Specialist industrial investor Palmira Capital Partners has purchased the Magna Logistics and Operating Centre in Graz, Austria for €17 mln from UBM Development.
'Carried out in association with our Austrian Palmira team and with excellent cooperation by UBM, this acquisition further strengthens our steadily expanding portfolio of logistics properties in top Austrian locations,' commented Mathias Leidgeb, managing partner of Palmira.
The 22,000 m2 site, which was developed by UBM, is situated in the southern outskirts of Graz. The logistics centre is named after its sole tenant, Magna Steyr Fahrzeugtechnik, which has taken a 15-year lease on the entire property. The operating centre was completed in January 2017 and comprises 9,700 m2 of production space, 4,630 m2 of logistics and storage halls, 745 m2 of offices and 3,000 m2 of surfaced external areas.
'With the sale of this bespoke logistics centre, custom designed and built for its occupier, we are actively pursuing our 'Fast Track 2017' programme. Pursuing our strategy, we are focusing on the transformation to a pure property developer,' concluded Andreas Zangenfeind, deal captain of the sale of the logistics centre and member of the executive committee of UBM.
UBM focuses on real estate development in its home markets of Austria, Germany and Poland.
The transaction is expected to close in the second quarter of 2017.
