Palmira Capital Partners (Palmira), one of the leading European investors and asset managers of logistics and corporate real estate, has acquired two additional properties in northern Germany, one for its Unternehmensimmobilienclub 2 (UIC2), the other for the European Core Logistics Fund (ECLF).
For UIC2, Palmira has acquired a commercial park at Obenhauptstrasse 11 in Hamburg. It provides a lettable area of around 4,000 square metres, of which approximately 1,100 square metres is warehouse space, with around 2,900 square metres of office space. The vendor of the fully let property is Nilsson + Nilsson GbR. The property, which has a footprint of around 4,200 square metres, was constructed in 1996 and modernised in 2011.
In Norderstedt, an ‘as-new’ cross-dock parcel distribution centre at Oststrasse 1, 1a and 1b, built in 2013, has been acquired for the ECLF. The vendor is BEOS AG. Standing on a site of around 72,600 square metres, the building provides a lettable area of around 20,000 square metres. This includes some 15,600 square metres of warehouse/logistics space and 4,400 square metres of office and staff accommodation. The property is 97.5% let.
Palmira was advised on the legal and tax aspects of both transactions by Dentons, Dusseldorf. Duff & Phelps advised on technical details for Hamburg and Drees & Sommer for Norderstedt. Nova Ambiente was responsible for environmental aspects, while Westbridge provided support for ESG monitoring. BNPPRE acted as consultants for the Norderstedt transaction, while Centurion Advisors facilitated the acquisition of the Hamburg project.
UIC 2 focuses on commercial parks and small-scale office parks, together with production properties in Germany. The planned distribution yield is 6.25% p.a.
ECLF invests in future-oriented logistics properties in core locations on the most important transport routes in continental Europe. The portfolio is complemented by properties for ur-ban last-mile deliveries in the major European conurbations. The planned distribution yield is 5.0% p.a.
