Palmira acquires last-mile logistics property in Lodz for European Core Logistics Fund
Palmira Capital Partners (Palmira), one of Europe's leading investors and asset managers for logistics and corporate real estate, has acquired a further property from a Polish investor for the European Core Logistics Fund (ECLF). The parties have agreed not to disclose the purchase price.
The last-mile logistics property, which was completed in 2020, is located at ul. Brukowa 21 in Lodz, Poland. Situated on a plot of land measuring around 35,600 square meters, the property comprises a leasable area of approximately 12,300 square meters, of which 11,300 square meters is warehouse space, and around 1,000 square meters is office, social and technical space. The property is fully let to two tenants, a leading last-mile logistics service provider and an online retailer.
Alexandra Bis, the asset manager at Palmira responsible for the investment, explains, "With the asset in Lodz, we are adding another inner-city last-mile property to our European portfolio. Further acquisitions are already in the pipeline."
Palmira was supported in the transaction in legal and tax matters by Dentons, Dusseldorf. Drees & Sommer provided advice on technical details. Nova Ambiente was responsible for environmental aspects. In addition, the Polish team of Savills acted in an advisory function. The vendor side was supported by JLL.
As a pan-European fund, the ECLF is aimed at institutional investors and is aiming for an equity volume of at least 350 million euros. In total, investments of approximately 650 million euros are possible. The vehicle, designed as an open-ended special fund, focuses on future-oriented logistics properties in core locations along the most important transport axes in continental Europe. In addition, properties in the urban last mile supply of the most important conurbations are of interest. The planned distribution yield is 5.0 per cent pa.