Europa Capital, the pan-European real estate investment manager, and its joint venture partner, Garbe Industrial Real Estate, have acquired a light industrial and logistics portfolio in Germany and Austria for €92.5 mln from a joint venture between Crossroads European Real Estate Fund and Palmira Capital Partners.
The acquisition was made on behalf of its pan-European value-add fund, Europa Fund V.
The 183,000 m2 portfolio comprises six assets located in important logistics regions where there exists strong occupational demand, including Bremen, Bochum, Troisdorf, Frankfurt, Wiesbaden in Germany and Lebring near Graz in Austria.
'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,' said Nicolas Roy, associate director at Europa Capital.
'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.'
Crossroads and Palmira aggregated the portfolio through single asset acquisitions from 2015 and enhanced its value through active asset management. Europa Capital and Garbe said they envisaged further value enhancement through reducing vacancy and realising development opportunities, while also looking to grow the portfolio.
'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,' said Alexander Hoff, managing partner at Palmira Capital Partners.
The portfolio was marketed by Colliers International.
Europa Capital was advised by Gleiss Lutz and pwc, while Crossroads and Palmira were advised by Ashurst.
