GARBE Institutional Capital has completed the acquisition of GRR Real Estate Management GmbH. With this deal closing, a market-leading German platform for food-anchored retail real estate is now part of GARBE group of companies. GRR manages a portfolio of some 500 properties, with assets under management (AuM) of about €2b. The c. 80 employees of GRR Real Estate have been assumed by GARBE. The 52 on-balance-sheet properties held by GRR have been acquired by GARBE Institutional Capital on behalf of an institutional fund. With this transaction, GARBE’s managed real estate assets (AuM) have grown to c. €15b.
Andreas Freier and Oliver Gross will continue as Managing Directors of GRR Real Estate, with Thomas Kallenbrunnen, Managing Director of GARBE Institutional Capital, serving as the subsidiary’s third Managing Director for a transitional period. Martin Führlein, who has until now served as the third Managing Director of GRR Real Estate Management GmbH, will now focus on his role as a member of the Executive Board of GRR AG.
Thomas Kallenbrunnen, Managing Director of GARBE Institutional Capital, commented on the completion of the acquisition transaction: “With the successful closing behind us, we can now take the next steps to strengthen and further develop GRR based on its proven strategy. We are looking forward to working closely together with our new colleagues to establish the leading and vertically integrated platform for food-anchored retail real estate in Germany.”
Andreas Freier, Managing Director of GRR Real Estate, adds: “With the transaction now closed, we are now officially part of the GARBE family of companies. 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 remain an independent company within GARBE and will continue to do business under its established and well-known brand.
The buyer was advised on the transaction by Greenberg Traurig (legal), Gleeds Deutschland (technical due diligence) and HLB Stückmann (financial and tax), while the seller was advised by Rodl & Partner, The institutional fund was advised by Savills regarding property valuations.
