Palmira Capital Partners (Palmira) has launched its first pan-European logistics fund with a target volume of €300 mln.
Palmira Capital Partners (Palmira) has launched its first pan-European logistics fund with a target volume of €300 mln.
Palmira has already amassed around €150 mln of equity capital from German institutional investors.
The new fund, Palmira Logistik Europa Fonds 1 (PLEF) will invest in core logistics properties in continental Europe. It has made its first investment with the purchase of an existing property in Enns, in Upper Austria, for €29 mln.
The asset provides 36,500 m2 of lettable area and is let on 12-year leases to the Quehenberger Group
and dm drogerie. Palmira is currently carrying out a development project on the site, which will also be occupied by both companies.
Completion is scheduled for summer 2016.
'We are experiencing very strong demand from institutional investors for indirect investment in high-grade logistics properties. Logistics has at last found its rightful place as a fully-fledged asset class, together with offices, residential and retail. The investment volumes in the last five years confirm this continuing trend,' commented Alexander Hoff, CEO of Palmira Capital Partners.
Palmira, with offices in Germany, Austria, the Netherlands and Poland, already manages two logistics funds which are exclusively invested in Germany.
