Owner-managed real estate multi-family office Pamera has acquired an office and logistics property in Augsburg, Germany, from a joint venture of the Augsburg-based Solidas Group.
Financial details were not disclosed.
The 22,000 m2 property, at Steinerne Furt 75 and 77, was constructed in 1992. It provides around 3,000 m2 of offices and 19,000 m2 of logistics space.
It stands on a site of around 30,000 m2, with access on three sides, which was formerly occupied by the Deutsche Papier company. The property is mainly let to the Free State of Bavaria until 2026.
The property includes 133 car and truck parking spaces, and a currently unused hall. The rear section of the property provides around 10,000 m2 of development land.
Christoph Zapp, founder and managing partner of Pamera said: 'In the medium term, we plan to develop the property as a modern logistics location with adjoining office space.
'The property is impressive, not only because of its location in a flourishing commercial area but also through its immediate proximity to the A8 motorway.
'This will be an exciting project that fits perfectly with our investment focus: properties that are currently let and existing assets that generate stable cash flows but have development potential in the medium term.'