Palmira Capital Partners launches first in-house pan-European logistics fund
Frankfurt, 3 December 2015 – Palmira Capital Partners (Palmira), the investment and asset manager specialising in logistics property, has launched its first pan-European logistics fund.
The new fund, Palmira Logistik Europa Fonds 1 (PLEF) has a target volume of 300 million Euro. During the next 18 months it will be invested in core logistics properties in continental Europe. The fund will concentrate on Class A logistics properties. Palmira has already amassed around 150 million Euro of equity capital from German institutional investors.
The first investment acquired for the fund is an existing property in Enns, in Upper Austria. Providing a lettable area of 36,500 sq m, it is let on 12-year leases to the Quehenberger Group and dm drogerie. The transaction volume was around 29 million Euro. Palmira is currently carrying out a development project on the site, which will also be occupied by both companies. Completion is scheduled for summer 2016.
Further properties are currently undergoing acquisition due diligence.
Alexander Hoff, CEO Palmira Capital Partners: "We are experiencing very strong demand from institutional investors for indirect investment in high-grade logistics properties. Logistics has at last found its rightful place as a fully-fledged asset class, together with offices, residential and retail. The investment volumes in the last five years confirm this continuing trend."
With partners, Palmira already manages two large logistics funds that are exclusively invested in Germany.