Fidelity International has closed its European logistics real estate climate impact fund, which with leverage will have a total investment capacity of €710m.
The Fidelity Real Estate Logistics Impact Climate Solutions Fund (LOGICs), anchored by an €80m investment from Rest Super, has secured €355m of equity commitments from a global base of institutional investors, the manager said.
With a €710m investment firepower, LOGICs has already deployed two-thirds of its capital, Fidelity said.
The fund has acquired 14 Western European logistics properties with a combined volume of €470m and expects to deploy the remaining capacity in the coming months.
Adrian Benedict, head of real estate solutions, Fidelity International, said: “Securing €355m of equity commitments against a difficult economic backdrop is a clear endorsement of both the strategy’s robust proposition, and Fidelity’s leadership in climate impact within the real estate sector.
“With strong backing from our investors, LOGICs is proving that delivering climate impact and strong returns can go hand-in-hand. Investor demand for strategies like LOGICs is only accelerating, and we will continue to explore new ways to deliver compelling solutions that meet our clients’ needs in the climate impact space.”
Alison Puhar, head of real Estate at Fidelity International, said: “The shift in demand towards more efficient and more sustainable logistics assets will mean a lack of supply of suitable buildings for years to come.
“By transforming the energy efficiency of existing assets, we are not only providing sustainable space that tenants urgently need, but also unlocking significant value for our investors.”
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