SONG Lane Detail — GARBE Industrial Real Estate GmbH
Per-lane full economics, compliance posture and execution sequence. Pulled from 13-target parallel web research (8 May 2026) integrated with formal /60 scoring.
Forward · GLIF+III stabilised seed sub-portfolio
€150–250m · 12-15yr FLEX bilateral · Quadoro warm intro · benchmark inside PELF 4.375% Jul 2036 by ~75bps for unrated private premium · ~5.25-5.75% all-in fits SONG margin envelope.
Parallel · HCOB 2023 tranche refi window
€100-150m · tenor undisclosed (5yr → 2028 / 7yr → 2030) · 5 logistics assets in Coswig/Giengen/Harsum/Langenhagen/Wörth · underlying market value >€150m · 4 of 5 with PV systems.
Parallel · BlackRock JV scaling
Co-investor model could absorb senior debt at JV level · SONG tenor (15-20yr fixed MA) differentiates vs BX typical 5-7yr bank club.
Hold · Hempel succession (end-2026)
MD departure during refi window = governance event · insert SONG into conversation Q3 2026 ahead of transition.
Peer benchmark: Peer benchmark: Prologis European Logistics Fund (PELF) green bond Jul 2024 ISIN XS2847688251 · €450m · 4.375% · 12yr (Jul 2036) = TIGHTEST PRECEDENT · PELF = guarantor under €10bn EMTN. Logicor BBB · 5-10yr 4.0-4.5%. VGP NV BBB- · €500m 4.75% 7yr 2024. WDP BBB+ · 4.0-4.25% mid-range. Garbe (unrated, private) prices +75-150bps inside-out vs PELF/GELF rated curve = ~5.25-5.75% all-in for 12yr bilateral.
Capital Structure & Credit Metrics
| AUM | ~€11bn (2025) | [€10.6bn Jun 2024 · €10bn Dec 2023] |
| Portfolio | ~230 properties · 7.0m sqm lettable | [16 European locations · 300+ employees] |
| Geographies | DE core + NL, FR, IT, ES, UK, CEE | [Bratislava, Prague, Warsaw, Vienna, Madrid, Milan, London] |
| Pillars | Logistics RE · Light Industrial · Data Centres (NDC-GARBE JV) · Renewable Energy (Power Asset Core) | [Founded 1965 · GIRE 1999] |
| HCOB portfolio loan announced 25 Oct 2023 | ~€100m | [5 logistics assets · underlying market value >€150m · tenor/coupon undisclosed] |
| BlackRock JV (announced 2024-25) | 2 logistics sites DE + FR | [Equity-side · co-investor channel] |
| GLIF+III pan-European fund | €400m equity raised first close 2022 | [Target €5bn investment volume · net 4% cash-on-cash, 7% IRR · Article 8 SICAV-RAIF] |
| Schuldschein activity | [unverified] | [No public Garbe SSD found · plausible given Hamburg + HCOB] |
| Securitisation / public bonds | None | [Group does all debt at fund/asset level, bilateral] |
Ratings detail
| Agency | Rating | Outlook | Date / Notes |
|---|
| Public rating | Private group — none | — | No Moody's / S&P / Fitch coverage |
| SSD discipline | Internal credit assessment by lead arrangers only | — | Plausible Helaba / BayernLB / DZ relationships |
Capital structure discipline: Garbe runs all debt at fund/asset level (HCOB 2023 = portfolio SPV loan), no corporate-level public debt. Quadoro adviser channel provides warm intro path · primary direct counterparties = Schnabel (Financing) + Raschen (Capital Markets).
Fee economics
Fee Projection
Forward (GLIF+III seed): 1% × €150-250m =
€1.5-2.5mParallel HCOB refi: incremental
Combined: €1.5-2.5m (FLEX band)
Execution Gates & Catalyst Timeline
Five-gate sequence with quarter-level timing. Tied to target-specific refi catalysts.
Gate 1 — Quadoro warm intro request
Q2 2026 · request facilitation to Schnabel / Raschen.
Gate 2 — Schnabel / Raschen direct dialogue
Q3 2026 · GLIF+III seed sub-portfolio framing · 12-15yr €150-250m FLEX bilateral.
Gate 3 — Joint term sheet
Q4 2026 · benchmark vs PELF 4.375% inside ~75bps.
Gate 4 — Indicative offer (HCOB tranche refi)
H1 2027-2028 · subject to HCOB tenor confirmation.
Gate 5 — GLIF+III deployment cluster track
2027-2028 · €5bn target · quarterly close cadence.
Fee Projection
Forward (GLIF+III seed): 1% × €150-250m =
€1.5-2.5mParallel HCOB refi: incremental
Combined: €1.5-2.5m (FLEX band)
Risk Register & GCCP Dissents
| Risk | Severity | Mitigant |
|---|
| Sub-IG access (private + unrated) | Med | MA-eligibility achievable via portfolio collateral + WALT but adds DD load |
| Sector cyclicality DE logistics 2024 | Med | Take-up volumes softened · vacancy uptick in B-locations |
| Quadoro intermediation channel dependency | Med | Need second relationship anchor (Christopher Garbe direct or Schnabel/Raschen) |
| Family ownership succession | Med | Christopher Garbe = 2nd-gen · Hempel exit end-2026 = governance event during refi window |
| Fund-level vs corporate guarantee | Med | SONG ticket likely needs to be ONE FUND (GLIF+III) not corporate guarantee · limits cross-collateralisation |
| Development pipeline exposure (GLIF+III value-add) | Med | SONG H12 development checklist will bite on non-stabilised collateral |
GCCP dissents & v1.2 corrections
- HCOB €100m corrected to 25 Oct 2023 announcement (NOT 2024 as briefed). 5 logistics assets · underlying market value >€150m · tenor/coupon undisclosed publicly — get from Quadoro or Schnabel.
- Score 39/B WATCH consistent with sub-PRIMARY size (FLEX), private/unrated counterparty (Counterparty 5/10 not 8/10), stabilised-logistics MA fit (~12-14/20 not 18+) without disclosed long-WALT IG-tenant covenant.
- Upgrade trigger: single-asset / sub-portfolio with Amazon/DHL/IG-3PL 15yr+ lease + €200m+ ticket → A-tier.
- Hempel succession (end-2026) = natural moment for new financing relationships · insert SONG into conversation Q3 2026 ahead of transition.
Sources: garbe-industrial.de Board / company / press · IPE Hub Garbe profile · LBBW HCOB press · BlackRock JV press · cbonds PELF XS2847688251 · 13 research packs 8 May 2026.
