Union Investment buys Logistrial for €800m

Union Investment has acquired Logistrial Real Estate AG from GARBE Industrial Real Estate, including a logistics portfolio of 13 existing properties and 6 development projects. The €800m acquisition will expand the floor space of Union Investment's portfolio by approximately 580,000 sqm. GARBE Industrial Real Estate will handle letting, property management and asset management of the existing portfolio and also of the new properties upon completion. Logistrial Real Estate AG was established in 2019 with the intention of creating a logistics property portfolio and then putting both the company and the portfolio up for sale in the capital market. However, the attempt at an IPO failed last fall, forcing its sponsors into coming up with a back-up plan. Union will place the existing properties and the ongoing development projects into its two open-ended real estate funds UniImmo: Europa and Unilmmo: Global. The new properties are located in Germany, Austria, France and the Netherlands.