European asset manager AEW has raised an additional €400 mln in equity for Logistis, just 18 months after closing on €820 mln for the platform.
The new equity - which takes the fund’s total equity to €1.7 bn - has been raised entirely from existing investors, which include a number of prominent institutional investors from across Europe and Asia.
The additional funds will allow the Logistis platform to grow to around €3 bn, with the next phase of investment focusing predominantly on increasing exposure to Germany and Benelux to complement its existing portfolio of logistics parks.
The Fund will expand its European footprint in line with the existing strategy of acquiring standing assets and developing logistics parks in partnership with its network of preferred development partners, AEW said.
'This is an important vote of confidence in our Logistis platform from our investors and demonstrates the strength of the team and their ability to deploy a significant amount of equity into an extremely competitive market in a short period of time and in line with the Fund’s objectives,' said Rob Wilkinson, Chief Executive Officer of AEW Europe.
Logistis aims to provide investors with an attractive income return, with the current portfolio comprising 99 Grade A logistics assets (63 standing assets and 36 assets under development) located across 39 sites in France, Germany, Belgium, the Netherlands, Poland, the Czech Republic, Italy and Spain, with a total value of €2 bn.
Remy Vertupier, fund manager of Logistis added: 'The last 18 months have seen a huge period of growth for Logistis and, having fully committed the equity we raised at the end of 2014, we have a pipeline of attractive opportunities across our target markets as the demand for high quality logistics properties continues to outweigh supply.'
