Gleiss Lutz has advised Europa Capital, the pan-European real estate investment manager, and its joint venture partner Garbe Industrial Real Estate (Garbe) on the acquisition of a portfolio of logistics and industrial real estate in Germany and Austria for EUR 92.5 million. The seller is a joint venture between Crossroads European Real Estate Fund and Palmira Capital Partners. Europa Capital and Garbe will contribute the portfolio to the Europa Fund V value-added fund.
The portfolio comprises six properties with a total area of 183,000 square meters in Bremen, Bochum, Troisdorf, Frankfurt, Wiesbaden and Lebring near Graz. Crossroads and Palmira aggregated the portfolio through single asset acquisitions starting in 2015 and enhanced its value through active asset management and purposeful optimisation. Europa Capital and Garbe see further potential for value enhancement and are planning to expand the portfolio.
Based in London, Europa Capital has launched a total of nine real estate funds since 1995 and has been involved in more than 130 transactions with more than 11 billion euros in 19 European countries. Garbe develops, buys, leases, manages and finances high-quality logistics and corporate real estate at key transport and industrial locations in Germany and Europe from its Hamburg base.
The following team of Gleiss Lutz lawyers, led by Dr. Johannes Niewerth (partner, real estate/M&A, Berlin), advised Europa Capital on the transaction: Dr. Jonas Rybarz and Dr. Fabian Kutz (both real estate/M&A, Berlin) as well as Dr. André Lippert (public law, Berlin) and Dr. Birgit Colbus (counsel, competition/antitrust, Frankfurt).
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