Fidelity International’s latest European logistics real estate climate impact fund has secured €200m in initial capital commitments, anchored by an €80m investment from Rest Super.

Fidelity said the Australian superannuation fund is a cornerstone investor in the Fidelity Real Estate Logistics Impact Climate Solutions Fund (LOGICS) in a first close, with an agreement to commit up to a further €120m to the value-add fund over subsequent closes.

LOGICS, which is classified as an Article 9 fund under the EU’s Sustainable Disclosure Finance Regulation, will acquire existing assets with a plan to refurbish and reposition “to deliver high quality assets that are capable of being operated at net-zero carbon”.

Fidelity said: “In addition, through the installation of solar panels, occupiers have the opportunity to generate and deliver their own source of green energy.”

Andrew Lill, Rest Super’s CIO, said: “Rest is pleased to join Fidelity to launch the LOGICS fund as its cornerstone investor. We believe its focus on climate impact offers a fantastic opportunity to benefit Rest’s approximately two million members,  including the more than a million who are younger than 30 and will retire into a post-2050, net-zero world.

“With logistics properties trading at attractive rates and demand for energy efficient facilities growing, we believe the LOGICS fund will drive rental yields and property values that should translate into strong financial returns while helping to speed up the path to a carbon neutral economy.”

Andrew McCaffery, co-CIO at Fidelity International, said: “The LOGICS fund launch is a great example of partnering with our clients to jointly develop solutions to meet their evolving investment needs.

“We are pleased to see strong and growing client interest for our climate impact strategies within real estate, supporting the energy transition in the sector through accelerating purchased assets’ pathway to net zero while offering compelling investment returns to our clients.”

McCaffery said Fidelity has around €550m to deploy on behalf of its real estate climate impact strategies.

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