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Palmira Capital Partners and TH Real Estate acquire development project near Stuttgart

Palmira Capital Partners and TH Real Estate have jointly acquired a complex of three logistics properties in Waiblingen, for the German Logistics (ICF GLog) investor club fund portfolio. The properties are situated on the Heerstrasse commercial area in Waiblingen-Süd, around 40 km northeast of Stuttgart. The vendor is a real estate fund managed by Alpha Real Capital LLP.

This project is the start of a "brownfield" development by Panattoni Europe, in a highly logistics-intensive region. The majority of the existing buildings, which were used for industrial logistics, have been replaced by high quality new buildings with a total floor area of 14,803 square metres. One existing building, providing a total of 10,619 square metres, is to be refurbished.

Colliers Stuttgart, acting on behalf of Panattoni Europe, supervised the development from its commencement and facilitated the long-term lease to Schmalz + Schön Holding GmbH.

The location, in the Central Neckar region, has very good connections to Stuttgart via the B14 federal road. Close nearby are the headquarters of Daimler AG and Robert Bosch GmbH's most important production centre.

Graf von Westphalen Frankfurt provided legal advice to the purchaser. The technical consultant was REAG GmbH. Ambiente LLP and WTS Steuerberatungsgesellschaft mbH provided additional consultancy services. The vendor's legal adviser was the Frantzen Steinhardt Wehle practice.

The Waiblingen acquisition is the eleventh to be realised jointly by TH Real Estate and Palmira Capital Partners on behalf of the ICF GLog fund, which was launched by Institutional Partners (2IP) for an investor club. TH Real Estate and Palmira Capital Partners function as asset managers.