Palmira Capital Partners (Palmira), one of the leading European investors and asset managers of logistics and corporate property, has launched another corporate real estate fund.
Palmira’s third corporate real estate fund plans to establish portfolio that is broadly diversified, both regionally and across sectors. The focus is on commercial and small-scale office parks in Germany, together with production properties that may also be acquired for the fund through sale-and-leaseback transactions. The first fund in the corporate real estate segment, "First Business Parks", was launched in 2015 and already successfully realised in 2018 with an overall performance of 16% p. a. IRR.
Equity commitments of around EUR 150 million had been received by the now-completed first closing. Half the total is provided by investors who had already participated in the predecessor fund UIC 1 (“Palmira Unternehmensimmobilien Club 1”).
The new fund, which is aimed at institutional investors, has a target equity capital volume of around EUR 250 million. A total investment volume of some EUR 450 million is therefore possible. The planned distribution yield is 6.25% p.a. The first properties are already being investigated for acquisition.