Logistics and corporate real estate specialist Palmira Capital Partners has purchased an as-new logistics property in Graz/Styria for the Palmira European Core Logistics special alternative investment fund.
Financial details were not disclosed.
Standing on a site of approximately 26,600 m2, the property provides a lettable area of 16,815 m2. It comprises around 14,830 m2 of logistics space, 1,245 m2 of offices and staff rooms and approximately 740 m2 of external and building services space.
The property situated in the Cargo Center Graz, a major freight transport centre in Austria, 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 tri-modal (road/rail/air) operation.
For Palmira and its subsidiary Palmira Austria, the deal extends its significant Austria portfolio.
ECLF, which is a pan-European fund aimed at institutional investors, has a target equity capital volume of at least €350 mln. A total investment volume of circa €650 mln 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).
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.