1 August 2019
Union Investment acquires logistics centre in Eschweiler near Aachen from GARBE Industrial Real Estate
Union Investment has acquired a logistics property comprising some 105,000 sq m of rental space from Garbe Industrial Real Estate. Located in Eschweiler near Aachen, the property was completed at the end of 2018 and is let on a long-term lease to logistics provider Hammer. The parties to the transaction agreed not to disclose the purchase price. The acquisition will be added to the holdings of institutional open-ended real estate fund UniInstitutional European Real Estate.
Stephan Riechers, head of Investment Management Logistics at Union Investment Real Estate GmbH
Christopher Garbe, managing director of Garbe Industrial Real Estate, commented: “We are currently seeing rising demand from institutional investors for logistics properties with long leases. Low yields in the traditional office and retail segments mean many investors are increasingly looking for alternative asset classes that offer higher returns.”
Garbe Industrial Real Estate constructed the logistics centre in Eschweiler in 2018 and let it on a long-term lease to the biggest logistics provider in the region. The property offers some 94,000 sq m of warehouse space, with another 8,500 sq m devoted to mezzanine areas and around 3,500 sq m to offices. A total of 80 loading bays enable the occupier to provide efficient logistics services. German Sustainable Building Council (DGNB) certification in Gold is proof of the building’s eco-credentials. The property is located in close proximity to the A4 motorway and is also well connected to the surrounding motorway network.