Palmira buys fifth property for Corporate Real Estate Club 2

Palmira Capital Partners has concluded a further acquisition for its Corporate Real Estate Club 2 (UIC 2). The latest is a property in Hainichen, Saxony, in the heart of the Chemnitz-Dresden-Leipzig triangle. The purchase took place as part of a sale-and-lease-back transaction. The parties have agreed not to disclose the purchase price.

The fully let property, at Frankenberger Strasse 9a / Gottlob-Keller-Strasse 2, was con-structed in phases between 1974 and 2003 and has been regularly refurbished.  The sole tenant of the property, which has a total lettable area of 26,965 sq m, is Innomotive Sys-tems Hainichen GmbH, a supplier to the automotive industry. It is one of the global market leaders in making high-precision hinges for car doors.

UIC 2 is aimed at institutional investors. It focuses on commercial and small-scale office parks and production properties in Germany. This latest acquisition increases the fund port-folio to five properties.

In the current transaction Palmira was advised on legal and taxation issues by Dentons, Dusseldorf, and on the environmental aspects by Nova Ambiente. Technical consultancy was provided by CBRE, Frankfurt.