Palmira Capital Partners launches first in-house pan-European logistics fund
Palmira Capital Partners has launched its first pan-European logistics fund.
The new fund, Palmira Logistik Europa Fonds 1, has a target volume of €300 million ($324 million). Palmira has already raised €150 million ($162 million) of equity capital from German institutional investors.
During the next 18 months, it will be invested in core logistics properties in continental Europe. The fund will concentrate on class A logistics properties.
The first investment acquired for the fund is an existing property in Enns, in Upper Austria, with a sales price of €29 million ($32 million). Providing a lettable area of 392,883 square feet, it is let on 12-year leases to the Quehenberger Group and dm drogerie.
Palmira is currently carrying out a development project on the site, which will also be occupied by both companies. Completion is scheduled for summer 2016.
Further properties are currently undergoing acquisition due d