Europa Capital, the pan-European real estate investment manager, and its joint venture partner, Garbe Industrial Real Estate (“Garbe”), have announced the acquisition of a light industrial and logistics portfolio in Germany and Austria on behalf of its pan-European value-add fund, Europa Fund V, for €92.5 million from a joint venture between Crossroads European Real Estate Fund (“Crossroads”) and Palmira Capital Partners (“Palmira”).
Crossroads and Palmira aggregated the portfolio through single asset acquisitions from 2015 and enhanced its value through active asset management and purposeful optimisation. Europa Capital and Garbe envisage further value enhancement through reducing vacancy and realising development opportunities, while also looking to grow the portfolio.
The 183,000 sq m portfolio comprises six assets located in important logistics regions where there exists strong occupational demand, including Bremen, Bochum, Troisdorf, Frankfurt, Wiesbaden in Germany and Lebring near Graz in Austria.
Nicolas Roy, Associate Director at Europa Capital, commented: “This portfolio of multi-let business parks is spread across locations within the immediate proximity of urban hubs and is therefore well suited to the fulfilment of last mile delivery. The portfolio also provides the opportunity for us to add further value through active asset management and selective redevelopment. This acquisition, and our partnership with Garbe, provides a platform to pursue further opportunities in this sector.”
Alexander Hoff, Managing Partner at Palmira Capital Partners who managed the portfolio on behalf of Crossroads, added: “The assembly of this portfolio during a period of rising capital values in the sector allowed us to achieve our goals via an earlier sale than originally envisaged.”
The portfolio was marketed by Colliers International. Europa Capital was advised by Gleiss Lutz and pwc. Crossroads and Palmira were advised by Ashurst.
For further information, please contact:
Dido Laurimore/ Richard Sunderland/Tom Gough/ Eve Kirmatzis
FTI Consulting
Tel: 020 3727 1000
EuropaCapital@fticonsulting.com
Notes to Editors:
About Europa Capital:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital has collectively raised nine real estate funds and committed to over 130 transactions totalling more than €11.0 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Europa Capital is a member of Rockefeller Group International, Inc. (“RGI”), a subsidiary of Mitsubishi Estate Co. Ltd. RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.europacapital.com
