Palmira Capital Partners buys
Frankfurt, 8 December 2015 – Palmira Capital Partners (Palmira) and Crossroads have acquired the Tec Center Lebring, the first property in Austria for their joint venture First Business Parks. The vendor was the Wegraz Gesellschaft für Stadterneuerung und Assanierung m.b.H. The First Business Parks portfolio now comprises five light industrial properties.
The exceptionally high quality industrial park in Lebring, near Graz, is situated directly on the A9 motorway. It has a lettable area of around 28,600 sq m, occupied by well-known production and service operations. The property, in Philipsstrasse, Lebring, provides 19,630 sq m of production and service space, 8,420 sq m of warehousing and almost 600 sq m of offices.
It is currently 85% let.
"This Austrian investment perfectly fits the acquisition strategy of First Business Parks, which focusses on light industrial investments in Austria, Germany and Poland", comments Alexander Hoff, managing partner of Palmira. Consequentially, two further Austrian properties are already undergoing due diligence procedure for acquisition.