Palm Capital, the pan-European real estate private equity specialist, announces the sale of an airside logistics property at the Copenhagen Cargo Centre to AEW, acting on behalf a separate account mandate backed by a German pension fund.
The 28,135 sqm asset is 100% occupied by three high quality tenants: DHL, PostNord and WFS (Worldwide Flight Services), for whom its strategic airside location is critical to their operations. The asset benefits from a weighted average lease to expiry of 7 years.
After acquiring it off-market in 2018, Palm Capital undertook a comprehensive asset management program to reposition the asset. It secured Worldwide Flight Services (WFS) as a tenant for the vacant portion within six months of acquisition. Palm Capital also successfully re-geared the leases of the existing tenants (DHL & PostNord), showing their long-standing commitment to this important strategic location. Additionally, Palm designed and obtained approval for a 5,000 sqm warehouse expansion with direct airside access, unlocking a unique opportunity to create additional value over the coming years. In line with Palm Capital’s strong ESG credentials, several initiatives were undertaken since acquisition to improve the energy efficiency and environmental performance of the asset, including designing the warehouse expansion to target BREEAM Very Good.
Source : Palm Capital