Palmira increases assets under management to EUR 2 billion
Palmira Capital Partners (Palmira), one of the leading full-service investment managers of European logistics and industrial property, increased the volume of its assets under management to around EUR 2 billion in 2018. The firm successfully concluded transactions totalling around EUR 500 million in Germany, Austria, Slovakia, Poland, the Netherlands and Belgium. At the end of last year, the company managed a total of 75 properties, with a total lettable area of around 2.2 million square metres, across Europe.
Together with local partners, logistics projects with a total lettable area of 190,000 square metres were developed in 2018, 120,000 square metres of which were in Germany and 70,000 square metres in Poland. The asset managers of portfolio properties achieved a letting performance of 40,000 square metres in commercial parks and 120,000 square metres of logistics properties.
In addition, Palmira sold the "First Business Parks" portfolio, assembled in cooperation with an international family office, for EUR 92.5 million. The properties were acquired in individual transactions between 2015 and 2017, before being optimised and further developed by applying goal-oriented active management. The yield (IRR) was over 16%.
In Austria, Palmira reinforced its position in 2018, appointing Thomas Jiresch as Country Head Austria & CEE, thereby further strengthening its presence in Poland, the Czech Republic, Slovakia and Austria. In the same period, Palmira Holding added 8 new members to its Property Management team. At the end of last year Palmira had 38 staff.
In 2019, Palmira plans to launch new European logistics real estate funds and is aiming for a management volume of at least EUR 3 billion.