GARBE Institutional Capital has finalized the acquisition of GRR Real Estate Management GmbH, marking a significant addition to GARBE’s portfolio. The German platform, specializing in food-anchored retail real estate, now operates under GARBE’s umbrella. Managing a substantial portfolio of approximately 500 properties and boasting assets under management (AuM) totaling around €2 billion, GRR Real Estate Management is set to contribute to GARBE’s growth strategy.
In this transaction, GARBE Institutional Capital, on behalf of an institutional fund, has acquired the 52 on-balance-sheet properties previously held by GRR. With the inclusion of these assets, GARBE’s managed real estate assets (AuM) have expanded to approximately €15 billion. Notably, the deal involved the assumption of around 80 employees from GRR Real Estate by GARBE.
GRR Real Estate’s leadership will see continuity with Andreas Freier and Oliver Gross remaining as Managing Directors. Thomas Kallenbrunnen, Managing Director of GARBE Institutional Capital, will serve as the subsidiary’s third Managing Director during a transitional period. Meanwhile, Martin Führlein, the former third Managing Director of GRR Real Estate Management GmbH, will shift his focus to his role on the Executive Board of GRR AG.
Thomas Kallenbrunnen, Managing Director of GARBE Institutional Capital, expressed optimism about the acquisition, stating, “With the successful closing behind us, we can now take the next steps to strengthen and further develop GRR based on its proven strategy.” Andreas Freier, Managing Director of GRR Real Estate, added, “Together, we will continue to expand our operational business to live up to our claim as market and innovation leader within the German food-anchored retail real estate segment.”
GRR Real Estate will maintain its autonomy within GARBE, continuing operations under its well-established brand. Advising on the transaction, Greenberg Traurig, Gleeds Deutschland, and HLB Stückmann supported the buyer, while Rodl & Partner provided guidance to the seller. Savills assisted the institutional fund with property valuations.
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By Proptechbuzz
By Ravi Kumar
