Palmira and Crossroads Real Estate Partners founds "First Business Parks": enters the light industrial segment
Palmira Capital Partners (Palmira), independent investment and asset manager of logistics property in Europe, is expanding its range to include the light industrial asset class.
For this, Palmira has founded the joint venture First Business Parks, with Crossroads Real Estate Partners, a Luxembourg based real estate fund advised by Crossroads Real Estate LLP (Crossroads). It is planned to invest around 300 million Euro in the next three years. The newly- founded company is headed by Alexander Hoff and Mathias Leidgeb, both directors of Palmira.
First Business Parks is concentrating on investments in light industrial property in the target markets of Germany, Austria, the Netherlands and Poland.
The newly-founded company has already invested 65 million Euro in appropriate properties. Further acquisitions, totalling 50 million Euro, are currently under exclusive investigation. All the properties acquired will operate under the "First Business Parks" brand.
Alexander Hoff, founder and managing partner of Palmira: "In Crossroads we are very pleased to have found a committed and financially strong partner that shares our view of the potential of these asset classes. At the moment we are experiencing dynamic development in the light industrial segment. The key factor is identifying and taking advantage of appropriate potentials at the right moment. And that's exactly what we are doing.“
David Gillerman, Founding Partner and Chief Executive of Crossroads Real Estate LLP: “We are delighted that Crossroads has partnered with Palmira to further expand its investments in Germany and position First Business Parks as a best in class light industrial owner and operator.”
Palmira Industrial Management will be responsible for management of the individual properties. This increases the equity capital managed by Palmira to 650 million Euro.