Palmira has purchased an as-new logistics property in Graz/Styria for the Palmira European Core Logistics special AIF Fund.
Standing on a site of approximately 26,600 square metre, the property provides a lettable area of 16,815 square metres. It comprises around 14,830 square metres of logistics space, 1,245 square metres of offices and staff rooms and approximately 740 square metres of external and building services space.
The property situated in the Cargo Center Graz, Austria's most successful freight transport centre, close to the city of Graz and its airport. Its operating company has taken a long lease on the bi-modal (road/rail) site, which is occupied by logistics company BEXITY. Being so close to Graz Airport the property also offers the possibility of trimodal (road/rail/air) operation.
Palmira was advised on the legal and tax aspects of the transaction by Dentons, Dusseldorf and EY Law of Vienna. Drees & Sommer acted as consultant on technical details. Nova-Ambiente was responsible for environmentally related matters. Equilibria is to take over the property management.
For Palmira and its subsidiary Palmira Austria, this latest acquisition is another valuable addition to the assets already acquired in the Austrian portfolio.
ECLF, which is a pan-European fund aimed at institutional investors, has a target equity capital volume of at least EUR 350 million. A total investment volume of circa EUR 650 million is possible. Palmira had already acquired properties for the fund in a variety of European locations (Linz, Austria; Lodz and Gleiwitz, Poland; Norderstedt and Ottmarsheim, Germany; and Dronten and Ede, Netherlands).