GARBE Industrial Real Estate has formed a joint venture with a fund managed by BlackRock, a global asset manager. The stated purpose of the joint venture is to set up a portfolio of logistics real estate with strong sustainability characteristics. Eligible assets include new-build structures as well as standing properties waiting to be modernised – primarily in Germany and France.
The first property acquired is a brownfield site of about 200,000 sqm in Salzgitter, Germany, where the construction of a logistics property with a total floor area of about 70,000 sqm is scheduled to start in the first quarter of 2025 and to be completed in 2026.
In France, the joint venture in early August acquired a fully permitted plot of land near Rennes to develop a divisible 27,000 sqm BREEAM Excellent warehouse that will be delivered in Autumn 2025.
Christopher Garbe, the Managing Partner of GARBE, said: “The joint venture with BlackRock represents a major milestone in the process of setting up and expanding our footprint in the domestic and international logistics real estate market. Demand for floor space, especially for ESG-compliant facilities, is persistently high across Europe – so, this is where we intend to create an adequate supply. With our initial acquisitions in Salzgitter and Rennes, we are securing the first assets that exemplify our investment strategy.”
Björn Rasche, Head of BlackRock’s real estate business in the DACH region and the Netherlands, comments: “We are very pleased about the joint venture with GARBE and the first acquisition already made in Germany. The joint venture with GARBE illustrates our approach to investing in thematically outstanding sectors with experienced partners. In the current cycle, we see particularly interesting entry opportunities in the logistics sector to provide a solution for the realignment of supply chains and the requirements of the energy transition with future-proof properties.”
Floriane Menguy, Head of BlackRock’s real estate business in the FraBeLux region comments: “Logistics is a strong conviction play in France on the back of re-industrialization efforts, lack of sustainable supply and increasing demand from e-commerce. We are delighted to team up locally with the French team of GARBE led by Michael Vidamant to jointly identify and invest with a consistent approach into new sustainable warehouse facilities or accelerate the transition of existing ones. Our teams are looking to accelerate the investment pace in 2024 and 2025.”
GARBE maintains 18 branch offices across Europe, including Germany, Austria, the Netherlands, Luxembourg, France, Italy, Spain, the United Kingdom, the Czech Republic, Poland and Slovakia.
