UBM sells Magna Logistics and Operational Centre to Palmira Capital Partners for 17 million Euro
UBM Development AG, in the scope of its 'Fast Track 2017' strategic disposal programme, has sold the Magna Logistics and Operating Centre in Graz, in a forward deal. The purchaser is the leading independent investment company Palmira Capital Partners. The purchase price is 17 million Euro. The transaction is expected to be closed in the 2nd quarter of 2017.
The 22,000 sq m site, which was developed by UBM, is situated in the southern outskirts of Graz. The logistics centre is named after its sole tenant, MAGNA Steyr Fahrzeugtechnik AG & CO, which has taken a 15-year lease on the entire property. The operating centre, with storage/logistics halls and office space, took just 12 months to build. It was completed in January 2017.
"With the sale of this bespoke logistics centre, custom designed and built for its occupier, we are actively pursuing our 'Fast Track 2017' programme. Pursuing our strategy, we are focusing on the transformation to a pure property developer" said Andreas Zangenfeind, Deal Captain of the sale of the logistics centre and member of the Executive Committee of UBM Development AG.
Mathias Leidgeb, managing partner of Palmira Capital Partners, comments: "Carried out in association with our Austrian Palmira team and with excellent cooperation by UBM, this acquisition further strengthens our steadily expanding portfolio of logistics properties in top Austrian locations.“
Logistics centre with strategic link to the Graz Automobile Cluster
Situated close to the Magna plant, UBM's logistics centre development is the optimal location both for Magna's storage and production space and for suppliers and logistics companies associated with automobile production in Graz. The lease of the logistics and operating centre provides Magna Steyr with 9,700 of production space, 4,630 sq m of logistics and storage halls, 745 sq m of offices and 3,000 sq m of surfaced external areas. The site has optimal connections, with a direct link to the A2 motorway via the Graz Ost motorway junction and to public transport services.
Effects of the disposal on UBM
The transaction has no direct effect on net debt, total income and sales revenues in Q1 2017. The transaction will not have any effect until the date of closing, during the second quarter of 2017.
Date of taking effect: Q2/2017
Sale proceeds: 17 million EUR
Effect on overall performance: 100%
Effect on turnover: 100% (Asset Deal)
Effect on net debt: 100%