investment has invested €800 million to buy a European logistics real estate company from Garbe Industrial Real Estate.

The €40bn global real estate manager said it has acquired all the shares in Logistrial Real Estate as well as the company’s portfolio of 13 existing properties and 6 development projects located in Germany, Austria, France and the Netherlands.

The seller Garbe Industrial Real Estate will handle letting, property management and asset management of the existing portfolio and also of the new properties upon completion.

Fifteen of the properties – which represent an investment of 75% of the purchase price – will be added to the UniImmo: Europa portfolio, while four properties will be added to the stock of UniImmo: Global open-ended real estate funds.

Source: realassets.ipe.com on 12 February 2020 (https://realassets.ipe.com/news/union-investment-buys-800m-european-logistics-properties-from-garbe/10043718.article)