Global real estate manager AEW has raised an initial €475m for a newly launched urban logistics investment platform.
AEW said the urban logistics and light industrial strategy and light industrial strategy (ULLIS) is structured as a scalable partnership, targeting the development of an initial portfolio of €800m.
The manager said it has received the initial capital commitments from its long-term partners in the logistics sector including PGGM, Allianz Real Estate and Crédit Agricole Assurances.
ULLIS aims to build a core portfolio in major metropolitan areas of France, Germany and the Netherlands. The majority of equity is expected to be deployed across brownfield build-to-core developments, which will be supported by the acquisition of some income-producing assets.
AEW said ULLIS extends the existing €4bn pan-European logistics portfolio allowing investors to leverage AEW’s extensive networks and access light industrial at scale.
Rémy Vertupier, co-head of institutional fund management, separate accounts and club deals at AEW, said: “The pace of change is accelerating, fuelled by the impact of new technologies, and market demand for industrial space within dense urban areas is growing.
“Considering the high occupancy levels across existing stock and restricted new supply, we decided to launch ULLIS with a strategy mainly focused on the development of small to large urban projects through the conversion of obsolete outdated buildings and the regeneration of brownfield land into new, high-quality light industrial and logistics facilities.”
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