Palmira doubles logistics real estate portfolio, plans new funds
Palmira Capital Partners has doubled its German assets under management to around €2bn within the last two years. According to the company, at the end of 2018 it managed 75 logistics properties across Europe with around 2.2 million sqm in total lettable space. Palmira concluded transactions in Germany, Austria, Slovakia, Poland, the Netherlands and Belgium last year totaling around €500mn. Together with partners, it also developed projects involving over 190,000 sqm, 120,000 sqm of which was in Germany. The sale of a logistics portfolio to Europa Capital and Garbe for around €93mn, reported by TD last October, brought an IRR of over 16%. Palmira intends to launch new European logistics funds in 2019 and is aiming for a management volume of at least €3bn.
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