Europa Capital buys logistics portfolio and retail asset with partners

Pan-European real estate investment manager Europa Capital has acquired a logistics portfolio and a retail asset with its partners.

Europa and its joint venture partner Garbe Industrial Real Estate have bought a 183,000sqm portfolio of six light industrial and logistics assets in Germany and Austria on behalf of its pan-European value-add fund, Europa Fund V, for €92.5m.

The assets were acquired from a joint venture between Crossroads European Real Estate Fund and Palmira Capital Partners.

Europa said it has also agreed to buy the Clerys building in Dublin, with local partners and shareholders, Core Capital and Oakmount. It is intended that the former department store will be transformed into a new retail, restaurant and office destination.

The site also includes a former warehouse on Earl Place which is planned to be redeveloped into a new hotel.

Commenting on the logistics acquisitions, Nicolas Roy, an associate director at Europa Capital, said: “This portfolio of multi-let business parks is spread across locations within the immediate proximity of urban hubs and is therefore well suited to the fulfilment of last mile delivery.

“The portfolio also provides the opportunity for us to add further value through active asset management and selective redevelopment. This acquisition, and our partnership with Garbe, provides a platform to pursue further opportunities in this sector.”

Alexander Hoff, a managing partner at Palmira Capital Partners who managed the portfolio on behalf of Crossroads, said: “The assembly of this portfolio during a period of rising capital values in the sector allowed us to achieve our goals via an earlier sale than originally envisaged.”

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