Frankfurt-basd Palmira has raised €150 million ($182 million) in a first closing of its third corporate real estate fund.
The new fund is aimed at institutional investors and is seeking to achieve a target equity capital volume of €250 million ($303 million). Palmira said half of the amount was provided by investors who had participated in the predecessor fund UIC 1 (Palmira Unternehmensimmobilien Club 1).
The fund will establish a diversified portfolio that focuses on commercial assets and small-scale office parks in Germany. Production properties also may be acquired for the fund through sale-leaseback transactions. The first properties are already under consideration for acquisition.
