Palmira Capital Partners (Palmira), one of the leading European investors and asset managers for logistics and corporate real estate, has successfully concluded the first investment acquisition for the ECLF (European Core Logistics Fund).
The property is a last-mile main transhipment base in Linz-Hörsching for DHL Express (Austria). Standing on a site of around 36,000 square metre, the building provides a lettable area of approximately 9,000 square metres, including some 7,000 square metres of logistics space and 2,000 square metres of office accommodation. The property is fully let for around seven years. Situated at Flughafenstrasse 3, the asset has a direct link to the apron of Linz Airport.
The vendor was Meir Logistik Center GmbH.
Palmira was advised on the legal and tax aspects of the transaction by Dentons, Dusseldorf, and by E+H Eisenberger + Herzog Rechtsanwalts GmbH and the tpa Group, both based in Vienna. Drees & Sommer, Stuttgart, was responsible for advising on technical details, while Nova Ambiente, Cologne, acted as consultant on the environmental aspects. Auctioneer Bernhard Jentsch Real Estate Advisors, Bonn, brokered the deal.
ECLF, which as a pan-European fund is aimed at institutional investors, has a target equity capital volume of at least EUR 350 million. A total investment volume of around EUR 650 million is therefore possible.
Designed as an open-ended special fund, the vehicle focuses on future-oriented logistics properties in core locations on the most important transport axes in continental Europe. These are complemented by properties for urban last-mile deliveries in the major conurbations. The planned distribution yield is 5.0% p.a.