Palmira Capital Partners (Palmira), a European investor and asset manager in logistics and corporate real estate, has acquired a further property for the European Core Logistics Fund (ECLF). The seller is a private investor.
Financial details were not disclosed.
The latest acquisition is a distribution centre, completed in 2017, at Cellebroederspoort 8 in Dronten, the Netherlands, in the Flevopolder logistics region, north-east of Amsterdam.
Situated on a plot of land measuring around 31,000 m2, the property comprises a lettable area of approximately 21,100 m2. Of this, around 19,300 m2 is warehouse space and 1,800 m2 is office and social space. The property is fully let for approximately 9.5 years.
Palmira had previously acquired properties in Linz, Austria, Lodz, Poland, and Norderstedt near Hamburg, Germany, for the fund this year.
As a pan-European fund, the ECLF is aimed at institutional investors and is targeting an equity volume of at least €350 mln. In total, investments of approximately €650 mln are possible.
Palmira is supported in the transaction in legal and tax matters by Dentons, Düsseldorf. Drees & Sommer provided advice on technical details, while Nova Ambiente was responsible for environmental issues and Westbridge for ESG monitoring.
M2 Real Estate acted as commercial advisor to the buyer. QGM Law has acted as notary on this transaction. The seller was supported by Trip Advocaten and 3stone Real Estate.