European investor and asset manager Palmira Capital Partners has successfully concluded the first investment acquisition for its European Core Logistics Fund (ECLF).
Financial details were not disclosed.
The property is a last-mile main transhipment base in Linz-Hörsching for DHL Express (Austria) which was purchased from Meir Logistik Center.
Standing on a site of around 36,000 m2, the building provides a lettable area of approximately 9,000 m2, including some 7,000 m2 of logistics space and 2,000 m2 of office accommodation.
The property is fully let for a remainder of about seven years. Situated at Flughafenstrasse 3, the asset has a direct link to the apron of Linz Airport.
ECLF, aimed at institutional investors, has a target equity capital volume of at least €350 mln. A total investment volume of around €650 mln is therefore possible.
Designed as an open-ended special fund, the vehicle focuses on future-oriented logistics properties in core locations in continental Europe, plus urban last-mile delivery assets in major conurbations. The planned distribution yield is 5.0% p.a.
Palmira was advised on the legal and tax aspects of the transaction by Dentons, Dusseldorf, and by E+H Eisenberger + Herzog Rechtsanwalts and the Tpa Group, both based in Vienna.
Drees & Sommer, Stuttgart, was responsible for advising on technical details, while Nova Ambiente, Cologne, acted as consultant on the environmental aspects. Auctioneer Bernhard Jentsch Real Estate Advisors, Bonn, brokered the deal.
