Palmira Capital Partners (Palmira) has acquired a further property for the European Core Logistics Fund (ECLF). The seller is a private investor. The parties have agreed not to disclose the purchase price.
Palmira had previously acquired properties in Linz, Austria, Lodz, Poland, and Norderstedt near Hamburg, Germany, for the fund this year. 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 square metres, the property comprises a lettable area of approximately 21,100 square metres. Of this, around 19,300 square metres is warehouse space and 1,800 square metres is office and social space. The property is fully let for approximately 9.5 years.
Palmira is supported in the transaction in legal and tax matters by Dentons, Düsseldorf. Drees & Sommer provided advice on technical details 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 is supported by Trip Advocaten and 3stone Real Estate.
As a pan-European fund, the ECLF is aimed at institutional investors and is targeting an equity volume of at least EUR350 million. In total, investments of approximately EUR650 million are possible.