Fidelity International’s new European logistics real estate climate impact fund has made its first investments, acquiring three assets in the Netherlands and Spain.

The Rest Super-backed Fidelity Real Estate Logistics Impact Climate Solutions (LOGICS) fund has a 44,500sqm property in Industrial Park Katsbogten, Tilburg, and an 18,000sqm site in Roerstreek industrial estate, Roermond, both in the Netherlands.

LOGICS also bought a logistics park in Ontígola, Spain, comprising two buildings with a total rental area of 55,600sqm on an 81,300sqm site previously owned by Barings, as part of a core real estate strategy.

Fidelity said the two assets in the Netherlands are part of a larger European portfolio currently being acquired off-market by its second climate impact fund. The completion of the other assets is anticipated in early 2025.

As reported in April this year, LOGICS secured €200m in initial capital commitments, anchored by an €80m investment from Rest Super. At the time, Fidelity said the Australian superannuation fund was a cornerstone investor in the fund’s first close, with an agreement to commit up to a further €120m to the value-add fund over subsequent closes.

Neil Cable, the head of European real estate investments at Fidelity International, said: “Following the successful first close for the LOGICS fund which raised €200m in capital commitments earlier this year, and with plans for a second close well under way, we are excited by the strong pipeline of attractively priced assets in the market at the moment, with all three newly acquired assets purchased at attractive entry points with solid market fundamentals.

“The Netherlands and Spain are two core focus areas for us, but we are also exploring further opportunities across western Europe including the UK, Germany, France and Belgium, with appealing prospects identified in our target markets.”

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