Real estate investment manager AEW Europe said it is launching its third specialised logistics fund: Logistis III. The company, which in 2000 and 2003 set up the Logistis I and II investment vehicles, said it aims to raise a total of EUR 350 mln in capital for its third logistics fund. The first two funds have enabled AEW Europe to build up a major position in Europe, managing close to 2 million m[sup]2[/sup] of Class A warehouses, AEW Europe said.
Real estate investment manager AEW Europe said it is launching its third specialised logistics fund: Logistis III. The company, which in 2000 and 2003 set up the Logistis I and II investment vehicles, said it aims to raise a total of EUR 350 mln in capital for its third logistics fund. The first two funds have enabled AEW Europe to build up a major position in Europe, managing close to 2 million m2 of Class A warehouses, AEW Europe said.
With the fund launch, AEW Europe is seeking to capitalise on the new market conditions as well as build up a high-quality warehouse portfolio incorporating sustainable development concerns. Logistis III will develop Class A logistics platforms aiming for high-quality environmental (HQE) certification in France and equivalent standards elsewhere, promoting the production of renewable energy and offering multi-modality user access. The fund has a core plus value-added risk profile, with the objective to acquire around 50% pre-let warehouses.
The first closing at the end of June has made it possible to launch three pre-let operations, which will be delivered over the first half of 2009: two assets in France (Plaine de l’Ain and Saint Etienne) and one asset
in Italy (Castel San Giovanni), representing a total of around 100,000 m2 of space.
