Palmira and Crossroads buy 22,000 sq m light industrial property near Cologne: fourth acquisition for First Business Parks
Palmira Capital Partners (Palmira) and Crossroads have made the fourth purchase for their First Business Parks joint venture: a light industrial property near Cologne. The purchase price of 11.5 million Euro equates to a gross initial yield of around 9.4%.
Situated at Lütticher Strasse 12 in Troisdorf, the property has a lettable area of 21,867 sq m. Almost 13,000 sq m of this is warehouse space. There are also around 6,200 sq m of offices and some 2.500 sq m of loading ramps.
The property is currently occupied by 26 companies. The largest tenants are the logistics firms CSP Cargo Service Point and Klink Cargo. Both companies are long-term occupiers of the property, since 1996 and 2007 respectively. Overall, the space is ca. 95% let.
Constructed in 1992, the property is situated close to Cologne/Bonn airport and has good road access via the nearby A3 and A59 motorways.
Agency firm HS Immobilien acted in an advisory capacity.