German investor and asset manager Palmira Capital Partners has acquired a last-minute logisitcs facility in Łódź for its European Core Logistics Fund (ECLF) for an undisclosed sum.
The property, which was completed in 2020, is situated on a 3.56 ha plot at ul. Brukowa 21, just north of the city centre. The identity of the seller has also not been disclosed. The centre comprises a leasable area of app. 12,300 sqm, of which 11,300 sqm is warehousing and around 1,000 sqm is office, social and technical space. It is fully leased to two tenants - a last-mile logistics provider and an online retailer.
"With the asset in Łódź, we are adding another inner-city last-mile property to our European portfolio. Further acquisitions are already in the pipeline", said Alexandra Bis, the asset manager at Palmira responsible for this investment
Dentons in Dusseldorf provided Palmira with legal and tax advice for this transaction, while Drees & Sommer provided technical advice and Nova Ambiente was responsible for the environmental aspects. Savills Poland acted as real estate advisor. The seller was represented by JLL.
The ECLF is a pan-European open-ended fund, aimed at institutional investors with a target equity volume of at least €350 mln, with the possibility of going up to €650 mln. 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 pct.
