Asset manager Palmira Capital Partners has raised €150 mln of equity at the first close of its new real estate fund.
The fund, which is aimed at institutional investors, has a target equity capital volume of around €250 mln with a targeted investment volume of some €450 mln.
Like its predecessors, Fund III focuses on corporate real estate and namely commercial and small-scale office parks as well as production properties in Germany.
The vehicle plans to establish portfolio that is broadly diversified, both regionally and across sectors. The planned distribution yield is 6.25% p.a.
Palmira’s first fund in the corporate real estate segment, First Business Parks, was launched in 2015 and realised an internal rate of return of 16% per annum.