Palmira Capital Partners (Palmira) and Crossroads have acquired the Tec Center Lebring, the first Austrian property for their joint venture First Business Parks. The vendor was the Wegraz Gesellschaft für Stadterneuerung und Assanierung m.b.H. The First Business Parks portfolio now comprises five light industrial properties.
Founded by Palmira Capital Partners and the Crossroads Real Estate Fund in 2015, the First Business Parks JV invests in high-quality light industrial properties. The target markets are Germany, Austria, the Netherlands and Poland, with a plan to invest approximately €300m in the next three years.
The industrial park in Lebring, near Graz, is situated directly by the A9 motorway. It has a lettable area of approximately 28,600m², occupied by well-known production and service operations. The property, in Philipsstrasse, Lebring, provides 19,630m² of production and service space, 8,420m² of warehousing and almost 600m² of office space. It is currently 85% let.
"This Austrian investment perfectly fits the acquisition strategy of First Business Parks, which focusses on light industrial investments in Austria, Germany and Poland", commented Alexander Hoff, managing partner of Palmira.
Two further Austrian properties are already undergoing due diligence procedure for acquisition.
