Palmira picks up asset in Austria for core shed fund

European investor and asset manager Palmira Capital Partners has successfully concluded the first investment acquisition for its European Core Logistics Fund (ECLF).

Financial details were not disclosed.

The property is a last-mile main transhipment base in Linz-Hörsching for DHL Express (Austria) which was purchased from Meir Logistik Center.

Standing on a site of around 36,000 m2, the building provides a lettable area of approximately 9,000 m2, including some 7,000 m2 of logistics space and 2,000 m2 of office accommodation.

The property is fully let for a remainder of about seven years. Situated at Flughafenstrasse 3, the asset has a direct link to the apron of Linz Airport.

ECLF, aimed at institutional investors, has a target equity capital volume of at least €350 mln. A total investment volume of around €650 mln is therefore possible.

Designed as an open-ended special fund, the vehicle focuses on future-oriented logistics properties in core locations in continental Europe, plus urban last-mile delivery assets in major conurbations. The planned distribution yield is 5.0% p.a.

Palmira was advised on the legal and tax aspects of the transaction by Dentons, Dusseldorf, and by E+H Eisenberger + Herzog Rechtsanwalts and the Tpa Group, both based in Vienna.

Drees & Sommer, Stuttgart, was responsible for advising on technical details, while Nova Ambiente, Cologne, acted as consultant on the environmental aspects. Auctioneer Bernhard Jentsch Real Estate Advisors, Bonn, brokered the deal.

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