Palmira and Nuveen successfully re-let 33,000 sq m of logistics space
Palmira Capital Partners (Palmira) and Nuveen Real Estate (Nuveen) have been able to avoid complete vacancy of their property in Ketsch, near Hockenheim, Germany, resulting from insolvency.
Within a few weeks, Palmira and Nuveen successfully found a high-quality tenant, LGI Logistics Group International, for the property and have concluded a ten-year lease.
Thorsten Bienek, Head of Property Management at Palmira, says: "This seamless re-letting in such a short period demonstrates that it is always best to invest with logistics property experts, such as Palmira or Nuveen, who are able to overcome unexpected problem situations with an experienced logistics team and via intensive market networking. Of course anyone can purchase - but only professional support of logistics property over the usually very long life cycle of this asset class can ensure optimal stability of value”.
Completed in 2018, the property stands on a 67,300 square metre site in Sachsenstrasse, in the south of Ketsch. Providing c30,500 square metres of hall space and some 2,400 square metres of office and staff accommodation, it is part of the portfolio of the ICF German Logistics fund, which was launched in 2014. Palmira acts jointly with Nuveen as investment and asset manager, while Palmira Industrial Management is solely responsible for property management.