Palmira and Nuveen Real Estate sell logistics property portfolio to Carlyle Group

Palmira Capital Partners, European investors and asset managers of logistics and corporate property, in association with its partner Nuveen Real Estate, has sold three logistics properties. The purchaser is the Carlyle Europe Realty (CER) part of the Carlyle Group. The parties have agreed not to disclose the purchase price.

The assets are in the Hanover, Munich and Ulm conurbations. The portfolio, which has a total area of 51,800 sqm, is fully let.

The European logistics space has been a key focus for CER since 2016. While the sector has enjoyed rapid growth in recent years, the Covid-19 pandemic has accelerated this with higher delivery volumes resulting from the continued shift towards e-commerce.

Erik Orbach, Director on the Carlyle Europe Realty advisory team, said: “We are delighted to make the first addition to our German logistics platform. The three assets are well-located, high quality and complementary to our existing assets. They further grow our exposure to what is an attractive and fast-growing segment of real estate. We remain active in continuing to identify and acquire additional logistics opportunities across both Germany and France.”

Equity for the transaction came from Carlyle Europe Realty (CER), a €540 million pan-European real estate fund. In October 2020, CER acquired a portfolio of 27 distribution logistics assets in France and Germany. The announcement represents the platform’s first add-on acquisition. The additional assets strategically complement the existing portfolio and significantly increase the platform’s footprint in the German urban logistics segment.

The transaction follows a busy period for the Carlyle Europe Realty fund, which included the sale of CER’s Northern Italian logistics platform for €270 million in December 2020. In February 2020, CER sold its previous French logistics platform, Hub&Flow.

Carlyle was advised by DLA Piper (legal), PMJL (technical), PWC (tax) and CBRE (commercial). Nuveen Real Estate and Palmira were advised by GvW (legal), Drees & Sommer (technical), EY (tax), Nova-Ambiente (environmental) and Colliers (broker).