Palmira JV acquires business park in Austria for logistics fund

German logistics investor Palmira Capital Partners and UK-based Crossroads Real Estate have purchased their first industrial property in Austria for their joint venture First Business Parks.

The Tec Center Lebring, near Graz, was acquired from project developer Wegraz, and contains 28,600 m2 of rental space with an 85% occupancy rate.

Alexander Hoff, managing partner with Palmira, said: ‘The acquisition of these Austrian property fits perfectly with the acquisition strategy of First Business Parks, in the light industrial properties in Austria, Germany and Poland in investment focus.’

First Business Parks was established in 2015 by Palmira and Crossroads Real Estate Fund to invest in high-quality light industrial properties in Germany, Austria, the Netherlands and Poland, with a target investment volume of €300 mln over the next three years.